FOCUS 焦点 22 | JNA September/October 2024 Southeast Asia has a golden tradition, both as a manufacturing hub and a consumption base. As in most Asian markets, gold is staunchly viewed as a store of wealth and the best counter to inflation. Speaking at Jewellery & Gem ASEAN Bangkok earlier this year, Ermin Siow, vice president of the ASEAN Gems and Jewellery Trade Association (AGJA), underscored the strategic role of the Association of Southeast Asian Nations in the gold jewellery trade. As he put it, ASEAN plus its partner countries, China and India, together form the biggest gold market in the world. Citing data from Metal Focus, Siow revealed that three of the 10 Southeast Asian countries rank among the world’s 10 largest gold consumer markets. These are Vietnam, Indonesia and Thailand. When it comes to new gold jewellery consumption in 2023, Indonesia, Vietnam and Malaysia lead the region, with 25.1 million tonnes, 15.1mt and 11.3mt, respectively. Thailand and Singapore followed, with 9.2mt and 7.2mt. “Scrap gold is a substantial part of our daily retail trade. In Malaysia, trade-ins would constitute nearly 40 per cent of the business. Total gold jewellery consumption is therefore some 30 per cent to 40 per cent higher than these figures, thereby indicating the huge potential of the ASEAN region as a gold jewellery consumer,” explained Siow, who is also advisor of the Federation of Goldsmiths and Jewellers Associations of Malaysia (FGJAM). On the other hand, Thailand and Vietnam topped the tallies for physical consumption of gold, towering over Malaysia and Singapore when buying gold for investment. | Olivia Quiniquini 程爱莉 | Sc oo nu st hu emaes tr Ab as isae pal na dy saamp ai vnout faal crtoul rei ni ng tcheen tgroel,dwj ei twh edl il fef reyr et nr at dceo,ubnot tr hi e as ss ea r tvhi nr igv iunpg distinctive designs and products. 东南亚在金饰行业中举足轻重，既是欣欣向荣的消费市场， 也是生产基地，各国在产品和设计上平分秋色。 Glittering prospects for gold in Southeast Asia 金光璀璨——东南亚金饰业前景 Gold tambourine earrings featuring traditional handmade filigree techniques by Ricel’s Jewellery的铃鼓耳环，以传统细金工艺制成
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