PENANG can become a centre for regional gold trade, says Federation of Goldsmiths and Jewellers Association of Malaysia (FGJAM) president Datuk Chiah Hock Yew.

“Its deep-rooted legacy of goldsmiths paired with modern innovation have made Penang a powerful force in the global jewellery landscape.

“We welcome delegates from around the world to negotiate and do business here,” he said, adding that the state was the country’s gold manufacturing hub.

Chiah was speaking at the opening ceremony of the Malaysia Gold and Jewellery Trade Exhibition 2025 held at the Setia SPICE Convention Centre in Bayan Lepas.

“In recent years, international gold prices have reached record highs and the market environment continues to evolve rapidly. With challenges, come opportunities.

“For the industry to continue advancing, we must constantly improve our technology and craftsmanship, enhance our products and services, and accurately grasp market trends.

“Only by designing more exquisite gold jewellery can we win long-term consumer trust,” he said.

Chiah highlighted Penang’s significant role in Malaysia’s gold industry, noting that the state accounts for approximately 80% of the nation’s gold factories and gold jewellery manufacturing output.

“These are the manufacturers driving the industry toward ­greater heights.

“According to Statistics Department (DOSM), the total export value of gold-related products in Q1 2025 reached RM2.34bil, a 9.76% increase from RM2.132bil in the same period last year.

Jewellery modelled at the exhibition reflecting Penang’s legacy of goldsmiths pairing heritage with innovation.

“These encouraging figures reflect Malaysia’s potential in the global gold market,” he said.

The trade show that hosted 150 exhibitors was organised by Province Wellesley Gold and Silver Ornament Merchants Association and by the Malaysia Gold Association.

Guest of honour Penang Chief Minister Chow Kon Yeow said this year’s exhibition was timely due to global economic tide shifts driven by geopolitical and tariff tensions.

“We find ourselves in a new and uncertain global landscape, but where some see volatility, we, in Penang, see opportunity.

“There has been a surge in global gold prices, which recently topped US$3,000 (RM12,693) per ounce.

“This is not just market ­fluctuation but a signal that gold is proving its timeless value as a secure and reliable investment, especially during economic turbulence,” he said.

Chow shared DOSM data showing that jewellery imports reached RM1.519bil in the first two months of 2025, an 18.39% increase from the same period last year.

“Exports are up by 14.75% to RM1.478bil. These figures not only reflect robust demand, they reaffirm Malaysia’s growing role in the global jewellery supply chain,” he said.