PETALING JAYA: Malaysians who buy small gold bars as a way to save for the future can expect some relief when the 10% import duty on 999.9 minted gold bars is removed from Nov 1.
Federation of Goldsmiths and Jewellers Associations of Malaysia president Pang Ann Puo said they welcomed the government’s decision following representations made by the business community and gold and jewellery industry.
He said small-denomination minted gold bars ranging from 1g to 50g had become increasingly popular among young working adults and B40 and M40 households as an accessible means of saving and preserving wealth.
“The exemption would help reduce import costs, support more reasonable retail prices, encourage saving and wealth preservation and promote the growth of the local gold retail market.
“We urge industry members to take note of any subsequent implementation guidelines, tariff classifications and declaration requirements issued by the Finance Ministry and the Customs Department,” he said.
Effective next month, the Customs Duties (Amendment) Order 2026 cuts the duty on minted gold bars to 0% from 10%.
Pang said all relevant business activities must continue to comply with prevailing laws and regulations until the exemption is officially implemented.
He said scrapping the import duty would also strengthen Malaysia’s competitiveness in the gold industry and bring the country more closely in line with international gold markets including Thailand, Singapore, Hong Kong and the United States.
Pang also said the Associated Chinese Chambers of Commerce and Industry of Malaysia, through its president Datuk Ng Yih Pyng, had played an important role in bringing the industry’s concerns to the government by leading a delegation of goldsmiths for discussions with the Finance Ministry on the impact of the import duty on minted gold bars.
Malaysian Indian Goldsmith and Jewellers Association president Datuk Abdul Rasul Abdul Razak commended the government’s decision, describing the exemption as a considerate step that would help make gold more affordable for middle- and lower-income groups which rely on small gold purchases as future savings.
“Their interests should be safeguarded closely by the government as the little they save will go a long way for their future savings,” he said.
Abdul Rasul also said the local gold industry had flourished over the years from sales to both locals and foreigners, partly due to the exemption of consumption taxes.
He said additional taxes would affect not only consumers but also the livelihoods of about 45,000 goldsmiths and gold suppliers in the country.
He highlighted the importance of imported minted gold as a financial instrument.
“Imported minted gold is a crucial asset, especially for people who carry it as a financial instrument while travelling.
“It is widely accepted internationally, while local minted gold may not receive the same recognition overseas,” he added.
