Gold and jewellery trade centres to open in three cities

Gold and jewellery trade centres will be opened in Yangon, Mandalay and Nay Pyi Taw soon, said Planning and Finance Minister Kyaw Win on August 28.

“We have already negotiated with various businessmen to open gold and jewellery trade centres, which will be open all year long. It will facilitate business for whatever they sell and buy, foreign or local,” he said.

Although Myanmar sells gold and jewellery to foreign traders, there needs to be records of how much of jewellery is sold and bought and how much the government earns in tax, the minister said.

“We planned to build the centres on 70 or 100-acre spaces of land. We have sold gold and jewellery products to foreign countries. They will become value-added products in foreign markets. Where we can sell them here? We have to build big sale centres to open in good locations in Yangon, Mandalay and Nay Pyi Taw,” he said.

Myanmar earned over US$24 million from jade exports in first quarter of this fiscal year, and it earned over $109 million from jade exports in the same period last fiscal year, according to the Ministry of Commerce.

Myanmar produces jade mines in from Lonkhin and Hpakant, rubies from Mogok and Monghsu and sapphire and other gems from Mogok.

Source: Eleven