MGA Calls For Ban On Import, Sale Of Gold-Wrapped Silver Products
KUALA LUMPUR, Jan 7 (Bernama) -- The Malaysia Gold Association (MGA) has called for the immediate cessation of and ban on the import, fabrication, and sale of “gold-wrapped silver” and similar gold-wrapped products.
In a statement today, MGA said the influx of such products into the country 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 said.
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 discussions 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 these products’ production, importation, and sale.
“This commitment ensures manufacturers will not fabricate these products, and retailers will not sell them in Malaysia,” it added.
-- BERNAMA