Gold, gems central market slated to open at Time City

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Merchants appraise a jade stone at the 55th Myanmar Gems Emporium in Nay Pyi Taw. Photo: MNA

The gold and gems central market is slated to open on the sixth floor of Time City, Yangon.
“The place is over 10,000 square feet wide. Jewellery stalls will be set up near the planned area on the ground floor. The place is likely to be teeming with shoppers. It is also the central hub of the city,” said U Ohn Myaing, secretary of Myanmar Gold Entrepreneurs Association (MGEA).
The central market will prioritise the exchange of gold. Creating a gold trading point will facilitate trading, he continued.
This central market is scheduled to begin in early 2019.
“The detailed plans are still confidential. We still need to hold a discussion with all the shareholders concerned as some information is related with the law,” said U Ohn Myaing.
Officials from the Central Bank of Myanmar, Ministry of Natural Resources and Environmental Conservation, the Ministry of Commerce, the Ministry of Home Affairs and the Ministry of Planning and Finance and experts from the MGEA, Myanmar Gold Development Public Co. Ltd., Gems and Jewellery Entrepreneurs Association, Gems Public Company, Myanmar Federation of Mining Association and other experts are cooperating to implement the central market.
The gold and gems central market implementation committee, including representatives and officials from the mentioned department, has developed a draft of the Standard Operating Procedure (SOP), in which the rules and regulations of the market will be incorporated. Upon approval of this draft, a pilot project will be launched, said U Khin Maung Han, secretary of the association.
“After completing the draft, the pilot project will be implemented for three to five months. Then, the master plan will be disclosed,” he maintained.
The implementation of a gold exchange point will bring about stability in the currency exchange market. This will help govern hard currency earnings, money laundering, price manipulation and illegal money circulation. It will bring about a platform with public engagement and participation, said U Kyaw Win, MGEA chair.

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