Rabat – Moroccan jewelers are preparing to launch a gold import company under the Moroccan Federation of Jewelers, aimed at addressing the sector's long-standing reliance on informal supply channels and ensuring a more stable, regulated gold market.
Driss El Hazzaz, president of the Federation, emphasized the importance of this move in an interview with MEDIAS24. "The gold sector has been waiting for this moment for years," he stated.
Currently, Morocco's gold market is largely controlled by the informal sector, with many jewelers depending on intermediaries who access gold through unregulated channels, resulting in inflated prices and inconsistent supply.
The new company is set to streamline the import process, reduce costs, and align prices more closely with international standards.
A key challenge for jewelers is the gap between the advance payments required by foreign suppliers and those allowed under Moroccan regulations. "Foreign gold suppliers demand 80% to 90% in advance before delivery, whereas Moroccan regulations traditionally allow only 20%. This is where the informal sector has flourished," El Hazzaz explained.
He noted that the Federation has been in talks with Moroccan authorities to facilitate the establishment of the import company. Notably, the Customs Department has agreed to expedite the issuance of the required referencing certificate, which is typically granted after two years of formal activity. This adjustment will enable the new company to proceed with international transactions more quickly.
Economically, the Federation expects the new company to increase supply, reduce informality, and create more transparent pricing.
“The sector has been waiting for this moment for years. Today, the conditions are right for formalization,” said El Hazzaz.
This initiative marks a significant step toward modernizing Morocco's gold market, enhancing its competitiveness, and ensuring the sustainability of the jewelry industry.
Gold Trade in Morocco
In 2023, Morocco's gold trade highlighted both its modest global presence and the challenges faced by local jewelers. The country imported $65.8 million worth of gold, ranking as the 69th largest importer globally. The bulk of these imports came from Turkey ($58.7 million), followed by Switzerland ($3.11 million), Singapore ($2.45 million), Italy ($956,000), and the United States ($336,000).
Turkey was the fastest-growing source of gold imports for Morocco, increasing by $32.6 million between 2022 and 2023. Gold imports ranked 192nd among all imported products in Morocco, indicating its relatively small but important role in the domestic market.
On the export side, Morocco sent $27.7 million in gold abroad, making it the 120th largest gold exporter worldwide. The main destinations were Turkey ($16.8 million), Switzerland ($6.56 million), Italy ($3.38 million), the United Arab Emirates ($1.04 million), and Germany ($13,600). Turkey also showed the fastest growth in Moroccan gold exports, rising by $646,000 between 2022 and 2023.
By centralizing gold imports and improving access to reliable suppliers, the new company is expected to reduce the influence of informal channels, boost market transparency, and offer Moroccan jewelers a more stable and competitive environment.