The Malaysia Gold Association (MGA) has called for the immediate cessation of the import, fabrication and sale of ‘gold-wrapped silver’ and similar gold-wrapped products.
According to the association, the influx of such products could have a significant impact on the integrity of the country’s precious metals market, causing price confusion and affecting real gold demand and the overall dynamics of precious metals.
It noted that these products resemble genuine gold jewellery due to the thickness of the gold layer, making it difficult for consumers to distinguish them from real gold without professional assessment.
“This misperception creates the risk of financial loss, as consumers may unknowingly purchase these deceptive products under the false belief they are acquiring authentic gold,” the association stated.
MGA president Datuk Wira Louis Ng urged industry players, manufacturers, importers, retailers, distributors and particularly enforcement agencies to formally categorise gold-wrapped silver and similar gold-wrapped products (with non-gold inner cores) as fake gold and prohibited items.
“We hope Malaysian enforcement authorities, including the Royal Malaysian Customs Department and the Ministry of Domestic Trade and Cost of Living, will impose stricter regulations to prohibit the sale, trade and exchange of these deceptive products, including on e-commerce platforms,” he said.
Ng emphasised that rigorous monitoring and enforcement are required to safeguard consumer rights.
MGA said that after careful consideration and discussion with key industry players, including manufacturers, retailers, pawnbrokers, Ar-Rahnu and other stakeholders, it has unanimously decided to reject such products and fully comply with measures to halt the manufacturing, importation and sale of the products.
“This commitment ensures manufacturers will not fabricate these products and retailers will not sell them in Malaysia,” it added.
In July last year, Ng announced that Malaysia was the best gold trading hub for countries entering the Southeast Asian market for the precious metal, due to the country’s strategic geographic location, diverse demographic (driving varied demands), multilingual capabilities (aiding in market expansion) and business-friendly policies (to facilitate international collaborations).
