Government, Entrepreneurs Cooperate to Develop Gems and Jewelry Market

The government will work together with local jewelers to raise interest and create a market for processed Myanmar gemstones and jewelry made locally, U Phyo Min Thein, Chief Minister of the Yangon Region Government, said during the opening ceremony of the Yangon International Gems and Jewelry Fair. The inaugural fair, which was held between January […]

US Gems Association Eyes Trade Ties as Sanctions End

The American Gem Trade Association (AGTA) arrived in Myanmar for the first time this week to assess the gems sector and build trade relationships ahead of an anticipated end to the US sanctions regime, which would allow the legal import of Myanmar rubies and jade. The association’s president, Jeffrey Bilgore, said the mission had been […]

Gems and Jewellery Entrepreneurs Hustles for Lower Tax Rate

Gem entrepreneurs have urged the Ministry of Planning and Finance to review the commercial tax rate on the gems sector which is listed as a special item in the Special Commodities Tax Law. In 2015, the commercial tax rate was set at 15 percent for raw gem stones such as jade, rubies, sapphires, emeralds and […]

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 […]

Entrepreneurs ask finance minister to reconsider special tax

Planning and Finance Minister U Kyaw Win received a barrage of requests to cut taxes during a meeting with a group of almost 50 business associations in Yangon earlier this week. The minister met with entrepreneurs at the Union of Myanmar Federation of Chambers of Commerce and Industry, to ask their opinions on economic development and learn […]

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 jade market hit hard by halting of Chinese government loans

The Myanmar jade market has taken a huge hit as the Chinese government has stopped the provision of loans to Chinese jade traders, it is known from the market. “The [Chinese] government has pushed back the handing out of loans to [Chinese] jade buyers. Those big businessmen [Chinese jade buyers] have partnerships with [Chinese] banks. […]