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Wednesday, 29th March 2006 (4395 views)

Malaysian gold jewellery manufacturer Yikon has plans to move into the Indian market following good results in China.

In India, gold is a multi-billion dollar industry and represents the world's largest single consumer market for the precious metal and so analysts see the step as an obvious one.

Chairman Datuk Noor Ahmad Mokhtar Haniff told the company AGM that they would consolidate in their current markets before speculating further afield.

"For now we will concentrate on expanding our business in China aggressively first as this venture is finally beginning to pay off," he told reporters.

Yikon have so far opened ten retail outlets in three Chinese provinces and plans are afoot to open further retail spaces in their home market of Malaysia before the end of the calendar year.

Despite being based in Penang since the mid-1940s, until now Yikon have only ever pitched their product abroad under its Yikoni Gold brand name without venturing into their domestic retail market.

The new expansion plans represent a change in strategy for the company, and one that commentators believe could be very lucrative, particularly in India, should it be a success.

 

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