Tomei Calls For Import Duty Waiver On Stamped Gold Bars

By Niam Seet Wei

KUALA LUMPUR, July 5 (Bernama) -- Tomei Consolidated Bhd hopes the government will exempt imported stamped gold bars from the 10 per cent import duty to keep gold investment affordable for ordinary Malaysians.

Its group managing director, Datuk Ng Yih Pyng, said that currently, imported stamped gold bars, also known as minted gold bars classified under the harmonised system (HS) code 7115.90.1000, are subject to a 10 per cent import duty. In contrast, the imported cast gold bars, which fall under HS code 7108.12.1000, are exempt from this duty.

Ng, who is also the Federation of Goldsmiths and Jewellers Association of Malaysia (FGJAM) adviser, explained that cast gold bars are larger, typically measured in kilogrammes, and are used for manufacturing purposes, while stamped gold bars range from as little as 0.1 gramme per piece and are mainly purchased by individuals for personal investment.

"People from all walks of life, including those from the bottom 40 per cent household income group (B40), buy gold as an investment or for savings, and Malaysians have been buying gold for this purpose for the last 50 or 60 years. 

"We have seen customers buying a bit of gold every month, one gramme, two grammes, five grammes, so hopefully, the Ministry of Finance (MoF) can give an exemption to this category of products, because these products are for people who cannot afford larger gold bars," he told Bernama recently.

 

US$4,000-Per-Ounce Level a Fair Value for Gold

 

Commenting on the outlook for gold prices, Ng is optimistic that the precious metal could revisit the US$5,500-per-ounce level (US$1=RM4.07) in the long run despite the current consolidation.

"I think gold is still bullish, but no one can tell how long it will take to hit that level again. In the long term, I think it will go higher," he said.

Gold reached its all-time high of US$5,589.38 per ounce on Jan 28, 2026, supported by safe-haven demand amid heightened geopolitical tensions and continued strong central bank buying. 

It later retreated to around the US$4,000 level as of July 2, 2026, as higher crude oil prices following the Strait of Hormuz closure stoked inflation concerns, fuelling expectations of further US Federal Reserve interest rate hikes.

Ng considered the US$4,000-per-ounce level to be a fair value for gold, although he acknowledged that he could not predict the price movements.

 

Growing Interest in Digital Gold Among Younger Malaysians

 

On gold buying habits, Ng said younger Malaysians are increasingly investing in gold bars through online platforms.

Citing Tomei's digital gold trading platform, GoldNow, he said the app, launched in February this year, has attracted around 8,000 registered users.

While investment amounts remain relatively small, he said the take-up reflects growing interest among tech-savvy young people in digital gold investments.

For physical gold, Ng said lightweight, affordable and trendy pieces remain popular, particularly among younger consumers.

He added that while online sales remain encouraging, they account for only a small share of overall sales compared with the group's network of 63 retail outlets nationwide.

 

FIFA World Cup Dents June Sales

 

Touching on Tomei's sales performance, Ng said the group posted positive results in the first half of the year, driven by strong first-quarter sales during the Chinese New Year and Hari Raya Aidilfitri festive seasons.

However, sales moderated in the second quarter, especially towards the end of June, partly due to the FIFA World Cup season, he said.

"I blame it on the World Cup. Every four years when there is the World Cup, that month is really dead," he said, adding that he expects activity to improve after mid-July as consumers resume purchases they had put on hold.

On Tomei's outlook, Ng said the group remains cautious about the second half of 2026 amid ongoing geopolitical tensions, higher crude oil prices and local political developments that have weighed on consumer sentiment, but aims to at least maintain its year-on-year sales this year.

The jeweller's net profit rose to RM106.82 million in the financial year ended Dec 31, 2025 (FY2025) from RM59.50 million in FY2024, while revenue increased to RM1.31 billion from RM1.05 billion previously.

-- BERNAMA