The Union government has created a working committee to plan and estabish a gemstone sales center in Yangon, U Kyaw Win, Chairman of Myanmar Gold Entrepreneur Association, said.
The committee was jointly organized by officials from the Ministry of Natural Resources and Environmental Conservation, members of the Myanmar Gem and Jewelry Entrepreneurs Association, and the Myanmar Gold Entrepreneurs Association.
The nation’s first exclusive gemstone sales center is slated to be built in Mingalardon Township, near the Yangon International Airport.
“We had been debating within the working committee as to where to establish the center and decided on the Mingalardon because of proximity to the airport. Now the committee is soiling consultation from architects and engineers for the design,” U Kyaw Win, Union Minister for Planning and Finance, said.
The sales center, planned for 70-100 acres, will be a one-stop-shop for legally produced gem stones, finishing and shaping, trade and export, as well as all other industry related activity.
The working committee is collaborating and consulting with the Ministries of Commerce and Planning and Finance as well as the Central Bank of Myanmar and the Myanmar Federation of Mining Association.
The center aims legitimatize the industry, attract foreign buyers and provide disincentives for black market traders and illegal gemstone smuggling.
A Global Witness report on the jade industry estimates that it may have reached $31 billion in 2014, half the nation’s total GDP, and significantly fueled violence and ethnic tensions in Kachin State.
The gold association of Singapore is being consulted for technical assistance for their expertise in sales, service, and general knowhow.
Source: Myanmar Business Today
