APART from manufacturing and tourism, the gold trading industry has an important role in the economic growth of Penang, says Chief Minister Chow Kon Yeow.
According to Chow, the gold trading industry sector in Penang has significantly contributed to 80% of the country’s gold and diamond jewellery production every year.
“Penang has become an important hub for gold trading in Malaysia. We must continue to build on this success and strive towards greater heights.
“We are confident that the gold jewellery industry in Penang and Malaysia will continue to grow and flourish,” Chow said in his speech during the Federation of Goldsmiths and Jewellers Associations of Malaysia (FGJAM) Awards at Setia SPICE Convention Centre in Bayan Lepas today.
Also present were state Youth and Sports Committee chairman Soon Lip Chee, FGJAM president Datuk Chiah Hock Yew, FGJAM advisor Datuk Ng Yih Pyng and Province Wellesley Gold and Silver Ornament Merchants Association (PWGS) president Law Chin Hooi.
Chow added that the gold jewellery industry in the country was in need of a rebranding exercise.
“This is because the trends in the gold and jewellery market are constantly changing.
“So, new marketing ideas and innovative designs are needed as this will create the uniqueness of one’s brand, increase the interest of customers in buying gold and diamond jewellery, and at the same time, maintain consumers’ loyalty to the brand.
“After all, in this post-pandemic era of economic recovery, understanding the mindset and habits of the new generation can effectively help the industry to transform and cater to the consumption patterns of modern consumers,” he added.
Meanwhile, Chiah said the purpose of the FGJAM Awards is to promote the spirit of excellence in Malaysia’s gold and jewellery industry, increase the visibility and brand of gold and jewellery products, and shine a spotlight on Malaysia’s gold and jewellery brands on international stage.
“We aim to establish the FGJAM Awards as a long-standing tradition that brings together industry members to advance Malaysia’s gold and jewellery sector and elevate the global reputation of their brands.
“FGJAM Awards is the first-ever gold and silver jewellery competition in Malaysia and it has attracted over a hundred wholesalers, manufacturers, and retailers from the domestic and international gold and diamond jewellery industry,” Chiah said.
Chow congratulated all the winners of the FGJAM Awards.
“Such competition creates a platform to showcase Malaysia’s gold craftsmanship for manufacturers, wholesalers, and retailers in the gold jewellery industry,” said Chow.
Story by Riadz Akmal
Pix by Siew Chia En
Video by Siti Nuratikah Rahmat