Gem and gold hub in the offing

Jewellery from the partnering companies on display at the press conference.

PENANG will have its first Gold and Jewellery Cluster at Batu Kawan Industrial Park (BKIP).

Five companies under the Penang Goldsmith Association have joined together with an investment of RM49.6mil to start the venture and construction should begin in early 2018.

Chief Minister Lim Guan Eng, who announced the creation of the cluster, said the investment was expected to bring in 730 new jobs including high-value professional gold and jewellery craftsmen.

“This is in addition to the 8,000 highly skilled workers in the industry at present,” said Lim at a press conference in Komtar on Thursday.

The five are G2 Gold (M) Sdn Bhd (RM24.6mil), Jin Huo Gold & Jewellery Industries (M) Sdn Bhd (RM12.5mil), TC Success Jewellery Sdn Bhd (RM6.8mil), TC Jewellery Sdn Bhd (RM2.9mil) and LKT Luck Sdn Bhd (RM2.8mil).

Lim said the entry of the five companies into BKIP would strengthen Penang’s position as a major gold finishing hub.

It would create higher value jobs and income opportunities for the craftsmen and downstream stakeholders in the industry.

According to Lim, the gold and jewellery industry in Penang is almost two centuries old.

It contributes 85% of the country’s RM7.2bil gold and jewellery export.

Penang companies export precious metal jewellery to more than 20 countries such as Japan, United States, Germany, UAE, Canada, Hong Kong, Thailand, Philippines and Singapore.