Page 32 - Bullion World Volume 02 Issue 10 October 2022_Neat
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Bullion World | Volume 2 | Issue 10 | October 2022
industry, is also working closely with pandemic control measures and the tonnes in Q2 2022 due to economic
the SBV on three potential policy resumption of international travel in recovery and the lifting of COVID-
changes: April. The same factors supported related measures. Retail investment
1. The grant of import quotas for investor sentiment, boosting bar and also increased by 43% y-o-y to 1
gold raw material used in gold coin demand by 33% to 1 tonne. tonne due to economic recovery and
jewellery fabrication as stipulated concerns over global inflation.
by Decree 24 and accordingly In August 2022, Malaysia held
to production demand proofs the Penang Signature Gold and SBMA has received many enquiries
submitted by key manufacturers. Jewellery Fair after a two-year on membership since Singapore
2. The SBV would authorise major hiatus. Penang Chief Minister started its journey with endemic
gold companies to produce their Chow Kon Yeow said that the COVID, and our membership base
own branded gold tael bars. fair is a strategic gold trading has grown from 47 in December
3. The set-up of a national Gold platform that gathers the top gold 2021 to 57 as of September 2022.
Exchange (based on the SGE manufacturers and wholesalers in The APPMC also concluded
model) under the management Malaysia to collaborate and grow successfully in June 2022, with 192
and supervision of the SBV to their businesses. Penang Goldsmiths in-person delegates and 241 online
provide a regulated domestic and Jeweler’s Association president delegates joining the event.
market linking to regional and George Lo stated that the value of
international gold markets to gold jewellery exports increased Summary
cater for the supply and demand by 42%, from RM3.152 billion in In conclusion, businesses are
of gold for local manufacturers 2020 to RM4.482 billion in 2021. resilient and optimistic about
and retailers. Lo also affirmed during the fair that economic recovery across the
the business environment is looking region, and we maintain a positive
Thailand bright for the industry, and he is outlook for the ASEAN gold market.
In Thailand, jewellery consumption hopeful that the country will reach its
increased by 10% to 2 tonnes in export value in jewellery before the (*Refer to Figure 1 for jewellery
Q2 2022, boosted by economic pandemic. demand and Figure 2 for bar and
recovery following the lifting coin demand)
of COVID-19 restrictions and Singapore
improvement in tourism. Retail In Singapore, the demand for
investment also grew by 15% y-o-y jewellery grew by 43% y-o-y to 2
to 7 tonnes in the second quarter
due to concerns about inflation and
weakness in the local currency.
In 2021, the Bank of Thailand was
the fifth-largest gold buyer among
central banks globally, at up to 90
tonnes, totalling its gold reserves to
244.2 tonnes of gold (International
Financial Statistics, 2022).
Also, Thais can now trade gold
domestically in US dollars, allowed
by the Bank of Thailand to contain
the impact of net gold exports on the
Thai baht. The government has also
eased regulations by enabling the
industry to conduct electronic Know
Your Customer (KYC) to encourage
users to trade and liquidate their
gold via mobile applications.
Malaysia
Malaysian jewellery consumption
grew by 35% y-o-y to 3 tonnes
in Q2 2022 due to the lifting of
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