Dec 18, 2013

Myanmar public company to sell gold bars

Myanmar Shwe Development Public Company has said it will begin selling gold bars at a price of Ks 250,000 to Ks 4 million from February 12 next year.

The gold bars weighing 2.5 grams will cost Ks 250,000 and the biggest available gold bar, weighing 100 grams, will sell for Ks 4 million.

"It would be the first step of our company in the market. It’s chiefly aimed for local gold collectors. The quality of gold bars is 99.99 percent pure. We will also make our brand not to be imitated. We learned the know-how in India and European countries. We will also buy back the gold bars if our customers want to resell them," said Ye Thu Aung, a director for the company.

The company said it will sell its gold bars locally at first, and later will export internationally them according to the market demand.
Win Myint, the minister for commerce said at a recent meeting that Myanmar companies should learn techniques from abroad to make value-added gold products which can be exportable to foreign markets. He added that strict action will be taken against illegal gold trade in the country.

Myanmar Gold Entrepreneurs Association held its 11th formal meeting on December 15 in Yangon. Yangon chief minister, the minister for commerce, the deputy minister for mining and officials joined in the meeting.

Than Tun Aung, the deputy minister for mining said the amended mining law has been submitted to parliament for approval. Myanmar Gold Entrepreneurs Association was established on November 27, 2002.

Source: Eleven Weekly Media