The value of gold jewellery exports from Malaysia is projected to grow by 15% this year and surpass last year’s RM7 billion due to the weakening ringgit against the US dollar. President of Federation of Goldsmiths and Jewellers Association of Malaysia, Ermin Siow, said for the first four months of the year, gold jewellery exports had increased by 15% year-on-year to around RM2 billion to RM3 billion due to the falling ringgit.
“Last year, the exports, mainly 22k gold jewelleries, recorded a single-digit growth amounting to RM7 billion. Up to 90% of them were exported to the Middle East countries and Singapore,” he said. Siow said this to Bernama on the sidelines of the 33rd India International Jewellery Show (IIIS) briefing here recently.
He said despite the bullish outlook for exports, the local jewellery retail industry would remain sluggish this year as compared with previous years due to the slowing economy, which resulted in a lower demand for the glittering goods. On the jewellery show, which will be held from Aug 4 to 8 this year, Siow said, the association was likely to bring about 40 retailers and exporters.
The largest gems and jewellery exhibition in India is organised by India’s Gem and Jewellery Export Promotion Council (GJEPC). “We hope the industry players could have a better understanding of the Indian market, as well as how to do business with the Indian guests,” he said. Prior to this, he said, the Malaysian delegations had visited the event twice in 2011 and 2013, respectively.
Meanwhile, GJEPC’s Promotion, Marketing and Business Development Convener, Shailesh Sangani, said India was eyeing to export of US$100 million (RM404 million) worth of gems and jewelleries to Malaysia this year versus US$70 million in previous year. “We hope to attract about 100 Malaysians this year, so that the target of US$100 million could be easily achievable,” he said.
India is one of the world’s largest exporters of gems and jewelleries. Last year, the export value of gems and jewelleries amounted to US$32 billion, where Hong Kong appeared to be the largest export destination, with 33 per cent of the cut and polished diamond exported to the special administrative region of China.