PETALING JAYA: Public Gold Mint Sdn Bhd (PGMint), a precious metal minting and refinery facility under Public Gold Group has signed a MoU to acquire Sirim Bhd’s gold standard, as part of its 10-year-long plan to get accredited under London Bullions Market Association (LBMA) to expand internationally.
PGMint executive chairman Datuk Wira Louis Ng said the collaboration between PGMint and Sirim will elevate the local gold industry, especially in gaining market confidence and global recognition towards Malaysian-made gold products that comply with international standards set by LBMA.
“We will be partnering with LBMA Good Delivery Consultant to help the company build a scalable facility to comply with its requirement. So we need the cooperation and assistance from Sirim as well as the government, “ he told SunBiz at the signing ceremony today.
Ng revealed that PGMint has extended its factory to Indonesia to fulfil the demand of the Indonesian market, and it plans to expand to Vietnam and the Philippines in the near future.
“We are moving into Indonesia. Currently, we have four branches and one minting office in Indonesia,“ he said.
PGMint has also acquired one acre of land at Batu Kawan under the Penang gold cluster to construct a minting and refinery facility by the first quarter of next year.
“We are now running at full capacity, and our aim is to build it as Malaysia’s biggest mint,“ he said.
It has also recently been admitted as a foreign affiliate member of the Singapore Bullion Market Association.
PGMint is the first Malaysian company that has collaborated with Sirim to maintain standards of its gold products through Sirim’s lab at the National Metrology Institute of Malaysia (NMIM).
Sirim president and CEO Datuk Dr Ahmad Sabirin Arshad said the collaboration is the first of its kind in terms of setting up purity assessment, calibrations, and tests for gold.
“We want this collaboration to become a catalyst for more cooperation within the industry. Not just PGMint, we have more companies benefiting from these activities.
“Not only that this is the first step to getting accredited under LBMA, but also to create something for Malaysia. The Malaysian gold industry is number 14 in the world. So it is a large industry, and we want to be part of the industry development,“ he said.
Since its establishment, PGMint had been churning out 10 tonnes of gold and silver products to cater to increasing market demand. Apart from minting products for its own house brands, it produces customised gold products for corporations of both private and government sectors through product customisation services.