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May 27, 2020

Korean Co to produce gold, silver jewellery through CMP system

By Nyein Nyein
“There are many foreign companies in Myanmar doing businesses under the CMP system. With the permission of the Myanmar Investment Commission (MIC), Apple Design Jewellery company has imported solid gold from Korea. It’s 14-karat gold. They will produce the finished gold designs in Myanmar. Then, they will export them to other countries. The ways are similar to those garment factories in Myanmar. They import the raw materials from abroad and cut-make-pack here only to send them back abroad as the finished products. Myanmar will get the labour charges for making the jewellery,” said Chairman U Myo Myint of Yangon Region Gold Entrepreneurs Association.
The gold and silver jewellery will be made with the cut-make-pack (CMP) system in Myanmar, according to the Yangon Region Gold Entrepreneurs Association.
Korean Apple Design Jewellery company has been granted to produce gold and silver jewellery in Myanmar. Its 14-karat rose pink gold through the CMP system was under the laboratory process at the one-stop service center (OSSC). This business can create job opportunities for the local people. Additionally, Myanmar people will learn technical knowhow from them, he noted.
“Related to goldsmith and silversmith businesses, craftsmanship and technology can be more developed in Myanmar,” U Myo Myint said. The company has imported the gold after they have received an import licence from the MIC to manufacture gold jewellery under the CMP system. However, they found it difficult for assessment and Customs clearance. Therefore, after the laboratory process at the OSSC the Customs Department, in coordination with Yangon Region Gold Entrepreneurs Association, will facilitate them in assessing and appraising both the solid gold and the finished jewellery. (Translated by Hay Mar)

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