Yangon, May (6)
According to U Myo Myint, chairman of the Yangon Gold Entrepreneurs Association (YEGA), gold will be imported from overseas to avoid a raw gold shortage during the upcoming wet season.
After discussions with traders about importing gold from outside to avoid a shortage of raw materials, the agreement was achieved at a meeting of the Yangon Gold Entrepreneurs’ Association on May 4.
Preparations are being made because gold imports are not owing to a scarcity of gold at home but because of the risk of landslides during the rainy season, according to U Myo Myint.
“There is a lot of gold in the country. Gold is the second largest source in our country after rice. In June, July, and August, strong rainfall cause landslides. The gold mines have been flooded.
It happens every year. In addition, gold miners live in the forests and suffer from the flu and malaria. During that time, there was a shortage of raw gold. That is why we are already planning ahead,” he told Than Lwin Times.
He also stated that domestic gold jewellery was being exported to Japan and Korea, and that gold imports from there were linked to the global and domestic markets.
YEGA Chairman U Myo Myint said the domestic gold market would not change as gold imports would be legal with a trading license.
News – Than Lwin Times