THE Myanmar Gold Entrepreneurs
Association will seek an
import licence from the Commerce
Ministry to buy pure gold
blocks from China and Thailand,
U Myo Myint told City News.
The Commerce Ministry announced on 22 January that gold and jewellery products could be exported, as well as imported into the country.
Gold entrepreneurs have welcomed the announcement, as earlier, gold was being imported illegally into the country from China.
The closure of manageable gold mines results in a decrease in gold production. However, it is a temporary ban.
“The association will apply for an export licence when there is an international expo or foreign buyers. We will apply for the import licence soon,” U Htone, gold smith and jewellery shop owner, as well as chairman of Myanmar Gold Entrepreneurs Association, told City News.
The price of domestic gold is hovering on the higher side, although it has slipped a bit. The market is seeing some gold trade now.
The export and import of gold and jewellery products can be carried out through sea routes, border trade gates and air routes. International buyers can make payments through letters of credit or the telegraphic transfer system, which is regulated by the Central Bank of Myanmar. Seeking import/export licences and registrations, as well as evaluating the price, value, quality and volume of the products, are obligatory for importers and exporters.
Registration requires a certificate from the Myanmar Gems Enterprise and the Department of Mines or a business permit from the Yangon City Development Committee.
A committee to observe and control the market, including officials from the Planning and Finance Ministry, Commerce Ministry, Natural Resources and Environmental Conservation Ministry, Education Ministry research centres, as well as representatives from the Myanmar Central Gold Committee, will appraise the quality, value, price and volume of gold and jewellery products and give approval over their import and export.
If unscrupulous activities are found, the scamsters will be given a warning first.
If they commit illegal acts a second time, their import/export licences will be revoked, and action will be taken against the offenders under existing laws.—