Malaysia’s gold market remained unaffected by global economic slow down

Malaysia’s gold market remained unaffected by global economic slow down but improved overall, according to Habib Jewels, one of Malaysia’s prominent jeweller.

Gold business in Malaysia is thriving as people are still buying jewellery and gemstones for investment and personal use, said Meer Sadik Habib,MD of Habib Jewels.

He said his company’s jewellery sales are on the rise despite the spiralling gold price.

To provide investment guarantee for gold items to its customers, Meer Sadik said Habib Jewels, a household name in Malaysia’s gold business, operated Al Rahnu Islamic pawnshops which accept pawning of jewellery and gemstones.

He said Habib Jewels’ sales touched about RM300 million last year and “we are confident to perform even better this year.”
“We are aiming to boost our sales by 10 to 20 per cent this year due to growing demand for jewellery and gemstones.

“The demand is high as our jewellery and gemstones have their unique features blend with traditional and modern designs,” he said.
To cope with the rising demand, Habib Jewels, a fully integrated jeweller involved in wholesaling, retailing, manufacturing, micro-financing (pawnbroking) and franchising, will invest about RM4 million to open two new branches in Perak and Pahang this year, he said.

Sadik said he has no plans as yet to open branches overseas as he intends to focus on the domestic market. “However, we are actively engaged in promoting our brands overseas,” he said.

On the heritage gallery, he said, the Habib Jewels Group, which started in Penang 50 years ago as a family-owned business, has invested about RM2 million to refurbish its old premises at Jalan Masjid Kapitan Keling.

The gallery showcases a collection of more than 100 antique jewellery and germstones including more than 100-year-old gold items worn by Indian-Muslim women in Penang.
Courtesy: Bernama

Tags: Malaysia gold market

Posted by admin on Feb 1 2012. Filed under Gold predictions. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry