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

Uranium volatility after Russia's US export restrictions

November 25, 2024 / www.canadianminingreport.com

Gold stocks rebound on metal bounce and equity rise

November 25, 2024 / www.canadianminingreport.com

Crypto market size continues to catch up with gold

November 18, 2024 / www.canadianminingreport.com

Crypto stealing some of gold's thunder

November 18, 2024 / www.canadianminingreport.com

Gold stocks drop on metal price decline

November 11, 2024 / www.canadianminingreport.com
See all >
Share to Youtube Share to Facebook Facebook Share to Linkedin Share to Twitter Twitter Share to Tiktok