US Blacklists Myanmar's State-Owned Gemstone Company

By John Jeffay / April 12, 2021 / www.idexonline.com / Article Link

(IDEX Online) -  The United States has blacklisted Myanmar's state-owned gem company following the removal of state counsellor Aung San Suu Kyi as leader in a military coup in February.Myanma Gems Enterprise, part of the country's ministry of mines, is said to be responsible for all sales of the country's ruby, jade and other gems.The US Treasury Department has banned it from any trade with the United States.  The move follows two earlier rounds of sanction on gemstone exporters in Myanmar, in a bid to deprive the new regime of revenue from foreign sales.The country produces 90 per cent of the world's high-end rubies, many of its most expensive sapphires, and it supplies China with much of its jade.More than 600 demonstrators against the new regime have reportedly been killed since the military seized power in Myanmar.US Secretary of State Antony Blinken said in a statement that the United States would "keep increasing pressure on the regime's revenue streams until it ceases its violence, releases all those unjustly detained, lifts martial law and the nationwide state of emergency, removes telecommunications restrictions, and restores Burma to the path of democracy."

Recent News

Gold stocks gain even as metal price pulls back

April 29, 2024 / www.canadianminingreport.com

Copper price forecast swinging significantly on shifting outlook

April 29, 2024 / www.canadianminingreport.com

Upgrades continue for 2024 gold price target...

April 22, 2024 / www.canadianminingreport.com

Gold stocks edge up as weak equities offset metal rise

April 22, 2024 / www.canadianminingreport.com

Major investment banks make major gold price upgrades

April 15, 2024 / www.canadianminingreport.com
See all >
Share to Youtube Share to Facebook Facebook Share to Linkedin Share to Twitter Twitter Share to Tiktok