Myanmar is to export around 20 tonnes of gold for the first time in the last fifty years

The Southeast Asian country, Myanmar is likely to export as much as 20 tonnes of gold in 2019 after it allowed to export the yellow metal earlier this year for the first time in the last 50 years, a gold industry official from Myanmar said here at Kochi, a coastal city in Southern India on the sidelines of the 15th India International Gold Convention on Saturday (4).

Earlier, restrictions on gold exports from Myanmar reportedly resulted in smuggling of the precious metal to India, China, Thailand, and other neighbouring countries. As of now, in the absence of export restrictions, the country can export the bullion commodity to other countries legally and earn revenue by mining and refining the precious metal.

Marcus Loke, Senior Consultant at Myanmar Gold Development Public Co Ltd, a commercial wing of Myanmar Gold Entrepreneurs Association said in the 15th India International Gold Convention that, Myanmar can export 10 to 20 tonnes of gold next year if the things move according to their expectations.

This year, Myanmar exported only a few kilograms of gold to China amid concerns over the quality of the precious metal produced in the country in the beginning of current this calender year.

Myanmar has its own traditional techniques to mine gold for centuries. However, these traditional techniques lack good standards and unable to produce good quality gold which suits international requirements, experts said. As of now, Myanmar has untapped 1.3 million tonnes of gold reserve out of which 5% of the total reserve has already exploited by legal and illegal mining activities.

More than 400 delegates from India and abroad representing different branches of gold industry, bullion traders, financial companies, industry experts are participating in the three day long 15th India International Gold Convention which scheduled to conclude on August 5.

As many as 11 bullion banks, more than 30 international and domestic refiners, well known domestic and international jewellery manufacturers, officials from Canada, Peru, Ghana, Myanmar, and countries are to be participating in the convention.