Kuala lumpur: Malaysia is on the verge of establishing itself as a leading global hub for physical gold trading, thanks to its business-friendly policies, integrated industry ecosystem, and the forthcoming Malaysia Gold Industry Principles (MGIP).

According to BERNAMA News Agency, Malaysia Gold Association (MGA) president Datuk Seri Louis Ng highlighted the country's strengths, including coherent government policies that drive the healthy growth of the gold industry. Ng made these remarks during a press conference at the Malaysia Gold Conference.

Ng noted that the domestic precious metals industry has seen rapid expansion, employing around 250,000 people across various sectors such as trading, retail, manufacturing, and related services. The MGIP, expected to be officially published in the third quarter of this year, aims to bolster governance, transparency, and confidence in the domestic gold market by addressing quality standards and responsible business conduct among traders and retailers.

Ng elaborated that the MGIP will include modules on quality control for members, leading to retail shops displaying a symbol or logo indicating they are responsible gold shops. Although voluntary, this initiative is expected to create a more trustworthy and standardized gold trading ecosystem.

The MGIP will function as a self-regulatory foundation for Malaysia's precious metals industry, focusing on responsible sourcing, ethical conduct, consumer protection, and alignment with global compliance standards. Ng emphasized that the principles were developed in collaboration with key stakeholders, including frameworks set by the World Gold Council, to enhance confidence throughout the ecosystem and reinforce Malaysia's position as a well-governed and globally aligned precious metals hub.