RANGOON — The Myanmar Gold Entrepreneurs Association plans to open a gold exchange market in Rangoon this year.
The official gold market has been in the works for three years, and various ministries are now assisting in its creation, said U Kyaw Win, general secretary of the association, at its 14th anniversary ceremony in Rangoon on Sunday.
The ministries of commerce, resources and environmental conservation, and home affairs, as well as the Central Bank, are all working in cooperation to form the market.
“The gold exchange will help develop the local gold market,” U Kyaw Win told the Irrawaddy.
U Kyaw Win said more information would be revealed to the public once all policy drafts were approved by the government.
“The divisional chief minister is ready to provide necessary assistance for the emergence of the official gold market,” said Rangoon divisional minister for planning and finance U Myint Thaung at the ceremony of Myanmar Gold Entrepreneurs Association.
U Maw, co-owner of Mandalay-based Aung Thamadi gold shop, said currently the local gold market depends on the international price of gold, making it difficult to control.
“We try to sell our gold when the price is high, and some trade along the border areas near China and India,” he said.
The local gold market price has recently increased due to increases in the dollar exchange rate. In 2016, the price reached 900,000 kyats (around US$650) per tical (just over half an ounce).
“Let’s see how the formation of a gold exchange helps the local market,” U Maw said.
The Myanmar Gold Entrepreneurs Association has recently engaged in business models pertaining to gold production, refining, selling gold blocks, goldsmithing and the sale of gold jewelry.
