Gold and jewellery export, import commence

Exportation and importation of gold and jewellery have started, as per the Trade Department under the Ministry of Commerce.
The ministry has reformed the evaluation and inspection team of the One Stop Service Centre (OSSC) to apprise the gold and jewellery designated for exports depending on the international prices, supply and demand and notified the relevant organizations and departments concerned of the gold export/import matters.
The Trade Department notified the relevant institutions on 28 July to send the representatives to carry out the tasks at the OSSC located at the Republic of the Union of Myanmar Federation of Chambers of Commerce and Industry, starting from 31 July.
International remittance for Myanmar’s value-added gold exports can be made using either Letter of Credit (LC) or the Telegraphic Transfer (TT) system, according to the news bulletin, 12/2023 dated 3 July released by the Trade Department under the Ministry of Commerce.
Exporters of value-added gold products, jewellery, gold arts and accessories must comply with the Export/Import Standard Operating Procedure (SOP).
The procedures for SOP activities include registration for exporters/importers, applying for value appraisal, seeking export/import licence, tax payment and customs clearance procedures.
Those criteria mentioned in the news bulletin are effective from 3 July. The news bulletin 10/2020 was cancelled with this one incorporated.
Myanmar is placed on the Grey List by the Financial Action Task Force (FATF), the inter-governmental body that sets anti-money laundering standards. Therefore, the country needs to monitor the gold and jewellery exports and imports to ensure there is no illegal income. As per the news bulletin 10/2020 released by the Ministry of Commerce on 12 August 2020, the payment method was changed to LC only.
With the use of LC, payment can take about two months, cost banking service charges by two sides, increase the charges for security matters in transportation and suspend trading amid volatile prices in the spot gold market.
From 30 December 2021, the TT system has been allowed for gold exports worth below US$50,000 and the LC system needs to be used for exports worth above $50,000,
Gold and other jewellery are primarily purchased by Japan and the Republic of Korea, and other tourists also buy them, the Yangon Gold Entrepreneurs Association stated. — NN/EM