The “Penang Gold Hub” is in the making.
The move is more significant as Penang is home to approximately 80 percent of Malaysia’s gold jewellery manufacturers, making it the country’s key manufacturing base for the industry.
With this strong foundation, Penang is well-positioned to step forward as a regional gold and jewellery hub for ASEAN.
Lending support to this move was YB Steven Sim, Minister of Entrepreneur Development and Cooperatives of Malaysia when launching the Malaysia Gold & Jewellery Exhibition 2026 currently underway at the Setia SPICE Convention Centre.
Also present at the launch ceremony was Ashwin Gunasekeran, Chief Executive Officer, Penang Convention & Exhibition Bureau (PCEB), Law Chin Hooi, Organising Chairman of Malaysia Gold & Jewellery Exhibition 2026, Dato Seri Louis Ng President Malaysia Gold Association, Dato Chiah Hock Yew, Advisor of Province Wellesley Gold & Silver Ornaments Merchants Association, Poon Wai Kit, President of Province Wellesley Gold & Silver Ornaments Merchants Association among others.
Turning up in a big way was manufacturers, dealers and entrepreneurs from Laos, Singapore and China too.
Sim also sponsored RM10,000 for Province Wellesley Gold & Silver Ornament Merchants Association (PWGS).
In his opening address, he added that those involved in the gold industry to transform from a low cost low price economic model to a value-creation economic model.
“We want to move away from the Made in Penang model where investors come and build their products here at a low price to a “Made by Penang” model (where Penang and Malaysian businesses create value.
“Malaysia’s gold jewellery industry is growing, with Penang serving as the country’s main manufacturing hub and accounting for about 70% of production capacity,: he added.
Earlier, Louis Ng shared that over the years, MGJE has grown into an important industry platform-bringing together manufacturers, refiners, jewellers, traders, wholesalers, retailers and ecosystempartners from across Malaysia and the region.
“Across Malaysia today, we have:more than 500 goldsmith factories, over 4,000 gold retail shops, 3,300 pawn shops including Ar-Rahnu and conventional and close to 250,000 employment connected directly and indirectly to this ecosystem,” he added.
Meanwhile, at the end of the three-day showcase, some RM100 million sales is expected to be generated mainly by SME players.
Guests were also feted to a bevy of models paraded with the latest gold ornaments for the audience.
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