Gold entrepreneurs happy over gold import-export permit

GoldGold and jewellery products are allowed to be exported and imported, leaving gold entrepreneurs satisfied, according to the Commerce Ministry’s announcement released on 22 January.
“There was illegitimate import and export via border channels. It is great that the government has now given a green light to the import and export of gold and jewellery products,” said U Kyaw Win from U Htone Goldsmith and Jewellery shop, and chairman of the Myanmar Gold Entrepreneurs Association.
This permit will not cause any adverse effect to the gold market, he added.
U Ohn Myaing, vice-chairman of the Myanmar Gold Development Public Company Limited, said that businessmen selling and buying gold are interested in this announcement. At present, it does not apply to them, but they might prepare for it in the near future.
“Gold prices fluctuate within hours and so, a quick response from the departments concerned is needed. Related officials told us that they will make efforts to provide a one-stop service,” said U Kyaw Win.
Export and import of gold and jewellery products are valid for sea routes, border trade and air routes. International buyers can transfer payments,
Letters of Credit (L/Cs) or telegraphic transfer systems, regulated by the Central Bank of Myanmar.
Seeking import and export licences and registration, and evaluating price, value, quality and volume, are obligatory for importers and exporters.
Registration requires a certificate from the Myanmar Gems Enterprise and the Department of Mines, or a business permit from the Yangon City Development Committee.
A committee to observe and control the market, including officials from the Planning and Finance Ministry, Commerce Ministry, Natural Resources and Environmental Conservation Ministry, Education Ministry Research, and representatives from the Myanmar Central Gold Committee will appraise the quality, value, price and volume of gold and jewellery products, and give approval for their import and export.
If unscrupulous activities are discovered, those comitting fraud will be given one warning. If they commit an offence a second time, their import-export licence will be revoked and actions, according to the law, will be taken against them.
This permit for gold imports and exports aims to eradicate illegal trade, earn revenue for the country and maintain the market’s stability. It also seeks to assure that Myanmar’s gold products are able to penetrate the global gold market, according to an official statement of the Commerce Ministry.
Otherwise, gold products of good quality might flow into the local market from abroad. Local goldsmiths and entrepreneurs need to upgrade the quality of gold and works of art, said gold businessmen.
“Myanmar’s gold quality can compete with that of foreign countries. However, we cannot keep up with their goldsmith techniques and printmaking techniques. Only 30 per cent of goldsmiths have upgraded their artworks and techniques, whereas the rest still stick to traditional techniques. Our gold products will only meet international quality standards with the concerted efforts of goldsmiths engaged in the supply chain,” said U Ohn Myaing.
Foreign gold products are created with the use of printmaking techniques, so, they are neatly manufactured. These techniques require more volume than Myanmar’s traditional goldsmiths use, and can produce beautiful designs with a small volume of gold.

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