Weakening demand seen for gold jewellery

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In the first quarter of 2022, jewellery demand in Malaysia rose by 23% year-on-year to over three tonnes despite higher gold prices.

GEORGE TOWN: The value of gold jewellery exports from Malaysia is projected to decline by 15% to 20% this year as the first five months of export data showed signs of weakening overseas purchases.

According to Malaysia External Trade Development Corp, the country exported RM2.29bil worth of gold jewellery products from January to May, which was slightly more than the RM2.24bil registered for the same period a year ago.

The top buyers were Singapore, the United Arab Emirates (UAE), Japan, Hong Kong, and Australia.

In 2021, Malaysia exported RM4.8bil worth of gold jewellery products.

“The easing of restrictions and consumer confidence boosted the gold jewellery consumption in Australia, UAE, Singapore, and Japan in the first quarter of 2022.

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“In the second quarter, we can see overseas purchases losing momentum due primarily to rising interest rates and a tighter credit situation that stemmed liquidity flow in the market.

“Although international borders have reopened, Japan and Australia had stringent visa requirements thus deterring gold jewellery exporters from visiting potential overseas customers. Many of our members focused on domestic sales, driven by pent-up demand and backlogged weddings,” Penang Goldsmith Association (PGA) adviser Joeson Khor told StarBiz.

“Although international borders have reopened, Japan and Australia had stringent visa requirements thus deterring gold jewellery exporters from visiting potential overseas customers. Many of our members focused on domestic sales, driven by pent-up demand and backlogged weddings,” Penang Goldsmith Association (PGA) adviser Joeson Khor told StarBiz.

In the first quarter of 2022, jewellery demand in Malaysia rose by 23% year-on-year to over three tonnes despite higher gold prices.

Khor said the recent plunge in the gold price to US$1,744 (RM7,759) per ounce should keep the local market interested in gold jewellery products.

“In January, we couldn’t foresee the Russian-Ukraine War breaking out, and so we forecast that the value of exports would increase due to the improvement in terms of the neighbouring economies

“However, the war has since dampened market sentiment and raised interest rates, which made the holding cost for gold expensive,” he added.

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