According to the Federation of Goldsmiths and Jewellers Association of Malaysia (FGJAM), around 80 percent of gold manufacturing plants in Malaysia are located in Penang.
FGJAM president Datuk Chiah Hock Yew stated that the gold producers in this area are propelling the industry to new levels.
“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 mentioned information published by the Department of Statistics Malaysia on April 18 that showed the overall export value of gold-related items in the first quarter of 2025 hit RM2.34 billion. This represents a 9.76 percent rise from RM2.132 billion during the corresponding period last year.
“These encouraging figures reflect Malaysia’s strong potential in the global gold market,” he said.
At the same time, Penang’s chief minister Chow Kon Yeow mentioned in his address that the instability of the worldwide economy has led to a significant increase in global gold prices, exceeding US$3,000 (RM12,900) per ounce.
He mentioned that gold is providing its enduring worth, and events like this exhibition are increasingly significant.
He mentioned that there were 20 companies from Penang at the exhibition last year and expressed hope for its growth. He also stated that Penang has the potential to become the national leader in gold and jewellery manufacturing.