09-05-2025
- Business
- New Straits Times
Penang eyes leadership in regional jewellery trade as global gold prices surge
GEORGE TOWN: With the shifting global trade landscape, there has never been a better moment to position Penang as a key player and even a leader in the regional jewellery industry.
According to Chief Minister Chow Kon Yeow, as the global economic tide shifts — driven by ongoing geopolitical tensions, trade realignments and the recent imposition of the United States' tariffs on selected countries — Penang finds itself in a new and uncertain global landscape.
"But where some see volatility, we in Penang see opportunity. Several of these developments have contributed to a remarkable surge in global gold prices, which recently topped USD 3,000 per ounce. This isn't just market fluctuation — it's a signal.
"Gold, once again, is proving its timeless value as a secure and reliable investment, especially during periods of economic turbulence.
"We want Penang not only to sparkle as a global exhibition host, but to lead as the national champion in gold and jewellery production. We believe in our local talent and in our SMEs' ability to rise and shine — and we stand ready to support them," he said at the opening of the Malaysia Gold & Jewellery Trade Exhibition 2025.
Several top-tier international exhibitors — including Emirates Gold, Emirates Minting, Shangpinjin and many more from across China, Hong Kong, Singapore, the UAE, Australia, Ireland, India, Myanmar, and Pakistan — participated in this year's event.
In fact, 25 per cent of this year's exhibitors hailed from overseas, reinforcing Penang's reputation as a trusted and dynamic meeting point for the global jewellery trade.
Elaborating, Chow said the focus should be on nurturing domestic-driven investment, creating a robust ecosystem where homegrown creativity and technical mastery could flourish.
In April 2025, gold prices reached unprecedented levels, surpassing $3,500 per ounce, a more than 31 per cent increase since the beginning of the year.
According to the Department of Statistics Malaysia, jewellery imports reached RM1.519 billion in just the first two months of 2025 — an 18.39 per cent increase from the same period last year. Exports went up by 14.75 per cent to RM1.478 billion.
Chow said these figures did not just reflect robust demand — they reaffirmed Malaysia's growing role in the global jewellery supply chain.
Meanwhile, Federation of Goldsmiths and Jewellers Association of Malaysia (FGJAM) president Datuk Chiah Hock Yew said Penang and Seberang Prai were not only the core regions of gold manufacturing in Malaysia, but also possessed great potential to become a centre for regional gold trade.
Currently, about 80 per cent of gold manufacturing factories in the country were concentrated in this region.
According to data released by the Department of Statistics Malaysia on April 18, the total export value of gold-related products in Q1 2025 reached RM2.34 billion, a 9.76 per cent increase from RM2.132 billion in the same period last year.
