Could you guys help me with identifying the best small compact camera for macro photography and low light situations... any suggestions greatly appreciated
Your requirements are a bit contradicting, so there is no simple answer.
Best for low light are the cameras with large max aperture and a relatively large sensor (so that you can use higher ISO with reasonable noise), for instance the RX100 models. The APS-C G1X is not as small; same with those 1" that have high max aperture anywhere else than at widest zoom (RX10, FZ1000, rumoured LX8, X30, P8000...).
But compacts with larger sensors typically don't have as good macro capability (min frame size or max magnification is rarely listed in specs, but one can look up sample photos) as "ordinary" advanced compacts with 1/1.7". Btw, DSLR kit lenses don't either.
If you intend to use a close-up achromat diopter for macro (more working distance and relative background blur), it is good to have a compact with enough telezoom range and preferably wide enough aperture in this range.
There are considerable differences in macro ergonomics, that is how fast you can set up the camera for macro, how well AF works, how useful the display is for precise focus adjustments.