Myanmar Jade Production & Trade

Jade has always been one of the most precious gemstones in Myanmar. It is considered as a lucky charm, and it is full of virtues. Modern research has shown that Jade has several benefits to health as it is composed of different mineral elements such as zinc, magnesium, iron, and copper. The Jade has remained the most popular gemstone and a major export from Myanmar.

There are two types of Jade, which include the nephrite jade and a Jadeite Jade. The difference between the two is that the Nephrite Jade is tougher than the jadeite type, but a little softer. The Nephrite Jade is also more expensive than the Jadeite.

The jade business in Myanmar consists of the mining, distributions, and manufacture. Individuals have rights to private ownership and trading of jade. The export industry of the business has expanded substantially in response for the demand of the gemstone in the international market. Jade export accounts for a high percentage of the total Myanmar’s exports revenue.

For decades, Myanmar has had an independent Jade market which means that the Jade price in Myanmar is not necessarily determined by the international jade prices. For those who are looking to take advantage of these prices, you must understand the Jade business trends in Myanmar.

First you must be able to find out the purity of Myanmar Jade. Strict standardization has never been implemented in Myanmar which means purities can vary widely depending on the source. The second thing to know is that it is illegal to export jade, meaning buying cheap jade in Myanmar and then exporting it to other nations is not an option for legal jade businesses. The jade business in Myanmar is very liquid, the shop you are going to buy from will always buy your gold back.

Myanmar Tax Basics

Myanmar business are as a subject to corporate, personal income, commercial, and property taxes. Under the Myanmar Companies Act and Foreign Investment Law, a 25% corporate tax per year is applied to all companies in Myanmar. There are no taxes that are collected from companies’ shareholders.

Currently, there is a 10 % capital gains tax for resident companies and a 40% for nonresident companies, levied for capital gains. The law tax exemptions for the production of goods and services and reinvested profits is given for foreign companies under the Foreign Investment Law Act. There is also a 50% tax relief on export profits, and you can enjoy the option to accelerate depreciation.