Friday, 11 July 2014

Govt reaps US$1 billion from jade exports

The Myanmar government has earned over US$1 billion from the export of jade stone during the 2013-14 fiscal year, according to the Ministry of National Planning and Economic Development.

Jade exports from April 1, 2013 to end of March, 2014 amounted to US$1.1 billion, compared to the US$297.9 million earned in the previous year.
Exports were down in April, May and June, but took off again in July, with September standing out as the highest earning month, grossing at US$336 million.

The precious green stone, which is mined in northern Kachin State, is exported mainly to China, Hong Kong and India - countries with strong demand for jade jewellery and craft.

While legal jade trade has seen record earnings, illegal trade is also flourishing across border areas despite increasing checkpoints and mobile inspection teams monitoring busy trade routes.

According to a parliamentary discussion on March 10, 2014, the government will allow a 30 percent tax cut on jade, ruby, diamond, sapphire, emerald and other precious gems.

source: Eleven Myanmar
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