Export earnings of jade more than triple

Export earnings for jade during the nine-month financial period from April to December of 2013 reached US$ 920 million (Ks 887.79 billion), according to the Ministry of National Planning and Economic Development. This amount is more than a third larger than last year’s overall earnings (more than US$ 600 million). Export earnings for the 2012-2013 fiscal year reached US$ 297 million.

Myanmar can export jade in July but not in April, May or June. The export earnings reached more than US$ 336 million in September, the top export earnings month for the year.

Myanmar exports its jade mostly to China, Hong Kong and India. Exhibitions of Myanmar jade ware tend to draw much attention from those countries, but Japan is the top buyer. Myanmar’s annual jade production is more than 10,000 tons. The highest production month is May.

An amendment to tax special goods under the Union Taxation Law (bill) was discussed at the Pyidaungsu Hluttaw (Union Parliament) session on March 10. According to the new law, a 30 percent tax will be levied on jade, ruby, sapphire, emerald, diamond and other uncut stones.

Total investment in Myanmar’s mines exploration sector by Myanmar citizens has reached more than Ks 13 million. There has been both legal and illegal export of jade. Actions are being taken against those who illegally export jade through border trade channels so as not to lose the country’s taxes, says an official from the mobile team.

Source: ELEVEN Myanmar

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