Malaysia Gold Festival targets RM100 million in transactions

The inaugural Malaysia Gold Festival (MGF) is set to take place from September 18 to 20 at the Kuala Lumpur Convention Centre (KLCC), with organizers targeting RM100 million in business transactions. The festival is jointly organized by the Malaysian Indian Goldsmith and Jewellery Associations (MIGJA), the Malaysian Islamic Pawnbrokers Association (PEGIM), and the Province Wellesley Gold & Silver Ornament Merchants Association (PWGS).

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For the three days, we have set an initial B2C transaction target of RM100 million.

Datuk Seri Louis Ng, President of the Malaysia Gold Association (MGA), stated that the festival will bring together local and international players in the gold industry. It will focus on both business-to-business (B2B) and business-to-consumer (B2C) transactions, with an initial B2C target of RM100 million over the three days. Ng emphasized that MGF is more than just a sales event; it aims to strengthen the local gold industry and foster the growth of Malaysian businesses nationally and internationally.

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The festival will continue as an annual event with the main goal of promoting local gold products and businesses.

Ng also noted that the Malaysian gold industry remains positive despite high gold prices last year. Demand for gold products has seen an increase in recent months after a dip when prices peaked. He sees Malaysia's economic growth as a factor supporting the domestic gold market. Last year, Malaysia exported over RM10 billion worth of jewelry, highlighting the quality and competitiveness of Malaysian-made products on the international stage.

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We want to help the local gold industry succeed at the national level.

In related developments, Ng mentioned that the development of Malaysian gold industry standards is nearing completion, with seven standards finalized. Standards related to Sharia, however, require further review due to their importance in the Malaysian gold industry's ecosystem. These seven standards are expected to launch on September 18, with participation from industry players across Asia, including the UAE. Additionally, the Malaysia Gold Manufacturing Standards (MGMS) will be introduced as a specific standard for the gold manufacturing sector.

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Malaysia is well-positioned to play a larger role in the precious metals and jewellery industry regionally.