However, one of the leading jewellery companies, Wah Chan Gold and Jewellery, believed the impact will be cushioned by local customers and continuous support from buyers for investment purposes.
Its marketing manager, Michelle Chan, said buying gold or jewellery was part of the tradition and Wah Chan has seen tremendous growth, especially growing interest in white gold and gemstone jewellery, among the younger generation.
“Many of them also prefer new and trendy designs focusing on minimalism for daily wear. We expect to see better growth for our business in future owing to the trendy designs and personalised services we offer,” she told Bernama today.
In order to cater to the rising demand, she said, Wah Chan planned to open six to 10 new outlets next year, adding that the company was also identifying suitable locations.
Currently, Wah Chan has 40 retail outlets nationwide located at shopping centres and hypermarkets with key areas in the Klang Valley, Penang, Malacca, Seremban, Kuantan, Johor Baru and Ipoh.
On industry outlook, Chan said the market needed to introduce new designs, materials and innovative products.
“Although gold price is determined by the market, the design aspect still plays an important role apart from the material and craftsmanship,” she said.
Chan said Wah Chan’s offerings catered to different segments – young professionals, young couples, those appreciating jewellery as well as higher range products for investment purposes.
Wah Chan, set up in 1955, has grown and evolved into a diamond, gem and white gold specialist.
It offers a wide range of products ranging from yellow gold, diamond to different types of coloured gemstones including ruby, sapphire, emerald and jade for investment or gift.