GEORGE TOWN: The three-day Penang Signature Gold and Jewellery Fair 2022 is back again after a two-year hiatus.

The fair will provide a strong push that could elevate it to the exclusive international arena, especially for Penang’s local gold products suppliers.

Penang Chief Minister Chow Kon Yeow, who officiated at the event, said the fair was the only gold exhibition in South-East Asia, which is jointly organised with the Penang Goldsmiths and Jewellers Association.

“This is the sixth edition of the fair and it is a strategic gold trading platform that gathers the top gold manufacturers and wholesalers in Malaysia.

“It is certainly a business and networking opportunity to showcase our spectacular gold jewellery collections as well as Malaysia’s excellent gold craftsmanship.

“I am happy to note that about 80% of Malaysian gold jewellery exports come from Penang-based manufacturers and exporters,” he said during the Penang Signature Gold and Jewellery Fair at Setia SPICE Convention Centre in Bayan Lepas on Friday (Aug 19).

Chow added that the fair plays a significant role in bringing interstate traders to recover and boost the domestic economy as well as the local tourism industry at the same time.

“According to the Malaysia External Trade Development Corporation (Matrade), our country exported RM2.29bil worth of gold jewellery products from January to May 2022, which was slightly more than the RM2.24bil registered for the corresponding period a year ago.

“This means the industry is still growing despite the global economic challenges brought by the Covid-19 pandemic.

“Stakeholders in the industry should capitalise on the vast opportunities, potential and most importantly, the demand for gold jewellery despite the most challenging of circumstances, to thrive in this field,” he said.

Meanwhile, Penang Goldsmiths and Jewellers Association president, George Lo, said with the reopening of international borders and losing of the Covid-19 standard operating procedures, business is looking bright for the industry.

“We are hopeful that we can achieve the export value during the pre-pandemic year.

“In 2019, before the Covid-19 pandemic, we recorded an export value of RM 5.975bil.

“Based on the Malaysia External Trade statistics, the gold jewellry export under HS code of 7113 for 2021, the total value was RM 4.482bil compared to RM3.152bil in 2020.

“The figures showed a significant increase of 42%, which was a very encouraging increment,” he said.

Lo added that the top exporter countries are Singapore, United Arab Emirates, China and Hong Kong.

“Penang is always the venue for gold (trade) events, due to the 200-over years of historical factors,” he said.

Also present were Penang Tourism and Creative Economy Committee chairman Yeoh Soon Hin, Komtar assemblyman Teh Lai Heng, Elite Expo Sdn Bhd chief executive officer Datuk Johnson Lim, Federation of Goldsmiths and Jewellers Associations of Malaysia president Chiah Hock Yew and Matrade chief operating officer Noor Ahmad Hamid.