The ministry can control the excessive extractions of uncut jade and gem stones as it has suspended the issuance of new licenses and the renewal of licenses for jade and gem mining blocks since 2016, said Dr. Ye Myint Swe, Deputy Minister for Natural Resource and Environmental Conservation, at the session of Union Parliament on 28 February.
The ministry also limited the number of heavy equipments and vehicles based on the areas of mining blocks.
The ministry is working to fix the suitable taxes for the types and quality of gems. The ministry also issued the procedures for the valuation of uncut jade and gem stones and the collection of gem tax. Relevant departments are making close supervision on mining, the deputy minister said.
Myanmar Gem Enterprises sells gems made by the joint-ventured companies, at the gem emporiums.. The profit is shared after 11 per cent tax for uncut jade stone, nine per cent for uncut gem stones, five per cent for finished gem products and three per cent for service charges (uncut gem stones) and one per cent for (finished gem products), are deducted. The profit sharing ratio between Myanmar Gem Enterprises and joint-ventured companies is 25:75.
If necessary, the profit sharing on jade and gem production between Myanmar Gem Enterprises and joint-ventured companies is 50:50, he added.
Till 14 February of 2019-2020 fiscal year, the mining exports amounted to 944.419 million US dollars, up 602.501 million US dollars, compared with the same period last year, according to the Commerce Ministry.
Till 6 December of 2019-2020 FY, the jade export earnings hit 420 million US dollars. Last year this time, the jade export earnings amounted to around one million US dollars.
