Malaysian gold jewellery exports to drop to RM4bil this year

GEORGE TOWN: The Penang Goldsmith Association (PGA) is projecting the value of Malaysia’s gold jewellery exports to be about RM4bil for 2018, a decline of about 40% from the RM6.7bil achieved in 2017.

PGA adviser Joeson Khor said the decline would be due to the recently imposed 5% value-added tax (VAT) in January 2018 by the UAE government.