Myanmar Gold Entrepreneurs Association is hoping the plan to open a gold exchange market in Yangon will come to fruition this year. The official gold market has been in the works for three years, and various ministries are now assisting in its creation, said Kyaw Win, general secretary of the association, at its 14th anniversary ceremony on January 8.
Myanmar Gold Development Public Company Limited, which was set up by the gold entrepreneurs association, will be in charge of setting up the exchange, said Kyaw Win. But the ministries of commerce, home affairs, natural resources and conservation, planning and finance and the Central Bank are all involved in the consultations.
Kyaw Win said that more information would be revealed to the public once all policy drafts were approved by the government. “We cannot create the exchange just among us entrepreneurs,” he said. “We cannot lay down policy, only the state can provide that. If they [relevant government departments] help us then the market will appear sooner or later.”
The central exchange would also allow people in other countries to buy gold from Myanmar more easily, but the commerce ministry first needs to remove gold from the list of restricted exports, he added. “The divisional chief minister is ready to provide necessary assistance for the emergence of the official gold market,” said Myint Thaung, Yangon divisional minister for planning and finance, at the ceremony of Myanmar Gold Entrepreneurs Association.
The Myanmar Gold Entrepreneurs Association has recently engaged in business models pertaining to gold production, refining, selling gold blocks, goldsmithing and the sale of gold jewelry.
