ONLY a few days are left to seek a gem trading licence and those who fail to do so by the deadline will face legal actions, the Mineral (Gold) Reference Price Determination Committee stated.
The Ministry of Natural Resources and Environmental Conservation notified gold shop owners of seeking a gem trading licence within three months of the notification (18 November 2024 to 17 February 2025) and failing to obtain a licence will be subject to legal action.
Over 1,000 application forms have been taken out and over 700 have been submitted so far, according to the Initial Evaluation Committee on Yangon Region Mineral (Gold) Trading Service.
The ministry stated that those who run gold transaction service businesses must comply with rules and regulations under Notification 055/2024 released on 25 October 2024. Entities failing to obtain a licence within the set timeframe or conducting gold transactions without adhering to reference prices will face penalties under Section 5 of the Essential Supplies and Services Law.
The Mineral (Gold) Reference Price Determination Committee issues daily gold reference prices for a tical of pure gold (16.329325 grammes) with 19.25 grammes of the density of gold starting from 6 December through MRTV, MWD, the MoNREC website www.mining. gov.mm and YGEA Facebook page.
The committee set pure gold at K5.49 million per tical (16.329325 grams) with 19.25 grams of the density of gold on 13 February 2025. — NN/KK
