Licences are mandatory for gem brokers involved in the Mandalay gem market and legal action will be taken if they are found doing illegitimate dealings.
“The notification boards regarding legal actions for trading without licences are installed in the market,” Ko Arkar, a dealer from Mandalay gem market, told the Global New Light of Myanmar. The brokers involved in cutting and polishing and trading gems need to seek a licence. Under Section 26 of the Myanmar Gemstone Law, a licence is compulsory for those executing the trading of raw gemstones, finished jewellery and gem products, it is mentioned in the notification.
Those who break the rules will be fined or sentenced to up to three years under the existing law.
Mandalay Gem Traders Association has already notified the traders to apply for a licence. The licence fee for an individual and manufacturing business of finished gems and carvings is set at K30,000 for one year and K50,000 for a jewellery shop owner. — TWA/EM
Compulsory licensing required for brokers in Mandalay gem market
- July 28, 2023
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