doing business in myanmar – what you need to know as a singaporean
Myanmar earned over US$290 million (389.8 billion kyat) from jade exports up to the first week of this month in 2017-2018 fiscal year. Sales were down by over $210 million compared to the same period of last FY, according to the Ministry of Commerce.
Last year’s sales for the period were $404, compared to $291 this fiscal year, said Khin Maung Lwin, assistant permanent secretary of the ministry.
However, sales at the latest emporium were not included in the latest tally, he said. Gems and jade were sold at the emporium. “Yet, the list has not come to us,” said Khin Maung Lwin.
The country mines jade on a commercial scale in Lonekhin and Hpakant regions, along with ruby in Mogok and Mongshu regions and sapphire and other kinds of precious stones in Moetok.
The 54th Myanmar Gems and Jade Emporium was held from August 2 to 11 last year, fetching sales of 6,561 jade lots including one of 12 million euros, along with 326 lots of gems.
The 12-million-euro jade lot weighed 64 kilograms.
The First Yangon International Jewellery Expo was held at Lotte Hotel in Yangon on January 11.
During the event, Yangon Region Chief Minister Phyo Min Thein said his government would help to establish a large jewellery market in Myanmar where international gem merchants could make easy trades, according to a statement released by the regional government.
He stressed the need to improve the quality of production and establish quality control procedures, as the international community has great interest in Myanmar’s gems and jewellery.
Source: Eleven Myanmar
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