Ruby miners leave Mogok as Chinese demand plummets

Traders in ruby-rich Mogok, Mandalay Region, have traditionally relied on custom from Chinese buyers, but over the past year businesses has become slower and slower, leading many miners to pack up and move to the quartz mines in Tanai township, Kachin State. The lacklustre market looks likely to continue at least until early next year, […]

IRD to Tax Gem and Jewellery Traders

Commercial and income tax would be collected from Myanmar gems and jewellery entrepreneurs under the newly-enacted Union Tax Law 2015, a top government official said. U Min Htut, director general of Internal Revenue Department (IRD), said, “Gem companies did not need to pay income tax last year. Under the new 2015 tax law, income tax […]

Gem Traders to Establish Bank

The Myanmar Gems and Jewellery Entrepreneurs Association is preparing to establish a bank for the purpose of allowing greater oversight to combat money laundering, said chairman U Yone Mu. “The inspection of bank accounts will be done by the government. We have a plan to open a bank not only in Yangon but also in […]

Gov’t to Issue Permits to Small Timers to Control Illegal Mining

The government is considering granting permits to small time miners through township administration levels to curb illegal mining activities, according to the Ministry of Mines. The ministry intends to include the provision in a planned amendment current mining law, U Kyaw Thet, a director at the ministry, said, adding that necessary assessments will be conducted […]

Muse to be Made Jade Trade Hub

A central economic zone currently being implemented in Muse, the border town adjacent Shwe Li (Ruili) in China’s Yunnan province, will include jade trading facilities, according to the project director U Ngwe Soe. The jade trading facilities include markets and shops, and will be completed within six months, he said. This is expected to transform […]

Ministry to Compensate Mining Firms

The Ministry of Mining said it will compensate the companies that had to halt operation in Kachin state by extending permit periods. The government allowed jade mining operations to resume in Kachin state on September 1 after operations were suspended in May 2012 due to an armed conflict. The move comes as a response to […]

Mogok, Mai Shu “Treasures Lands” Go Up for Auction

Gem mining plots from Mogoke in Mandalay and Mai Shu in Chin state, dubbed as the “treasure lands” by locals due to its enormous reserve of rubies, sapphires and other precious gems, went up for auction on July 28. The auction, for both new and expired plots, will go on until August 27, according to […]

Mining Ministry to Open Gems Lab in September

U Than Tun Aung, deputy minister for mining, said at a parliament session that the ministry is planning to set up a high-tech gem laboratory in Yangon to inspect the quality of Myanmar gems. “The research department of Myanmar Gems Enterprise systematically inspects gems currently. We are also procuring a high-tech gem inspection apparatus to […]

Vietnamese Entrepreneurs Eye Myanmar Gem

The joint secretary of Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) U Myo Thant says there is growing interest from Vietnamese entrepreneurs in the Myanmar gem industry. Vietnamese businessmen came to the Myanmar Gems Emporium held from May 26 to June 7 to seek investment opportunities in the sector. “Vietnam will […]

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 […]