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Myanmar to Import Pure Gold Blocks from Thailand

M y a n m a r a n d T h a i l a n d g o l d entrepreneurs discussed to import pure gold blocks through Myanmar -Thailand border and will start to import after the formation of the Committee to observe and control the market by Ministry of Commerce.

“The Myanmar Gold Entrepreneurs Association will seek an import license from the Commerce Ministry to buy pure gold blocks from China and Thailand. The closure of manageable gold mines is the cause of a decrease in gold production. Due to the insuffcient amount of gold b l o c k s i n l o c a l market, about one hundred tons of gold blocks will b e p u r c h a s e d , ” said Myo Myint, P r e s i d e n t o f M y a n m a r G o l d E n t r e p r e n e u r s Association.

“Although there is an intention to import gold blocks from both China and Thailand, Myanmar traders are more likely to buy from Thailand because of higher quality. E n t r e p r e n e u r s negotiated together to start export and import during this month,” he added. In spite of the high price of domestic gold, daily transactions of gold range from 50 kg to 200 kg. Most of the gold entrepreneurs desire to import from foreign countries when the gold price is low.

“If new gold mines and old mines are permitted, there will be no need to import. With the presence of export markets, if partnerships come in, the gold industry will be more promising. If import license is allowed, the domestic gold price will not be very high as previously,” said Than Win, a gold entrepreneur. The export and import of gold and jewelry products can be traded through sea routes, border trade gates and air routes. International buyers can make payments through letters of credit or the telegraphic transfer system, which is regulated by the Central Bank of Myanmar. Applications import/export licenses and regulations, evaluating the price, value, quality and volume of the products, are required for gold traders. Requirement for registration is also a certificate from the Myanmar Gems Enterprise and the Department of Mines or a business permit from the Yangon City Development Committee. If deceitful activities are found, the traders will be given a warning frst. If they commit illegal acts, their import/ export licenses will be canceled, and action will be taken against them under existing laws.