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Malaysian Jewelry Exports Surge, Boosted By Gulf ,Asian Markets

Waleed Farouk Both Singapore and the United Arab Emirates are experiencing a significant increase in their purchases of Malaysian gold jewelry, as rising global gold prices have dampened domestic demand, according to the Penang Jewellers Association. Josson Khor, an advisor to the association, said that foreign demand, coupled with strong prices, will push Malaysian gold jewelry exports this year beyond the $2.17 billion recorded in 2024. He noted that about 80% of Malaysian gold jewelry exports come from manufacturers and exporters based in Penang. Khor added, "There is stable demand from overseas markets for Malaysian gold jewelry, as the cost of local craftsmen remains competitive, despite the shortage of this specialized labor." It is worth noting that gold prices remain up more than 26% since the beginning of 2025, despite having retreated slightly from their record peak of $3,431 per ounce last month. According to data from the Malaysia External Trade Development Corporation, domestic gold jewelry exports reached $780 million (RM3.3 billion) during the period from January to April 2025, compared to approximately $6.6 million (RM2.8 billion) during the same period last year. The UAE recorded the highest purchase volume, importing jewelry worth $260 million (RM1.12 billion), a 7.4% increase, while Singapore increased its imports by nearly 16% to $240 million (RM1 billion). Conversely, domestic demand has suffered a significant decline due to high prices, with average retail gold jewelry sales halving from around 10 kg per month, according to Khor. The Penang Jewellers Association has approximately 650 members, more than 60% of whom are small and medium-sized enterprises (SMEs) with an annual turnover of less than RM25 million. Khor warned that continued high gold prices could lead to a further contraction in domestic retail sales, predicting they will fall to around 4 kg per month by 2027. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks News Shell Unveils Cost-Cutting, LNG Growth Plan Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean