July 02, 2017

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Exploration of jade with machinery and illegal trade channels needed to ban

A jade stone is appraised at the 53rd Myanmar Gems Emporium in Nay Pyi Taw.
A jade stone is appraised at the 53rd Myanmar Gems Emporium in Nay Pyi Taw.

Excessive exploration of jade using of machinery and illegal trade channels should be banned in order to maintain the jade market, which is currently dropping, said U Aung Gyi from the Myanmar Gems and Jewelry Entrepreneurs’ Association.
A volume limit for exploration of jade should be set, U Aung Gyi said. When an excessive volume of jade that has been mined with machinery is introduced into the market, it is hard to control the market, he added.
Jade companies also need to pay their fair share of taxes, he said.
“There are illegal stone miners who do not pay tax. The legal exporters cannot compete with these miners on the price. Therefore, illegal trade channels need to be blocked”, U Aung Gyi said.
“Currently, those companies which do not strictly obey the rules excessively explore the jade and then pay the tax only when they wish to”, said U Aung Gyi. “The tax should be paid on the basis of the volume exploration”.
The departments concerned should closely monitor the jade exploration business and taxes should be strictly imposed on the basis of the volume. This can earn more revenue and maintain the natural resources for the future generations, U Aung Gyi said.
The market improved three times in 2012, when the exploration of the jade was suspended.
Myanmar exported 1,412.887 tonnes of raw jade stones worth US$305.779 million in the 2015-2016 fiscal year and 475.096 tonnes of raw jade stones worth US$53.016million in the 2016-2017 fiscal year through Muse 105th Border trade zone.
Myanmar Gems and Jewelry Entrepreneurs’ Federation is still required to ensure greater transparency in spending of budget for social development, said U Aung Gyi.
The association’s funds at 6million euros are deposited into CB Bank and KBZ Bank. The allocated money for the sub-associations should be transparent. Besides, Ks250million for each area in Kani and Mawlu was requested when the flood hit these areas. However, there was no contribution, he said.
Six million euros will be spent on social development activities, with 2million euros to be spent in HpaKant, 1 million euros in Moegok, 1 million in Maingshu, 1 million in Mawlu/Mawhan and 1 million in Kani.

 

Aung Thant Khaing

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