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While many in the gem industry call the recent military coup in Myanmar (formerly Burma) a terrible tragedy, they also fear what will happen to the country’s gemstones in its wake.
On Thursday, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) sanctioned three gemstone and jade companies Myanmar Ruby Enterprise, Myanmar Imperial Jade Co., and Cancri (Gems and Jewellery) Co. it said were connected to the country’s military. That means those three companies are not allowed to do business in the United States, or with U.S. companies. (The full list of recently sanctioned entities and individuals from Myanmar can be seen here.)