GST will not greatly impact Habib's products

Habib Jewels is optimistic the implementation of the Goods and Services Tax (GST) on April 1 will not greatly impact its business as it would continue to offer its products at affordable prices, said its managing director Datuk Meer Sadik Habib.

He said the company would be able to keep prices low as it had ample stocks.

"Many people say the GST will raise prices of goods but the US dollar's appreciation and the ringgit depreciation has also contributed to the increase.

"However, with the ample stock of gold, diamonds and precious stones we will be able to maintain prices although the greenback has appreciated by 20 percent," he told reporters after the simultaneous opening of Habib Jewels, Pandora and Ice Watch at the East Coast Mall here Tuesday.

Meer Sadik also said group turnover was about RM500 million last year of which the east coast market contributed about 20 per cent in revenue.