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Diamonds.net - US Bans Major Myanmar Gem Company

RAPAPORT. The US government has placed sanctions on an important state-owned gemstone company in Myanmar, its latest attempt to deprive the military of funding.American businesses may no longer transact with Myanma Gems Enterprise (MGE), an entity “responsible for all gemstone activities”. ....

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US sanctions on Myanmar gems target key junta funding source

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US sanctions on Myanmar gems target key junta funding source
U.S. sanctions on Myanma Gems Enterprise target an army-controlled business rife with corruption and abuses that is one of the juntaâs key sources of revenue
By ELAINE KURTENBACH AP Business Writer
April 9, 2021, 10:50 AM
â¢ 4 min read
Myanmar anti-coup protesters paint slogans on eggs
Anti-coup demonstrators in Myanmar painted eggs with protest slogans, in what they re calling the Easter Egg Strike. The Associated Press
BANGKOK The latest U.S. sanctions on Myanmar target an army-controlled gems business rife with corruption and abuses that is one of the juntaâs key sources of revenue. ....

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US sanctions on Myanmar gems target key junta funding source | Taiwan News

2021/04/09 17:42
FILE - In this Nov. 13, 2018, file photo, a merchant examines a jade stone displayed at the Gems Emporium in Naypyitaw, Myanmar. In its latest targete.
FILE - In this Nov. 13, 2018, file photo, a merchant examines a jade stone displayed at the Gems Emporium in Naypyitaw, Myanmar. In its latest targeted sanctions against Myanmar s military, the U.S. has focused on an army controlled gems business rife with corruption and abuses that is part of one of the junta s most important sources of revenue. (AP Photo/Aung Shine Oo, File)
FILE - In this April 23, 2019, file photo, people stand atop a ridge overlooking the scene of a mudslide at a jade gemstone mining site in Hpakant are. ....

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Fri. 8:57 a.m.: US sanctions on Myanmar gems target key junta funding source | News, Sports, Jobs

Apr 9, 2021
In this 2018, file photo, a merchant examines a jade stone displayed at the Gems Emporium in Naypyitaw, Myanmar. In its latest targeted sanctions against Myanmar s military, the U.S. has focused on an army controlled gems business rife with corruption and abuses that is part of one of the junta s most important sources of revenue. (AP Photo/Aung Shine Oo, File)
BANGKOK (AP) The latest U.S. sanctions on Myanmar target an army-controlled gems business rife with corruption and abuses that is one of the junta’s key sources of revenue.
It’s unclear if the sanctions will do much to close the taps of income and royalties from gems sales. Some estimates say more than half of such transactions are not declared, even though they are the country’s second biggest export after natural gas and oil. ....

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New U.S. Sanctions Effectively Ban Burmese Gems

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The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has placed Myanma Gems Enterprise on its Specially Designated National list which means the vast majority of Burmese rubies, jade, and other gems cannot be purchased by U.S. companies.
Myanma Gems Enterprise also known as Myanmar Gems Corp. and Myanmar Gems Enterprise is a subdivision of the government’s ministry of mines and is “responsible for all gemstone activities in Burma,” according to a statement from the Treasury Department. It also organizes the local emporiums and sales where rubies and jade are sold, including one currently taking place in the country’s capital, Naypyitaw. (The company did not respond to a request for comment submitted via its Facebook page.) ....

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