Gold industry shines bright with Penang leading the way

Malaysia’s gold jewellery market is expected to witness a golden age, with an anticipated market size of US$4 billion by 2029.

The state of Penang plays a pivotal role in this success story, contributing over 70% of the nation’s gold jewellery production.

Penang: The heart of Malaysia’s gold industry

Penang Chief Minister Chow Kon Yeow highlighted the significant economic impact of the gold and jewellery industry in a speech delivered at the PW Gold and Silver (PWGS) Trade Fair 2024 gala dinner.

He emphasized that this event alone injects an estimated RM18 million into the economy.

“On a broader scale,” Chow stated, “Southeast Asia is a thriving hub for gold and jewellery, with Malaysia ranking a strong fourth in the region.”

He underscored the industry’s dual contribution: driving economic growth and preserving Malaysia’s rich cultural heritage through its diverse and intricate designs.

Chow also commended the fair’s organiser for its dedication in establishing PWGS as a beacon of excellence in the gold and jewellery sector.

He acknowledged the event’s 7th anniversary, highlighting its growing significance within the industry.

Collaboration is key to continued success

Chow also took pride in the presence of over 20 Penang-based companies at the fair, applauding their active role and success.

He extended his appreciation to both exhibitors and visitors, recognizing the captivating designs and high-quality craftsmanship that showcase the industry’s best offerings.

He emphasised the importance of fostering a collaborative and innovative culture. He stressed that by working together, Malaysia can solidify its position as a leading global destination for gold and jewellery, admired for its artistry and craftsmanship.

He expressed gratitude to the Malaysia External Trade Development Corporation (MATRADE) and the Penang Convention & Exhibition Bureau (PCEB) for their instrumental roles.

MATRADE’s efforts in attracting international buyers and PCEB’s focus on promoting Penang as a premier business events destination were acknowledged as crucial factors contributing to the success of the trade fair.

With Penang at the helm, Malaysia’s gold industry is poised for continued growth. The collaborative efforts highlighted by Chow offer a promising outlook for the future.

This thriving sector not only fuels economic prosperity but also serves as a custodian of Malaysia’s rich cultural heritage.

Source: Buletin Mutiara