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US Sanctions Hurt Gem Business, Tay Za Complains

11 February 2014

Notorious tycoon Tay Za, who heads the Myanmar Gem Entrepreneurs Association (MGEA), has complained that ongoing US sanctions on Burma’s gem trade are hurting the industry, the Myanma Freedom Daily reports. During an MGEA meeting on Monday, he said, “To tell the truth, [the sanctions] are impinging the trade. We cannot trade rubies to the Belgian market and are suffering a lot of grievances. Also, gems from Mogok are not getting their appropriate market and are experiencing issues due to the sanctions.” Tay Za has been MGEA chairman since 2007. He owns Htoo Group, one of the country’s biggest conglomerates.