Deposit rate reduction on gem purchases underway

Preparations are being made to scale down the euro deposit rate for gems purchased at the 54th Myanmar Gems Emporium in Nay Pyi Taw in order ease the purchase process, said U Tun Hla Aung, the secretary 2 of the Myanmar Gems and Jewellery Entrepreneurs Association to Myawady newspaper. For jade transactions, international traders have […]

Jade Curse Tests Post-Sanctions Myanmar

Its embrace can bring wealth beyond measure, or instant death. It is a magnet for the most impoverished migrant workers and the most ruthless exploiters. Its haunts are a cauldron of armed conflict beyond the law of the land. In what could be one of its most challenging tests, how will Myanmar’s democratic government deal […]

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 […]

US sanctions force jade into a corner, say traders

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 […]

Carving a niche in jade

There are a few craftspeople at Mandalay’s Mahar Aung Myay market who stay out of the buying and selling fray, but instead work the precious stones into statues. Yet the business is small compared to the volume of jade moving through the market. Most stones are ultimately crafted into jewellery in China, meaning the financial […]

Jewellers demand new gems law

Local jewellers are calling for the government to privatise their multibillion dollar a year industry and allow for individual traders to export rare commodities directly under a more favourable tariff scheme. Jewellers said that a limitation on exports of raw and polished precious stones to sales at government-run emporiums and selected markets was strangling the […]