Gold Market: Every dealer and retailer need transaction license

Myanmar imports gold from foreign countries to refine and manufacture finished gold products to resell by linking with the international gold market. Now Myanmar is cooperating with the Singapore, Thailand and Republic of Korea in trading gold and plans are underway to trade with Japan soon.

In order to eliminate the illegal gold market and to stabilize the domestic gold market, every gold dealer including online traders and retailers must have a license for gold bar transactions.

Chairman, YGEA, Myo Myint said "Trading gold illegally on streets, cross-border trading and trading via online with unreasonable prices are not allowed. Every dealer and retailer must apply gold bar transactions license at Yangon City Development Committee. As our Yangon Region Gold Entrepreneurs Association (YGEA) is trying our best to remove illegal gold markets and to stabilize the domestic gold markets systematically, the price of the gold is stable currently."

Importing gold from foreign countries and trading gold with the foreign countries can develop the domestic gold industry by learning new goldsmith techniques and using new equipment.