One Stop Service Centre (OSSC) connecting Myanmar gold with international gold market, providing services on jewelleries and items made from Myanmar gold and importing gold, was opened at Myanmar Culture Valley, People’s Park, Yangon on 25th September.

This will connect Myanmar gold with international gold market. Starting from now, Myanmar gold could be legally sent (exported). Myanmar market and international gold market will be connected. To date, gold from Myanmar was exported under other brands or names to relevant markets. The aim is for Myanmar gold to reach Shanghai, Dubai and all other markets under Myanmar brand and Myanmar letters, said Myanmar Gold Development Public Company Managing Director Dr. Ye Thu Aung.

Myanmar Gold Entrepreneurs Association Chairman U Kyaw Win said, Myanmar has gold resources but it doesn’t have a (gold) market, so it had to depend on other markets. Some were sold at the border at whatever price it can get. Despite having gold resources, it was not used effectively for the people.

According to Myanmar Gold Entrepreneurs Association, gold was illegally exported in the past and government lost much tax income from this. Through implementing the OSSC, it will enable the government to collect more tax from this trade and once foreign investment enters into this sector, foreign exchange can also be earned. The price of gold at OSSC will be based on international market rate and local gold price. It will monitor the import/export of gold and jewellries in the market. Through this, a certain level of control on the market can be made, according to OSSC.

Source: Myanmar Alinn

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