Kuala lumpur: 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.

According to BERNAMA News Agency, 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.

Ng emphasized that 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. He noted that 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.