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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 […]

Parliament passes gemstone bill amid criticism

Myanmar’s parliament has passed a controversial bill governing the gemstone sector, paving the way to restart the licensing of mining companies after a two-year moratorium. Upon taking office in 2016, the National League for Democracy-led administration suspended issuing new or extension of existing gemstone licences pending a governance review intended to clean up the sector. […]

Govt coffers held back by SOEs: EITI

A representative of the Extractive Industries Transparency Initiative (EITI) said Myanmar’s government fails to understand the severity of how the so-called Other Accounts of state enterprises are holding back the country’s development. EITI will be organising a workshop on reforming state-owned enterprises (SOEs) engaging in this sector will be held mid-February, according to EITI trilateral […]

Expiring mine permits should be renewed under new gemstone policy: insiders

Mining permits for some 1000 jade and gemstone blocks across Myanmar will expire this month, according to the Ministry of Natural Resources and Environmental Conservation (MONREC). Half the mines are located in Hpakant and Lone Khin and operated by Myanmar Imperial Jade Company, while a third are in Maw Lu- Maw Han, by Chaow Brothers […]

Representatives call for review of SOE law

Representatives of Parliament have urged lawmakers to review an existing law under which the government must bail out loss-making State-owned enterprises (SOEs) with public funds. A total of 17 out of the 26 Myanmar SOEs under the Union budget are expected to turn a profit in 2018-19, commencing October 1, according to the Ministry of […]

Shrouded in secrecy, SOE profits are not financing country’s development

Reallocation of excess savings from Myanmar Gems Enterprise (MGE) and Myanma Oil and Gas Enterprise (MOGE) alone could provide more than K2.8 trillion in available financing for the government’s budget in the fiscal year starting from October, on top of covering expenses of the two state-owned enterprises. The government has lost more than US$2 billion […]

Sales of €300 Million Expected from Mid-Year Gem Emporium

A mid-year gems emporium will be held in December of the current fiscal year, with sales of around €300 million expected, U Than Zaw Oo, vice-chair of the Emporium Management Committee, told The Myanmar Times. The emporium will be held at Mani Yadanar Jade Hall in Nay Pyi Taw for 10 days from December 12 to […]

Foreign consultants help with ‘cleaner’ mining practices

Efforts are being made to pursue more environmentally friendly practices in the Lonkhin-Hpakant Gems Tract in cooperation with local companies. The jade mining operation in the Lonkhin-Hpakant Gems Tract has resulted in environmental damage. To address this impact, Environmental Management Plans (EMPs) were prepared by a team led by Australian-based consultants Coffey Myanmar Limited and […]

Jade sector ranked 83rd among 89 countries assessed

An institution that ranks countries rich in natural resources has given failing or poor marks to the governance of Myanmar’s gemstone and oil and gas sectors. The 2017 Resource Governance Index assesses how a country manages their oil, gas and mining resources in order for all people in a resource-rich country to benefit. Myanmar’s gemstone […]

Myanmar police hunt scavengers who found huge jade boulder

YANGON – Police are hunting five gem scavengers who discovered a huge jade boulder at a mine in northern Myanmar after a senior regulatory official accused them of leading an attempt to steal it. The prospectors found the 8.7 ton block of the precious stone last week in a mine at Hpakant in Kachin State, […]