By Nyein Nyein
Myanmar’s gold export paused after a change in the payment system, and now it is coming back to normal, according to the Yangon Gold Entrepreneurs Association (YGEA). On 27 July, Taw Win Myint Company conducted appraisals of gems and jewellery which is designated for export to Japan at One-Stop Service Centre. The earrings, rings, pendants and other gems were assessed.
As per the notification released by the Ministry of Commerce, starting from April, the international remittance for gold purchase has changed from Telegraph Transfer (TT) to Letter of Credit (LC). As a result of this, payment can take about two months, cost banking service changes by two sides, and increase the charges for security matter in transportation. Meanwhile, gold trading in the international market has also come to a stop due to volatile prices, said YGEA Chair U Myo Myint. The YGEA have already submitted a request for the resumption of TT payment system to the Ministry of Commerce. Gold and other jewellery are primarily purchased by Japan and ROK, and other tourists also buy them, the YGEA stated. Myanmar gave green light to gold exports and imports in January 2018, with the aims to eradicate illegal trade, earn revenue for the country and maintain the market’s stability. (Translated by Ei Myat Mon)