logo
#

Latest news with #RM7.7bil

Sparkling potential in gemmology
Sparkling potential in gemmology

The Star

time8 hours ago

  • Business
  • The Star

Sparkling potential in gemmology

As industries evolve and the demand for ethically-conscious, scientifically-skilled professionals increase, gemmology is fast gaining traction, said Gemological Institute Malaysia sales and marketing manager Tan Zhi Peng. He said for students with a passion for precious gems and a curiosity for how the natural world intersects with design and business, Malaysia's gem and jewellery industry presents growing and meaningful opportunities. 'Gemmology is the scientific study of gemstones, encompassing their formation, properties, identification and classification. 'In an era where authenticity and ethical sourcing are important, gemmology ensures the integrity of the jewellery industry,' Tan explained, adding that it enables professionals to verify the origin, quality and authenticity of gemstones, thereby building consumer trust and upholding industry standards. Professionals entering the field, he stressed, must be well-versed in international certification standards, such as those from the Gemological Institute of America (GIA), or hold a diploma in gemmology. Awareness of global ethical sourcing practices is also essential. 'There is a growing consumer demand for transparency and ethical sourcing. 'Consumers are increasingly seeking certified gemstones that are conflict-free and sourced responsibly, with considerations for environmental sustainability and fair labour practices. 'Understanding the properties and value of gemstones enables professionals to make informed decisions in design aesthetics, pricing strategies, and marketing,' he said. He also pointed out that Malaysia's gem and jewellery industry saw jewellery exports reach RM7.7bil in 2023 – up from RM7.39bil in 2022. According to projections, he said the Malaysian jewellery market, valued at approximately US$10.11bil (RM47.58bil) in 2022, is expected to grow to US$12.45bil (RM58.52bil) by 2029, reflecting a compound annual growth rate of 3.0%. 'Export-wise, Malaysia has established itself as a significant player, particularly in the gold jewellery segment, with key export destinations including Singapore, the United Arab Emirates and Hong Kong. 'The industry's growth and the increasing emphasis on ethical practices have expanded the demand for skilled professionals in these areas,' he added. He highlighted Tomei Consolidated Berhad as an example of a prominent Malaysian company offering a variety of career opportunities for gemmology graduates. 'Gemmology graduates have diverse career opportunities, including roles such as gemstone appraisers, jewellery designers, quality control specialists, auction house consultants and retail managers. 'At our institution, gemmology education provides a solid foundation in the scientific aspects of gemstones, which is invaluable for careers in jewellery design, appraisal, and merchandising,' he said, adding that specialised roles like gemstone appraisal and auction house consultancy are also becoming increasingly sought-after. 'These professionals play a critical role in the market for high-value and investment-grade jewellery. 'Their expertise ensures accurate valuation for insurance, resale and investment, making them indispensable in a growing industry,' he said.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store