One Stop Service Centre (OSSC) regarding gold and related jewellery import/export will be opened at Culture Valley in People’s Park, Yangon, on 3 September. The OSSC includes an appraising team and related departments.
After the Ministry of Commerce announced import and export permit of gold and related jewellery products on 22 January, preparations were made for an OSSC to be opened.
Gold export and import might vary depending on current supply and demand. According to current market condition, gold import will possibly well.
“Traders are currently focusing on import. Most of the gold entrepreneurs expressed their interest in import. However, only 1-2kg of gold will be initially imported. If everything turns out well, all members of Yangon Region Gold Entrepreneurs Association are likely to start importing gold”, said U Myo Myint, chair of this association.
At present, entrepreneurs are preparing for import of pure gold (99.99% gold bar). The majority of them are preparing to bring them in from China, said the entrepreneurs.
Gold export may later be conducted by gold miners teaming with foreign companie. Besides gold bar import, they are interested in import of white gold jewellery products from foreign countries.
Traders plan to submit a report to the government if they face any difficulty in importing gold, said U Kyaw Win, chairman of the Myanmar Gold Entrepreneurs Association.
“We might face challenges and difficulties in running this. We have not found out what we will experience yet. By trial and error, it will go smooth later on”, he maintained.
Concerning import of gold and related jewellery products, concerted efforts are required to be exerted by the Ministry of Commerce, Myanmar
Gold Entrepreneurs Association and importer companies. The OSSC is now to be opened in Yangon.
In order to avoid unnecessary problems, the Ministry of Commerce will form a team at the airport to check imported gold to see whether or not the items tally with the approved list.
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, according to the Ministry of Commerce announcement on 22 January.
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 Ministry of Planning and Finance, Ministry of Commerce, Ministry of Natural Resources and Environmental Conservation, Ministry of Education Department of Research and Innovation and representatives from the Myanmar Central Gold Market 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 committing fraud will be given a warning. If they commit an offence a second time, their import-export licences 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 Ministry of Commerce.
By May Thet Hnin