Myanmar diamond jewelry export allowed
The Ministry of Economy and Commerce under the Military Council issued an announcement saying that it will allow the export of diamond jewelry to foreign countries.
Previously the ministry banned the export of both polished diamonds and diamond jewelry but now they are allowing the export of diamond jewelry.
In this new announcement, the ministry banned only the export of polished diamonds. But the Yangon Gold Entrepreneurs Association (YGEA) said that this new policy would not have a serious impact on the diamond jewelry market though it allows the export of diamond jewelry.
Diamond traders said that after allowing the export of diamond jewelry to foreign countries the traders could have a bigger and wider market as they could trade diamond jewelry made with gold in both domestic and foreign markets.
A diamond and gold trader said that they would export the diamond jewelry to the countries which had friendly relations with them and currently they initially only explore opportunities.
The ministry made an announcement in 2020 that banned the export of diamonds, crude oil, ivory, elephants, horses and rare animals, weapons, ammunitions and antiques by sea, border trade and air cargo so that the diamonds could not be exported in any form – rough, polished and in jewelry.
Now the Ministry of Economy and Commerce under the Military Council changed this ban in its new order.
In this new order, the word ‘diamond ’was replaced with the new wording ‘rough and polished diamonds which have not been made into jewelry’.