The Yangon Gold Entrepreneurs Association (YGEA) has announced plans to open an International Standard Organisation (ISO) laboratory in Myanmar to certify the quality of gold, aiming to meet international standards. In a statement to junta-controlled media, YGEA revealed that the initiative will include the establishment of a company, the import of gold purity testing machines, and the hiring of foreign expatriates to operate the equipment.
YGEA chairman Myo Myint emphasized the importance of ensuring Myanmar’s gold meets international benchmarks. “We want Myanmar gold to be recognized for its quality and efficiency, meeting the highest global standards,” Myint said.
Currently, Myanmar’s One Stop Service Centre (OSSC) provides export and import services for gold, jewelry, and other gold ornaments. The YGEA has established connections with 14 exchange and logistics companies involved in gold exports. Countries such as Thailand, Singapore, China, India, the United States, and several European nations have expressed interest in purchasing Myanmar gold.
Earlier this year, in mid-August, gold prices surged to a record high of over eight million Kyats per tical, coinciding with a rise in the US dollar exchange rate, which surpassed 7,000 Kyats. Prices have since dropped to around six million Kyats per tical by late October.
In an effort to stabilize the currency, Myanmar’s Central Bank (CBM) continues to sell millions of dollars on its online trading platform, keeping the exchange rate steady at approximately 4,450 Kyats to the US dollar.
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