Gemstone Sales Center Slated for Yangon

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