GEORGE TOWN: The value of Malaysia's jewellery product exports for 2013 is likely to increase by 10% to 20% over the RM4.63bil achieved in 2012, due to the stability of gold prices, which are likely to fluctuate between US$1,570 (RM4,878) and US$1,720 (RM5,344) per ounce this year.
Source from (The Star Online): http://biz.thestar.com.my/news/story.asp?file=/2013/3/11/business/12812388&sec=business
Published: March 11, 2013
Penang Goldsmith Association (PGA) advisor Joeson Khor said the export value achieved exceeded the RM4.5bil projection for 2012.
“The stability of gold prices fluctuating between US$1,540, the lowest in May 2012, and US$1,790 per ounce accounted for the higher volume of transaction for 2012,” he said.
“The slower pace of consumption from China in 2012 was one of the reasons why gold prices remained checked and stable, spurring higher purchases from Italy, Spain and Hong Kong.”
According to the Malaysia External Trade Development Corp report for 2012, the value of Malaysia's jewellery export hit RM4.63bil, compared with RM4.22bil in 2011.
Italy bought about RM45mil worth of Malaysian-made jewellery products in 2012, compared with RM361,175 in 2011, while Hong Kong imported RM221mil worth of jewellery products from Malaysia compared with RM213mil in 2011.
“Gold prices are currently at around US$1,570 per ounce and should hit around US$1,680 or US$1,720 per ounce by year-end,” he added.
Khor said as the price of gold was still considered high, the use of silver in gold jewellery products had become popular, influencing its pricing to rise.
“For example, it is now fashionable to produce nine-karat gold jewellery with silver and other precious alloy materials rather than the conventional 18-karat gold,” he said.
The price of silver is now at US$28.40 per ounce, compared with about US$26 per ounce in June 2012.
The other precious alloy material that has seen its price going up steadily since 2008 is platinum, according to Khor.
“Platinum prices plunged to US$800 per ounce in 2008 from US$2,200 per ounce in 2007, gradually climbing to US$1,694 per ounce recently.
“Both the prices of platinum and silver are expected to increase this year, due to their growing popularity as ingredients for gold jewellery products,” he said.
On Malaysia's importation of gold jewellery, the country's purchase of overseas gold jewellery increased to RM856mil in 2012, compared with RM613mil in 2011, registering an increase of 39.7%, according to the Matrade report.
The PGA has about 600 members, of which about 10% are gold jewellery manufacturers, exporting some 90% of the country's gold jewellery.
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