KUALA LUMPUR: Tomei Consolidated Bhd is stepping up its digital push with the launch of GoldNow, a syariah-compliant mobile application that allows users to accumulate physical gold from as little as 0.1g, as elevated gold prices reshape consumer buying behaviour.
Tomei Digital Sdn Bhd CEO Chia Geh Yang said the platform stands apart from other digital gold offerings by combining online accumulation with physical redemption at Tomei’s retail outlets.
“In the market, there is a cluster of competitors doing paper gold or gold savings products, and another group selling physical gold. To combine both, we haven’t seen one,” he said at the launch of the app today.
“We are selling real gold instead of paper gold. We are a listed company with a long-standing presence in Malaysia, so trust is established. Once customers buy, redeem and walk into the store to collect their gold, that positive experience removes the doubt.”
GoldNow enables users to track their holdings digitally and redeem their gold in-store, creating what the group describes as a seamless ecosystem between its app and more than 60 outlets nationwide.
Redeemed gold can be stored via Tomei’s safe deposit box service, My Jewel Box.
Chia said the app aims to address affordability concerns amid high bullion prices.
“With the gold price so high now, many people ask, should I buy or should I not buy? I don’t have a crystal ball to tell you whether gold will increase or decrease tomorrow.
“The right way to grow wealth is to buy consistently in quantities you can afford. Growing wealth is about discipline. We want to give consumers a platform to cultivate that habit.”
By allowing purchases from 0.1g, the group is targeting younger consumers and first-time buyers who may have been deterred by the higher upfront cost of physical gold.
On industry prospects, Tomei group managing director Datuk Ng Yih Pyng said gold prices have been on a strong upward trend since the pandemic, driven by geopolitical tensions and global uncertainties.
“The higher the gold price, the more it reflects people’s concern about the future,” he said, adding that ongoing geopolitical developments suggest continued uncertainty ahead.
However, rising prices have also made jewellery significantly more expensive.
A 20g gold bangle can now cost close to RM20,000, posing affordability challenges as income growth has not kept pace with bullion prices.
“That’s why gold should be looked at long term. It has always been perceived as a hedge,” Ng said.
The launch of GoldNow is part of Tomei’s broader digital transformation, which accelerated during the Covid-19 pandemic, when retail operations were disrupted.
The group invested in training and structural changes to digitise processes across the organisation, including initiatives such as live-stream selling, which gained traction during lockdowns.
“The hardest part of digital transformation is not technology, it’s the people,” Chia said. “If they truly believe in it and use it, that’s when transformation achieves its true value.”
Tomei, with 58 years in the gold and jewellery industry, said GoldNow marks its next phase of growth, bridging traditional retail strengths with digital accessibility to widen participation in gold ownership.
