KUALA LUMPUR (Oct 3): Malaysia has formally gazetted the removal of import duty on qualifying minted gold bars, a “timely and practical” move two business groups said would strengthen the competitiveness of the local gold and jewellery industry.

The Customs Duties (Amendment) Order 2026 [PU (A) 350] cuts the duty on minted gold bars under subheading 7115.90.10 00 to 0% from 10%, effective Nov 1, the Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM) and the Federation of Goldsmiths and Jewellers Associations of Malaysia (FGJAM) noted in a joint statement on Saturday welcoming the move.

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

The change brings Malaysia's treatment of investment-grade minted gold bars closer to several regional and international markets, including that of Thailand, Singapore, Hong Kong and the US, where investment-grade minted gold bars are not subject to import duty, the groups said. “This would help Malaysian businesses compete more effectively in the regional gold market,” the statement read.

Ng thanked the Ministry of Finance and the Royal Malaysian Customs Department for responding to the industry's representations, saying the decision “demonstrates the value of constructive public-private engagement and provides meaningful support to both businesses and consumers”.

FGJAM president Pang Ann Puo said small gold bars were 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, he said.

Pang said scrapping the import duty should improve affordability, particularly for buyers of smaller bars, and could encourage more disciplined long-term saving while giving consumers more choice in managing their savings and investments.

The two groups said they would continue working 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”.