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Myanma Gems Enterprise

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Myanma Gems Enterprise
Native name
မြန်မာ့​ကျောက်မျက်ရတနာ ရောင်းဝယ်​ရေး လုပ်ငန်း
FormerlyBurma Gems Corporation
Company typePublic
IndustryGemstones
Founded1976; 48 years ago (1976)
Headquarters
Myanmar
ProductsGemstones
Jade
Rubies
OwnerMyanmar Government
ParentMinistry of Natural Resources and Environmental Conservation
Websitewww.mge.gov.mm

Myanma Gems Enterprise (Burmese: မြန်မာ့​ကျောက်မျက်ရတနာ ရောင်းဝယ်​ရေး လုပ်ငန်း; abbreviated MGE) is a state-owned enterprise of Myanmar, operating under the Ministry of Natural Resources and Environmental Conservation.[1] MGE manages the mining, marketing, and sales of Burmese jade and gemstones, and administers gemstone regulations and licensing, participates in joint ventures for mining operations, and collects royalties.[1] MGE organises biannual gem emporiums for extracted jade and gemstones.[2][1] MGE generates approximately half of the Burmese government's annual revenue.[3]

History

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Gemstone mining was nationalised in Burma following the 1962 Burmese coup d'état. In 1976, the Burma Gems Corporation was established to mine and market gemstones.[4] It was renamed the Myanma Gems Enterprise in 1989, after the 8888 Uprising.[5]

Following the 2015 Myanmar general election, which was won by National League for Democracy, the military-owned Myanma Economic Holdings Limited quickly secured 58% of MGE's jade and gemstone mining licence, becoming the country's largest licence holder.[6]

In the aftermath of the 2021 Myanmar coup d'état, the United States, European Union, and the United Kingdom banned MGE for its role in generating revenue for the military regime.[7][1][8]

References

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  1. ^ a b c d "Treasury Sanctions Key Gems Enterprise in Burma". U.S. Department of the Treasury. 8 April 2021. Retrieved 28 March 2023.
  2. ^ Kyaw Hsu Mon (4 July 2016). "Jade Sales Drop Significantly at Govt Emporium". The Irrawaddy. Retrieved 28 March 2023.
  3. ^ "Myanmar: US hits state-owned gem company with sanctions". BBC News. 9 April 2021. Retrieved 28 March 2023.
  4. ^ Hilson, G. M. (1 January 2003). The Socio-Economic Impacts of Artisanal and Small-Scale Mining in Developing Countries. Taylor & Francis. p. 46. ISBN 978-1-135-29122-8.
  5. ^ "About MTE". Myanma Timber Enterprise. Retrieved 27 March 2023.
  6. ^ "Myanmar Jade Industry Risks Becoming Regime's Slush Fund: Report". The Irrawaddy. 29 June 2021. Retrieved 28 March 2023.
  7. ^ "Myanma Gems Enterprise". Open Sanctions. 21 June 2021. Retrieved 28 March 2023.
  8. ^ "UK announces sanctions on gemstone company linked to the military regime in Myanmar". GOV.UK. 17 May 2021. Retrieved 28 March 2023.
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