Yangon gold merchants seek large-scale trading permit

By Nyein Nyein

Yangon Region Gold Entrepreneurs Association (YGEA) will exert its effort in seeking large-scale gold selling and buying permit with the local investments, said YGEA Chairperson U Myo Myint.
“We want to link with global gold trading hubs. We want to get into global gold trading. That is why we will again seek the gold trading permit for a large scale,” he added.
At present, trading worth above K200 million is considered as the large-sale trading in the domestic market. In contrast, middle-scale trading covers above K100 million and small-scale is meant for trading valued around K50 million.
“YGEA’s trading value stands at above K200 million, with selling at least two visses of gold (a viss equals to 1.6 kg). Consequently, we are applying for the large-scale investment permit,” he highlighted.
The Ministry of Natural Resources and Environmental Conservation on 12 November responded to the YGEA upon its proposal for large-scale gold selling and buying. The association forwarded its request at the work coordination meeting virtually held on 15 October.
“The permit or licence by Myanmar Investment Commission or Yangon City Development Committee is a must in gold trading at the One-Stop Service Centre for exports. It is not the regular business licence type. As per the rule 51 of Myanmar Mines Law, seeking large-scale selling and buying permit with local investment is required the approval of the Department of Mines. Yet, the department has notified them of the temporary suspension on that,” the YGEA chair explained. Thus, YGEA will reapply for the permit in the post-COVID-19 era. (Translated by Ei Myat Mon)

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