February
8, 2018
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.
GNLM
Ref;
The Global New Light of Myanmar
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