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Myanmar to introduce rules,regulations of Jewelry Law

Xinhua, March 26, 2016 Adjust font size:

Myanmar will introduce rules and regulations of the country's Jewelry Law, official media reported Saturday.

The Myanmar Gems and Jewelry Entrepreneurs Association is working for finalizing, in cooperation with the Ministry of Mines, the rules and regulations by late April.

U Htun Hla Aung, secretary of Myanmar Gems and Jewelry Entrepreneurs Association, said that the association is discussing to stipulate rules and regulations that grants legal permission for the export of gold and diamond.

The Jewelry law has been effective since 1995 although it was issued without rules and regulations.

The ministry is also planning to reduce the tax mentioned in the law by 5 percent for export of unrefined jewel. Under the law, the tax for the export of unrefined jewel is 30 percent.

At present, South Korea and China stand as the biggest purchasers of Myanmar's jewel. In the country's export line-up, jewel export reached 14.65 million U.S. dollars for the fiscal year 2014-2015. Endit