Investments to cherish: Yuvabalan showing a jimki (type of earring) sold at his shop in Little India, George Town, Penang. — ZHAFARAN NASIB/The Star.
GEORGE TOWN: Gold jewellery remains a popular Mothers Day gift, with many opting for smaller, budget-friendly pieces despite the high prices.
VKN Jewellers director Datuk S. Yuvabalan said smaller pieces like bracelets, rings, bangles and earrings have grown in popularity, especially with current gold prices.
“With Mothers Day approaching, we have seen children bringing their mothers in to choose a gift.
“Bracelets, bangles and earrings are among the most popular items.
“Many customers traded in old gold for new designs, as it can be profitable.
“Some are even selling their gold while prices are high,” he said.
Yuvabalan said demand for gold remains strong, as it continues to hold deep cultural significance, particularly during special occasions.
He said while most customers are more budget-conscious, they still see value in buying gold.
“Gold plays an important role in Asian culture, especially during celebrations.
“It is seen as an investment. You can wear it and later sell it, or simply buy it now to sell when the value appreciates.
“People buy what they can afford. Despite high prices, customers are still making purchases,” he said.
On Monday, gold was priced at RM438 per gram, before it rose to RM448 the following day. .
Pharmacist S. Shankari, 35, bought her mother a new locket for Mothers Day, which will be celebrated tomorrow.
Describing it as a meaningful and lasting gift, she said she kept her purchase modest, knowing her mother would be mindful of the cost.
“Flowers, cakes and other items are nice, but they are perishable,” she said.
“In my culture, gold holds value, and I thought it would be lovely to get my mother something beautiful.
“She had been wearing the same locket on her gold chain for years, and I felt it was time for a change.
“Mothers Day felt like the perfect occasion to give her something new and special,” she said.
Muslim Jewellers and Money Changers Association of Penang president Datuk Dr Anvar Hussain Rahumathullah said the sharp rise in gold prices over the past year has led to a 70% drop in gold purchases.
He said some customers waited and monitored the price trends, choosing to make purchases when the price drops.
“People are still buying gold, but their purchasing power has significantly decreased.
“There is also a growing preference for pure gold pieces, likely due to the higher resale or trade-in value.
“Customers now prefer plain gold items, such as bangles without stones, because gemstones tend to reduce the resale value.
“Smaller pieces are currently more popular, as they are more affordable and fall within the average buyer’s budget,” he said.
