"We are constantly looking for new products based on the market demands. We are also doing a lot of promotional campaigns to spur up more sales growth in terms of retail sales," he said, noting that the GST implementation would only affect one quarter of its financial year performance in FY15.

Poh Kong's revenue for financial year ended July 31, 2014 (FY14) was down by 18% at RM798.94 million from RM975.78 million last year, due to the absence of gold rush and weak market sentiment.

For the first quarter ended Oct 31, 2014 (Q1), its net profit fell 33% to RM3.09 million from RM4.64 million a year ago.

Its Q1 revenue rose 8% to RM193.95 million from RM180.12 million a year ago, mainly due to the increase in demand for gold jewellery products.

Meanwhile, Siow expects the price of gold would be range-bounded at US$1200 to US$1300 this year, but volatility still elevated.

"We don't expect very drastic change," he said.

On its expansion plans for FY15, the group plans to open new five stores with estimated capital expenditure including inventory of about RM16 million, located in IOI City Mall, Aeon Taiping, Taiping Mall, Aeon Alor Star and Sunway Putra Mall.

"We will spend around RM3 million to RM5 million per store," he said, adding that the group hopes to expand its jewellery business in East Malaysia within one to two years.