Jade exports earnings plummet since last year

In the first four months of this fiscal year, jade export earnings reached US$24.8 million, down $85 million since the same period last year, according to an official from the commerce ministry. “In the same period last year, export earnings from jade amounted to $109.8 million,” the official said. “Revenues generated at the emporium held […]

Deposit rate reduction on gem purchases underway

Preparations are being made to scale down the euro deposit rate for gems purchased at the 54th Myanmar Gems Emporium in Nay Pyi Taw in order ease the purchase process, said U Tun Hla Aung, the secretary 2 of the Myanmar Gems and Jewellery Entrepreneurs Association to Myawady newspaper. For jade transactions, international traders have […]

Gem Association to take part in Thai Fair

The merchants from Gem and Jewellery Entrepreneurs Association (Yangon) have been taking part in the event every year since 2014, vice chair Dr Aung Kyaw Win said. “Thai people are skilful in heating and purifying ruby and sapphire. We will have a chance to do business with other countries,” he added. Fifty booths from Myanmar […]

Battling for Blood Jade: Inside One of the World’s Most Dangerous Industries

When the earth collapsed, as it does nearly every day in the jade hills of Myanmar, Ye Min Naing was poised on a steep slope of rubble and scree. It was a rainy night six months ago, at the tail end of the monsoons. A truck with wheels the height of a man had just […]

Mogok precious stone brokers faced with scarcity of raw stones and high price

Gem stone brokers from Mogok are being faced with a scarcity of raw gemstones and high prices because the permitted companies engaged in precious stone mining in Mogok do not auction off the stones in external markets, said the stone brokers. The companies are taking all of the gem stones dug by machinery and these […]

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 […]

Jewellers worry over tax hike on cut stones

Gem entrepreneurs will be required to pay a 10 per cent commercial tax on sales of finished stones, plus 15 per cent for uncut stones, even as other commercial taxes have been reduced under the 2015 Taxation Law, according to the Internal Revenue Department under the Ministry of Finance. Min Htut, director-general of the Internal […]

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 […]

Jade jitters for 2015 trade

After 2014’s slump in Chinese demand and continued clashes in jade mining areas, dealers are looking to the year ahead with some anxiety. A shortage of quality stones coming to market, reduced interest from China and continued fighting in jade-rich Kachin State are the main reasons, according to the dealers. Mandalay jade dealers are largely […]

Jade market planned for Muse economic zone within six months

Mandalay – Muse Central Economic Zone Project Director U Ngwe Soe says arrangements are being made to build a jade market in the Muse economic zone within six months. The director told Mizzima October 23 that the aim is to create a market for local gem merchants to sell jade, gems and Ingyin fossils without […]