Nov 20, 2015

Pearl Production Set to Double

Four new companies are set to get pearl production licences while the industry estimates that production will double in the coming years, according to state-run Myanmar Pearl Enterprise (MPE).

Four local-foreign joint venture companies and four local companies are currently operating in Myanmar.

Regular buyers in Myanmar pearl auctions are from Hong Kong, China, America, Australia, Korea, Singapore, Taiwan, India, Lebanon and Japan.

Daw Mya Mya Win, manager of the distribution department of MPE, said, “Our Enterprise is earning money for the country. We are upgrading the quality of production and improving our service.”

To get permission to produce pearls, companies will have to come to a production sharing contracts with the MPE. The country takes 30 percent of production as a tax for JV companies, and takes 25 percent from wholly locally owned companies.

A total of 157,489 pearls (or 323.41 kilograms) worth $7.67 million were produced in 2012-13, while 229,149 pearls (463.3 kilograms) worth $13.7 million were produced in 2013-14.

Source: Myanmar Business Today