The gold industry and the government agreed, in principle, to establish a gold exchange under then-president U Thein Sein’s tenure. Over the last year, the National League for Democracy-led government and industry associations have been seeking to set up an exchange market where gold and metal could be freely traded in one place. In the […]
Gems sales slump for second year running
July 7, 2016 by
Lack of interest from Chinese buyers and a shortage of quality wares again dogged the latest Gems Emporium at Nay Pyi Taw. Ministry of Mines estimates of sales in the high millions of euros appear to be hopeful at best. The 53rd emporium, which ran until yesterday, failed to attract substantial numbers of Chinese merchants, […]
Local mining applications delayed by new gemstones law
February 22, 2016 by
New concessions to explore gem-rich areas in upper Myanmar will not be granted until by-laws to the Myanmar Gemstones Law have been passed, which is unlikely to happen under the outgoing government, officials from the Ministry of Mines said. The ministry asked local companies to submit applications to explore mining blocks in Kachin State, Shan […]
MIC flags Yangon condo built without approval
February 8, 2016 by
The Myanmar Investment Commission has accused a local developer of building a condominium in Yangon with a foreign partner without approval, while the developer says it does not need approval as the investment is entirely local. Foreign investments and local-foreign joint ventures must all be approved by the MIC, while local investments can go ahead […]
US sanctions force jade into a corner, say traders
December 17, 2015 by
Jade traders say US sanctions have forced them to rely on Chinese investors and buyers, who dodge taxes and operate with little to no transparency. If Washington were to remove sanctions, they say, it would speed up reform in the troubled sector. Since the US banned imports of gems and jade in 2003, China has […]
Burmese-Only Jade Sale Pegged for December
October 12, 2015 by
RANGOON — The Myanmar Gems Enterprise will hold the year’s first and only jade sale exclusively for local traders in Naypyidaw this December, with industry players hoping to see more purchases of raw jade and jadeite made with value-added intentions. In Thursday’s state-run newspapers, the Ministry of Mines’ Myanmar Gems Enterprise announced that the central […]
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