Raised gem licence fees to be enforced starting 2024

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Jewellery ornaments being showcased in a jewellery store.

Starting from 1 January 2024, licence fees for the jewellery business will be increased and collected.
The proposed changes to license rates include an increase in business licences for selling finished gemstones and jewellery, from K50,000 to K300,000. Licenses for finished jewellery and figurines carving will now cost K200,000, up from the previous K30,000. Additionally, there is a proposal to raise the license fee for the finished trading business from the previous K30,000 to K1.5 million, according to information from individuals working in the jewellery trading business.
Information regarding the jewellery business license can be obtained from the Yangon Museum Department, the Mandalay office, Mogok, Mongshu, Lonkhin, and Phakant mining centres and the Myitkyina camp office.
The licence term is set at one year, and if the duration exceeds the specified term, a fine equivalent to one year’s licence fee must be paid. If the duration exceeds two years, the corresponding amount equivalent to a two-year licence fee must be paid. Gems businessmen are advised to submit licence extension applications three months before the licence expiration as per the terms and conditions. — TWA/KZW

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