There are even suggestions that it could be further south on the African coastline, perhaps as far as Mozambique.
Now the idea is to examine two mummified baboons in the British Museum which the ancient Egyptians are thought to have brought back from Punt to keep as pets. By performing some analysis on the hairs of the baboons, they might be able to trace where they came from.
(My money's on India ... just a hunch!)

More to this story hereThe surviving Egyptian texts give only vague references to its location. An example below records a voyage sponsored by the Pharaoh Ramesses III. Author Pierre Grandet wrote:
I built great ships ... which were equipped with countless crewmen. Laden with products beyond number from Egypt ... (and then) sent to the great Sea of Muqed, they reached the mountains of Punt without any misfortune befalling them.
Finding Punt
To solve the mystery of where Punt was, a team of scientists is turning to two mummified baboons in the British Museum. They date back about 3,000 years, a time when Egyptians were voyaging to Punt and acquiring the animals as pets.
One was found at Thebes and the other in the Valley of the Kings.
The team is conducting oxygen isotope tests on the preserved hairs of the baboons. Oxygen isotopes act as a 'signal' that can tell scientists where an animal is from.
"We have hair samples from the older mummified ones in the British Museum and depending on how the results look the curators are willing to give us bone samples," said Nathaniel Dominy of University of California Santa Cruz, who is a member of the team doing the work.
He said that bone is better for this test than hair because it grows slower and keeps its original oxygen isotope signature longer.
To aid in narrowing down the location of Punt the team is also performing oxygen isotope tests on samples of modern day baboons from Eritrea, Ethiopia, Somalia, Yemen, Uganda and Mozambique. If the oxygen isotope signatures of these baboons match their ancient counterparts the team will know where Punt was.
The other team members are Professor Salima Ikram, one of the foremost experts on animal mummies, and graduate student Gillian Leigh Moritz, also of Santa Cruz.