THE Federation of Myanmar Gold Entrepreneurs Association (FMGEA) announced that it will conduct field inspections of gold shops in the Yangon Region to ensure compliance with the new gold weight system, which mandates that transactions be based on 16.329325 grammes per tical of pure gold.
Gold shops in the Yangon Region will be required to display posters informing the public that they are using the new system. During on-site inspections, they must comply with the established requirements. The FMGEA has also emphasized the mandatory use of the new weight system and the sale of gold that matches the quality specified on the voucher.
In addition, inspections are being carried out to determine whether gold is being traded at prices in accordance with those published by the Mineral (Gold) Reference Price Determination Committee. The FMGEA also plans to identify online sellers who do not operate physical gold shops, as buyers making gold transactions have been facing grievances.
Therefore, gold shops must obtain a business license to operate physical gold trading businesses. Failure to comply with the specified regulations will result in action being taken under the Essential Goods and Services Act, according to the Ministry of Natural Resources and Environmental Conservation.
Currently, 1,500 goldsmiths in the Yangon Region have applied for goldsmith licenses, and more continue to apply, according to the Yangon Region Gold Entrepreneurs Association. — ASH/TH
