Myanmar Continues Liberalisation of Gold MarketBy SBMA
Published on January 17, 2019
The launch of Myanmar’s One-Stop Service Center (OSSC) in Yangon to facilitate the entire approval process for the import and export of gold, gems and jewellery bodes well for the development of the country’s gold market, and will provide stimulus for the continued growth of the market in the region, SBMA Deputy CEO Gordon Cheung said at the centre’s launch in Yangon on 24 September.
“The long-awaited advent of the OSSC in Yangon showcases the emergence of a gold producing and consuming country in ASEAN. The gold industrialists from Myanmar are looking to tap into the international supply chain in Singapore, a vibrant regional hub for trading and delivery of physical bullion”, Mr Cheung said.
The centre, which will serve as the middleman between traders and end-users, includes an assay laboratory that will assess the quality of gold and issue certificates. It is run by the Myanmar Gold Development Public Co., Ltd (MGD) and is supported by the Customs Department, Ministry of Commerce, the Ministry of Natural Resources and Environmental Conservation (MoNREC), Internal Revenue Department, Myanmar Gold Entrepreneurs Association and other local firms. Gold prices at the OSSC are based on a combination of international and local market rates.
The opening of the OSSC is part of Myanmar’s efforts to develop the country’s gold market and attract more foreign currency into the country by connecting local producers with international players. Its launch comes after the Ministry of Commerce announced on January 22 the country’s plans to liberalize the trading of gold, and the lifting of the ban on imports and exports of gold on September 3.
Mr Cheung also spoke at a briefing session organised by MGD held prior to the launch of the OSSC, which was attended by senior officials from the Ministry of Commerce, Myanmar and MoNREC, delegates from logistic forwarders, bullion trading companies in Thailand and Singapore, DMCC Dubai, Myanmar Gold Entrepreneurs Association (MGEA), and domestic jewellery manufacturers.
The OSSC is currently located at the Myanmar Culture Valley, but will move to Times City, where Myanmar Gold Exchange is expected to be launched in the near future.