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January 18, 2019

Myanmar gems, jewelers body forms central market implementation committee

Gold and jwellery on display at a shop in downtown Yangon. 
Photo: Phoe Khwar

The Myanmar Gems and Jewelry Entrepreneurs Association has formed a gold and gems central market implementation committee with the aim of working with and lending support to the state-led Gems and Gold Market Implementation Committee, said U Kyaw Win, the chairman of the association.
He made the remarks at the 16th annual meeting of the association, held at the Panda Hotel yesterday.
“The Myanmar Gems and Jewelry Entrepreneurs Association has been helping its members develop their business, in line with the economic policy of the country. The association has formed the gold and gems central market implementation committee to assist in the work of the Gems and Gold Market Implementation Committee. As a public-private partnership, we will collaborate with them to develop the gold sector,” said U Kyaw Win.
The gold and gems central market implementation committee, which includes state and regional gold entrepreneurs, was formed in late 2018, said Dr. Ye Thu Aung, the managing director of a public gold firm.
“The gold and gems central market implementation committee will initially work to make the central gold market compliant with the principles of best practice followed internationally. We will also make efforts for other metals to enter the central market,” according to the Myanmar Gems and Jewelry Entrepreneurs Association.
“It is vital that market participants have confidence in the integrity of their respective gold market in global trading hubs. This would help small and medium-sized gold enterprises (SMEs) to develop and bring in reliable investments. It is hard to invest in production when there is no market. The Myanmar Gems and Jewelry Entrepreneurs Association is working with the state-led association to improve the gold sector,” said U Kyaw Win.
Additionally, the association is planning to standardize gold quality and measuring units, after negotiations with the concerned ministries. It is also planning to discuss ways to ensure the smooth movement of gold within the country with the Ministry of Home Affairs.
The association will work with the Ministry of Natural Resources and Environmental Conservation to help businesses and conduct discussions on gold trading and gold refining licenses for businesses.

 

By Nyein Nyein (Translated by Ei Myat Mon)

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