MALAYSIA’S jewellery market is poised for continuous growth, with projections estimating it will reach a market size of US$4 billion by 2029.
Penang plays a crucial role in producing over 70% of the nation’s gold jewellery.
Chief Minister Chow Kon Yeow, in his speech, said the economic impact of the gold and jewellery industry in Malaysia and Southeast Asia was profound.
“In this regard, this event alone is positioned to contribute an estimated economic impact (EEl) of RM18 million towards the economy.
“On a broader scale, Southeast Asia is a vibrant destination for gold and jewellery, with Malaysia ranking fourth in the region.
“This industry not only drives economic growth but also preserves our rich cultural heritage through intricate designs inspired by our diverse ethnic backgrounds,” he said during the PW Gold and Silver (PWGS) Trade Fair 2024 gala dinner at Setia SPICE Convention Centre this evening.
Chow congratulated the organiser of the fair for its dedication and hard work, which have made the event a beacon of excellence in the gold and jewellery sector.
“This year marks the 7th anniversary of this remarkable fair, truly a testament to its growing significance and success in the industry.
“Additionally, I am also proud to see fellow Penangites actively engaging and thriving in this industry, with over 20 Penang-based companies present here today. Kudos to all of you!
“To our esteemed exhibitors, your continuous support and participation are the cornerstones of this event.
“Your exquisite designs and high-quality craftsmanship have captivated the hearts of buyers and visitors alike, showcasing the very best of what the gold and jewellery industry has to offer.
”Let us continue to foster a culture of creativity and innovation. By working together, we can ensure that Malaysia remains a leading destination for gold and jewellery, admired globally for our artistry and craftsmanship,” he said.
Chow also expressed his gratitude to the Malaysia External Trade Development Corporation (MATRADE) for its pivotal role in inviting international buyers to this event.
“In addition, I would also like to acknowledge the initiatives of the Penang Convention & Exhibition Bureau (PCEB).
“PCEB has been instrumental in promoting Penang as a premier destination for business events, enhancing our global reputation and driving economic growth in the region.
“Its strategic efforts in facilitating seamless event experiences and attracting high-value exhibitions have significantly contributed to the success of events like this trade fair. We look forward to continuous collaboration with PCEB to further elevate Penang’s status in the global market,” Chow added.
Federation of Goldsmiths and Jewellers Association of Malaysia president Datuk Chiah Hock Yew congratulated the Province Wellesley (PW) Gold and Silver Ornament Merchants Association on its 62nd anniversary.
“The association has endured many challenges and grown stronger.
“Today’s achievements are the result of the hard work and selfless dedication of every member,” he said.
Lauding the ongoing PW Gold and Silver (PWGS) Trade Fair 2024, Chiah said the fair held great significance.
“It not only promotes industry progress and innovation but also provides a platform for public engagement.
“In this era, we must utilise technology to integrate physical and online business models to explore new opportunities,” he added.
Chiah stated that the gold and jewellery industry is far from being a sunset industry.
“From early family workshops to today’s industrial production, the market remains full of opportunities and potential, nowhere near saturation.
“As the global economic situation evolves, we have reason to believe that the economy will gradually recover, benefiting the gold market.
“All practitioners in the gold industry must enhance their brand quality to ensure that Malaysian brands can compete with international ones,” he said.
The Federation of Goldsmiths and Jewellers Association of Malaysia also launched its 47th Anniversary special issue magazine at the gala dinner.
Chiah said the special issue not only reviews and summarises the federation’s history and achievements but also provides support and motivation for future development.
The gala dinner guests were treated to a sumptuous dinner, stage performances, and a gold jewellery show.
Also present were Penang Tourism and Creative Economy Committee chairman Wong Hon Wai, Komtar assemblyman Teh Lai Heng, Sungai Puyu assemblyman Phee Syn Tze, Pengkalan Kota assemblyman Wong Yuee Harng, Bagan Jermal assemblyman Chee Yeeh Keen, former Sungai Puyu assemblyman Datuk Seri Phee Boon Poh, and the gala dinner organising chairman Law Chin Hooi.
The PW Gold and Silver (PWGS) Trade Fair 2024 kicked off in grand style on May 31 at the Setia SPICE Convention Centre, bringing together some 47 companies, and occupying 93 booths to display magnificent gold jewellery and exquisite jewellery designs.
Organised by the Province Wellesley (PW) Gold and Silver Ornament Merchants Association, the fair attracted buyers from China, Vietnam, India, Myanmar, Singapore, Dubai, Yemen, Hong Kong, and beyond. It will end tomorrow (June 2).
Story by Christopher Tan
Pix by Siew Chia En
Video by Alissala Thian