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No takers for gem-trading licences

No one has applied for licences to trade raw and finished gems at Mandalay’s Kyauk Wine gem market, where thousands of people trade daily, said U Maung Maung Shein, deputy general manager of Myanmar Gems Enterprise (Mandalay). Under the gems law, merchants can apply for three kinds of licences, and no one has applied for […]

Illegal jade trade still thriving despite mining suspension

Myanmar jade is still being smuggled across the border to China in large quantities despite the government having suspended new licences for two years now, U Zaw Bo Khant, vice chair of the Myanmar Gems and Jewellery Entrepreneurs Association said at a gems forum last week. That implies the existence of a large and illegal […]

Myanmar continues efforts to generate international demand for local gems

The Second Yangon International Gems and Jewelry Fair is set to take place in Yangon’s Lotte Hotel from January 9 to 13, according to the Gems and Jewellery Entrepreneurs Association The association is organising the event in the hopes of developing the gems and jewellery trade in the country, penetrating international markets, and developing cooperation […]

Gold and jewellery trade centres to open in three cities

Gold and jewellery trade centres will be opened in Yangon, Mandalay and Nay Pyi Taw soon, said Planning and Finance Minister Kyaw Win on August 28. “We have already negotiated with various businessmen to open gold and jewellery trade centres, which will be open all year long. It will facilitate business for whatever they sell […]

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 […]

Traders Call on Govt to Support Jade Market

RANGOON — Jade traders in Mandalay have collected signatures to accompany a proposal requesting government support for a better jade market, they told The Irrawaddy on Friday. As Burma’s jade market began to decline last year, traders called on the country’s leadership to address the market situation. On July 12, traders in Mandalay initiated a […]

Support is better than protection, government’s new economic policy

“Our government will not give favour to anyone and there will be no discrimination. We will give all Myanmar nationals equal opportunity.” Union Minister of Planning and Finance Kyaw Win said at a meeting held at Union of Myanmar Federation of Chamber of Commerce and Industry (UMFCCI) on 13 June, the meeting was held for […]

Myanmar gem firms say $138m ‘missing’ from industry fund

YANGON (AFP) – An embezzlement probe has been launched after nearly US$100 million (S$138 million) vanished from a fund set up by Myanmar’s gem companies, a trade body said on Thursday (June 2), raising corruption fears in an industry notorious for its shady dealings. Mining – especially for jade – was firmly in the hands […]

Myanmar to allow exports and imports of gold

NEW DELHI (Scrap Monster): According to Than Htun Aung, Myanmar’s Deputy Minister for the Ministry of Mines, the country will introduce a new mining law that will allow exports and imports of gold . The meeting of representatives held at the Union parliament session has recommended making the precious metals import and export legal under […]

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 […]