The Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM) and the Federation of Goldsmiths and Jewellers Associations of Malaysia (FGJAM) welcome the Government’s formal gazettement of the Customs Duties (Amendment) Order 2026 [P.U. (A) 350], reducing the import duty on qualifying minted gold bars under subheading 7115.90.10 00 from 10% to 0%, effective 1 November 2026.

ACCCIM and FGJAM jointly appreciate the Government’s positive response to the industry’s representations and view the measure as a timely and practical step to strengthen the competitiveness of Malaysia’s gold and jewellery industry.

ACCCIM President Datuk Ng Yih Pyng said the removal of the import duty will help reduce acquisition costs for businesses and consumers, particularly for small-denomination minted gold bars commonly purchased for long-term savings and wealth preservation.

The decision also brings Malaysia’s import duty treatment closer to several regional and international markets, including Thailand, Singapore, Hong Kong and the United States, where investment-grade minted gold bars are not subject to import duty. This will help Malaysian businesses compete more effectively in the regional gold market.

Ng added that the chambers appreciate the Ministry of Finance and the Royal Malaysian Customs Department for listening to the industry and responding to our representations.

This decision demonstrates the value of constructive public-private sector engagement and provides meaningful support to both businesses and consumers.

FGJAM President Pang Ann Puo said Small minted gold bars are increasingly used by consumers as an accessible form of savings and wealth preservation. Products in denominations such as 1g, 2g, 2.5g, 5g, 10g, 20g and 50g are commonly purchased, allowing consumers to accumulate gold according to their financial capacity.

The removal of the import duty should help reduce acquisition costs and improve affordability, particularly for consumers who purchase smaller denominations. It can also encourage more disciplined long-term savings and provide consumers with greater choice in managing their savings and investments.

ACCCIM and FGJAM will continue to work with the Government and relevant agencies to promote practical, fair and business-friendly policies that strengthen the industry, support consumers and enhance Malaysia’s position as a competitive regional gold market.