by ANIS ZALANI

ACE-MARKET listed YX Precious Metals Bhd plans to collaborate with goldsmiths from Turkiye and Italy to expand hollow gold jewellery range in the Malaysian market.

MD Ng Sheau Chyn said it sees an opportunity as local manufacturers do not offer those products.

“We will continue to expand our hollow jewellery range and we are also looking for collaborations with goldsmiths from Turkey and Italy as they have a certain range of products (not undertaken by) local manufacturers,” she told the media after the group’s AGM in Kuala Lumpur today.

Gold jewellery specialist YX Precious Metals, a subsidiary of Main Market-listed Tomei Consolidated Bhd, focuses on 916-gold jewellery. It offers a wide range of gold jewellery, including gold chain products such as necklaces, bracelets, anklets and basic chains.

Asked about the impact of increasing gold prices, Ng said that hollow gold is now a trend and that the perceived value is higher.

“Gold prices are very high. With a budget of RM5,000, previously you could buy a chunky item, but now it becomes small.  We have to make it hollow, and the perceived value is higher. Hollow gold is now a trend,” she said.

Ng said that 90% of its customers are domestic players while the rest are overseas.

She said the US banking crisis and prolonged geopolitical tensions remain as the main concerns among investors in the jewellery field.

Tomei MD Datuk Ng Yih Pyng the company foresees gold prices to be around US$1,900 to US$2,001 (RM8,764) per ounce by year end.

He said Tomei is not planning to pare down its shareholding in YX Precious Metals despite the unit’s share price appreciation and the lapse of a six-month moratorium on share sales.

Tomei owns 70% of YX Precious Metals.

YX Precious Metals was trading at 32 sen at 4pm today, valuing the company at RM117 million.