GEORGE TOWN, May 9 — About 80 per cent of gold manufacturing factories in Malaysia are concentrated in Penang, according to the Federation of Goldsmiths and Jewellers Association of Malaysia (FGJAM).
FGJAM president Datuk Chiah Hock Yew said the gold manufacturers in this region are driving the industry toward greater heights.
“Penang and Seberang Perai are not only the core regions of gold manufacturing in Malaysia, but also possess great potential to become a centre for regional gold trade,” he said in his speech at the Malaysia Gold and Jewellery Trade Exhibition 2025 at Setia Spice Convention Centre today.
He referred to data released by the Department of Statistics Malaysia on April 18 which revealed the total export value of gold-related products in the first quarter of 2025 reached RM2.34 billion.
This is a 9.76 per cent increase from RM2.132 billion in the same period last year.
“These encouraging figures reflect Malaysia’s strong potential in the global gold market,” he said.
Meanwhile, Penang chief minister Chow Kon Yeow, in his speech, said the volatility of the global economy has contributed to a remarkable surge in global gold prices, which topped US$3,000 (RM12,900) per ounce.
“This isn’t just market fluctuation — it’s a signal,” he said.
He said gold is proving its timeless value and events like this exhibition is even more relevant.
He said last year, there were 20 Penang-based companies at the exhibition and hoped it would grow.
“We want to see more local players entering this space,” he said.
He said Penang can 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.
He said this is a good time to position Penang as a key player and even as a leader in the regional jewellery industry.
