SURPRISE inspection was carried out at gold shops in Yangon Region to check their compliance, according to the Yangon Region Gold Entrepreneurs Association.
Under the instruction of the gold market monitoring and steering subcommittee (Nay Pyi Taw), an inspection team (Yangon) comprising its members, YGEA, and the registration board of the respective departments undertook a surprise check on gold shops such as Shwe San Eain Gold Shop, Thamadi Gold Shop and Thin Shwe Sin Diamond and Gold Shop in Lanmadaw Township, Kyauktada District, Sein Nan Taw, Lucky and Three Eagle Jewellery in Latha Township on 28 July.
According to the directive of the subcommittee, the team checked on-ground whether the gold shops conduct transaction according to daily reference price of the Mineral (Gold) Reference Price Determination Committee, they hold a valid licence or not, they abide by Notification 43/2021 of the Central Bank of Myanmar and they stock the gold to manipulate the market. Furthermore, a report will be done upon inspection findings on gold receipts, business licence and documents, YGEA stated. The subcommittee also directed Aung Satt Kyar Digital Scale and bill counter distribution (panda company), Shinpo digital gold scale trading (Pyae Sone Hein Group of Companies), Centra Digital Scale Trading (AD Mya Pan Wah Company) to comply with the rules during a meeting held at the Meeting Hall of the No 2 Mining Enterprise of the Ministry of Natural Resources and Environmental Conservation on 3 July 2025. Gold shops need to switch to a digital scale measurement system with 16.329325 grammes per tical of pure gold. Failing to do so is subject to strict action, Federation of Myanmar Gold Entrepreneurs Association. The Mineral (Gold) Reference Price Determination Committee set the pure gold reference prices at K5.9 million per tical (16.329325 grammes) with 19.25 grammes of the density of gold at present. On 12 June, the Yangon Region Gold Entrepreneurs Association also requested owners of gold shops to strictly adhere to the instructions. Otherwise, they will face legal actions for non-compliance during inspections. YGEA also asked gold refineries, shops and online traders to seek mandatory gold trading licences. Gold shops are compulsory to obtain a mineral (gold) trading licence, a business licence granted by the respective municipal office, a precious gold trading registration and the relevant business licence for gold refineries, traders or gold transaction service providers. Licences can be sought through www.ecommerce.gov.mm. Gold trading online, gold sales through the tally system and lottery system are prohibited. Gold shops are notified to seek licences and stick to the reference prices to stabilize gold prices. — NN/KK
