Shops close as jade prices drop by 70pc in Kachin State

Demand has fallen after a Chinese government crackdown on traders who bought value-added jade without paying tax, said U Z Lum, chair of the Myanmar Gems and Jewellery Entrepreneurs’ Association in Myitkyina, the capital of Kachin State. “Chinese buyers have to pay high taxes in China if they buy our value-added products. This has had […]

Gems and minerals bank to register in September

The creators of a new bank to service the gems and minerals sector will apply for a licence this month, spokesperson U Thet Naing told The Myanmar Times. If licenced, the new bank will add to a number of sector-specific banks that have opened over the past couple of years, including the Construction and Housing […]

Central Bank urges government to reduce dollar use

The Central Bank is urging government organisations to only use kyat payments to reduce US dollar demand and prevent dollarisation of the economy. The Foreign Exchange Management Department of the Central Bank last week announced that the kyat only should be used in domestic payments at national, regional and state-level organisations. “Using foreign currencies in […]

Kabar Aye jade re-opens

The Myanmar Gems and Jewellery Entrepreneurs Association re-opened its own gems shops in the Myanmar Gems Emporium Hall on Kabar Aye Pagoda Road, aiming to attract foreign customers in particular. The renovations of 40 shops at the hall began in March and were backed by K500 million (US$500,000) from the association’s chair, prominent tycoon U […]

Tay Za replaced as head of gem association

Yone Mu from Sane Lin Yadanar Jewellery Company has been elected as the new chairperson of Myanmar Gems and Jewellery Entrepreneurs Association, replacing tycoon Tay Za who runs the Htoo Group of Companies. Yone Mu said he would work to move the jewellery industry up the value chain from supplying raw materials to producing finished […]

Mandalay ruby miners may get land-grant

</a Local miners in Mandalay Division’s ‘Ruby Land’ town of Mogok may soon get access to more gems. The Myanmar Gems and Jewellery Entrepreneurs Association plans to allocate small-scale mining plots to locals to promote gem trade in the area. “We are looking to allocate more small-scale plots for local miners”, said Tun Hla Aung, […]

Myanmar’s Old Guard Clings to $8B Jade Empire

HPAKANT, Kachin State — Tin Tun picked all night through teetering heaps of rubble to find the palm-sized lump of jade he now holds in his hand. He hopes it will make him a fortune. It’s happened before. “Last year I found a stone worth 50 million kyat,” he said, trekking past the craters and […]