Raw precious metals to be imported in coming rainy season to avoid shortage

May 6


RAW gold metal will be imported from foreign countries in the coming rainy season, not falling short of natural metal supply, said U Myo Myint, chair of Yangon Region Gold Entrepreneurs Association (YGEA).


Gold mines usually collapse in the rainy season (June-August). Additionally, common illnesses are caused in the rainy season. He continued this effort would avoid an unnecessary shortage of raw gold metal.


“The heavy rainfall triggers the collapse of gold mines. Furthermore, workers catch flu and cold due to floods and heavy rain. Typically, the supply of raw gold declines during this period of the year.


‘‘Therefore, we will import raw gold from foreign countries. We will also buy them from gold miners. Also, we will request the Central Bank of Myanmar to sell gold to distribute it to the domestic markets,” U Myo Myint elaborated.


The import of raw precious metals is to cover possible scarcity of raw materials during the rainy season for the goldsmiths and retail shops in the domestic market.


Raw gold metal is expected to be imported from seven members of ASEAN, Japan and India.


As a result, gold shops are processing company registration, seeking import licence and opening accounts at the Myanmar Foreign Trade Bank.


YGEA will soon submit a report to the CBM to sell the gold, U Myo Myint said.


Moreover, he added that gold traders and retailers are urged to make gold transactions by adding up to K5,000 to the price set by YGEA. On 5 May 2022, the price of 24-carat gold was designated at K2,026,700 per tical (0.578 ounce, or 0.016 kilogramme), according to the YGEA.


At present, the domestic gold market sees an inflow of raw metal from regions and states other than Yangon. The resales of imperfect items and scrap metal are found as well, YGEA stated. — NN/GNLM