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 […]

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 […]

Behind the gems and jewellery shine

The gems and jade industry attracts its share of interest and controversy. Given Myanmar’s endowment of the precious jewels, it’s a huge revenue-generator – a Harvard report issued in 2013 estimated it brought in US$8 billion in 2011. Yet most of that revenue comes from exporting unprocessed jade and gems, and industry body the Myanmar […]

We do not understand why sanctions are imposed on gems

Chairman, Myanmar Gems and Jewellery Entrepreneurs’ Association The gems and jewellery sector makes an important contribution to the economy, supporting thousands of businesses which employ millions of people. Mizzima’s Juliet Shwe Gaung spoke to U Yone Mu, the chairman of the Myanmar Gems and Jewellery Entrepreneurs’ Association, in a wide-ranging interview that touched on plans […]