Tomei Urges Malaysia To Exempt Imported Stamped Gold Bars From 10% Import Duty

KUALA LUMPUR, JULY 2026 – Tomei Consolidated Bhd has urged the Malaysian government to exempt imported stamped gold bars from the current 10% import duty, as the company believes the tax could make gold investment less affordable for everyday consumers.

The appeal was made by Tomei group managing director Datuk Ng Yih Pyng, who said imported stamped gold bars, also known as minted gold bars, are currently classified under HS code 7115.90.1000 and are subject to a 10% import duty. In comparison, imported cast gold bars under HS code 7108.12.1000 are exempt from the duty.

Ng explained that cast gold bars are usually larger and commonly used for manufacturing purposes, while stamped gold bars can be produced in much smaller sizes, starting from as little as 0.1 gram. These smaller bars are often bought by individuals as a form of personal savings or investment.

According to Ng, many Malaysians, including those from the B40 income group, purchase small amounts of gold regularly as a long-term savings method. He said some customers buy 1g, 2g or 5g of gold monthly, making smaller gold bars an accessible option for people who cannot afford larger bullion products.

The issue comes as Malaysia’s bullion industry faces disruption following the imposition of a 10% import duty on some gold bar shipments. The Edge Malaysia reported that several inbound cargoes had been charged the duty since early May, causing some shipments to be held at customs or diverted elsewhere.

Industry players are concerned that the additional cost may eventually be passed on to consumers. Bank Muamalat Malaysia Bhd, which offers gold investment products, previously said that if a 10% import tax is charged on bullion, the cost would be transferred to customers.

Ng also commented on the outlook for gold prices, saying he remains optimistic about the precious metal’s long-term trend despite recent consolidation. Gold had reached an all-time high of US$5,589.38 per ounce on January 28, 2026, supported by safe-haven demand, geopolitical tensions and strong central bank buying.

However, prices later eased to around US$4,000 per ounce as of July 2, 2026. Ng described the US$4,000 level as a fair value for gold, although he noted that price movements remain difficult to predict.

The call for exemption highlights the growing importance of gold as a savings and investment tool among Malaysians. If the import duty remains in place for smaller stamped gold bars, consumers may face higher prices, potentially reducing access to affordable gold investment products.