Riyadh – Mubasher: L’azurde Company for Jewelry strongly hedged against the risks that may arise from the depreciation of the Egyptian pound against the US Dollar, said Mohamed Al Shroogi, Chairman.

The FX fluctuations have double effects, each on the financial side and the commercial side, noted Chairman.

At the financial side the, the company has enough reserves of the Egyptian currency that allows it enough protection against the pound depreciation, added Al Shroogi.

As for the commercial side, the Gold price as well as the price of other real commodities in Egypt reflects their strong correlation with the exchange rate of EGP/US at the parallel market not the official market, clarified Shroogi.

Earlier, L’azurde announced the launch of the 14 karat gold jewelry line in the Middle East for the first time noting that its financial impact will be reflected in the first quarter of 2017.