YANGON: Substandard gold is being imported from Hong Kong and sold in the local market, said U Myo Myint, Chairman of the Yangon Region Gold Entrepreneurs Association (YGEA).
He said this at the opening ceremony of the Awareness Training No. (23) on Combating Money Laundering and Terrorism Financing.
“There are situations where people smuggle 24-carat gold from Hong Kong and then import substandard gold and sell it here, so the authorities have found it,” he said.
Gold entrepreneurs, gold shops and online gold sellers are also required to apply for licences related to gold shops. Gold shops are also required to apply for licences from the Department of Commerce when selling gold online. If they sell without permission, they may be subject to action, warned the YGEA.
“There are parts of the online world that do not fully control the gold market. That is why the state has focused on online activities,” he said.
The YGEA has issued a special warning to online gold sellers not to sell through savings accounts, tally systems and lottery draws.
In addition, to stabilise the price of gold, gold shops are required to open their gold shops daily, sell at a set price and apply for the necessary licences. The YGEA has issued a statement saying that it has been informed in advance that if instructions are not followed when relevant departments come to inspect, effective action will be taken.
A gold shop business must have a gold trading service licence, a Yangon City Development Committee business licence, a gold trading business registration certificate and business registration certificates issued to manufacturers of goods or traders or service providers. - Eleven Media/ANN
