Malaysia External Trade Development Corporation

TUESDAY, 4 JUNE 2024, PENANG: The International Sourcing Programme (INSP), in conjunction with the 2nd PWGS trade fair, organised by the Malaysia External Trade Development Corporation (MATRADE) and the Province Wellesley Gold & Silver Ornament Merchants Association (PWGS), culminated successfully on 1 June 2024, at the SPICE Arena in Penang.

The INSP provided a dynamic platform for international buyers to explore Malaysia's vibrant gold and jewellery industry. Facilitating 45 pre-arranged business meetings, foreign buyers from China, Myanmar, India, and Vietnam engaged with 15 Malaysian companies. The event has highlighted the potential of the industry, with sales recorded in the value of RM27.20 million.

“The inaugural INSP not only highlights the exceptional products of Malaysian jewellery businesses but also aims to foster enduring partnerships with global buyers, bolstering Malaysia's prominence in the global jewellery market. This is evidenced by Malaysia's ranking among the top 15 exporters of jewellery  (precious stones and non-silver items) in the world last year, according to S&P Global’s statistics.” Datuk Mohd Mustafa Abdul Aziz, Chief Executive Officer of MATRADE, expressed his excitement over the success of the first edition.

Dato’ Chiah Hock Yew, President of the Federation of Goldsmiths and Jewellers Associations of Malaysia (FGJAM), lauded the event's positive impact, highlighting the collaborative efforts between PWGS and MATRADE, "the collaboration between PWGS and MATRADE has been immensely beneficial. I hope that PWGS will serve as a catalyst for generating boundless business opportunities across the entire spectrum of the gold industry. In the meantime, I also hope Malaysia strives to become one of the top ten gold jewellery exporters globally with the assistance of MATRADE."

"I am delighted to have participated in the INSP event. This platform has allowed us to engage with key stakeholders in the Malaysian jewellery industry. I look forward to MATRADE's continued efforts in organizing such events, fostering connections for foreign entrepreneurs to tap into Malaysia's dynamic jewellery sector," expressed Ms. Samantha Chong from Vietnam Rubik Cooperation.

"Participating in the INSP and PWGS exhibition was truly enriching, leaving a profound impact on me. The event was well-organized and showcased the creativity and skill of the artisans, featuring both modern and traditional designs. The dedication of Malaysian jewelers to their craft was clear, and a unique blend of cultural heritage and modern innovation made their pieces stand out. The engaging business meeting session and networking opportunities provided valuable insights into the industry" said Mr. Vismit Govind Verma from India Jewel Trendz Private Limited, expressing his appreciation to MATRADE.

The three-day event showcased the latest trends and innovations in gold and jewellery design, reflecting Malaysia’s rich heritage and craftsmanship. This fusion of tradition and innovation solidifies Malaysia's reputation as a hub of exceptional jewellery artistry on the global stage.

From January to April 2024, the total trade in jewellery reached RM5.57 billion, marking a remarkable growth rate of 33.5% compared to the same period in 2023. Malaysian jewellery exports surged by 30.5% to RM2.83 billion, with primary destinations including Singapore, the United Arab Emirates, Thailand, Australia, and Japan. Jewellery imports also rose significantly to RM2.74 billion, reflecting a 36.7% increase.