Korean Jewelry Firm to Produce Jewelry in Myanmar
Korean Jewelry Firm to Produce Jewelry in Myanmar
Myanmar Business Today, 04 Dec 2018
URL: https://www.mmbiztoday.com/articles/korean-jewelry-firm-produce-jewelry-myanmar
Apple Design Jewelry Company Limited, a joint venture between South Korean and Myanmar investors, will be crafting silver and gold jewelry, according to Directorate of Investment and Company Administration.
The firm is investing $2 million, and will operate its business on No.112, Myaydaing Quarter, Than Choke Won U My Street in East Dagon Industrial Zone, Yangon.
“Ministry of Commerce has also announced the investment allowing the firm to export value added gold and silver products. This is the first foreign investment in the jewelry sector under the ruling government. The firm will export the products as well as sell in the domestic market. As this production is CMP [cut, make, and pack] the firm can also import raw materials for its products,’’ said U Kyaw Tun Win, Director of DICA.
Apple Design Jewelry Company Limited is jointly owned by South Korean investor Mr. Hong Sung Gi, and Myanmar investor Lemon Myanmar Co., Ltd, with a split of 90 percent and 10 percent respectively.
Myanmar Investment Commission allowed the investment on its meeting held on November 16, and the company can operate for fifty years on 1.823 acres of land.
“Allowing foreign investor in the sector can create jobs as well as competition among existing businesses, which can drive the sector forward. Moreover, foreign investments will bring new technologies. For example, a local goldsmith would create jewelry using a hammer, but they [Apple Design] will make jewelry by molding. This is a different method and technology used in making jewelry. As a result, customers will have options to choose from,’’ said U Myo Myin, President of Yangon Region Gold Entrepreneurs Association.
On January 22 this year, Ministry of Commerce started allowing export and imports of gold, jewelry, and arts-crafts made from gold in accordance with regulations.
Gold must be exported and imported through sea route, air or border gates in foreign currency set by central bank with LC (letter of credit) or TT (telegraphic transfer), in accordance with Central Bank of Myanmar’s Foreign Exchange Management Law, the Ministry of Commerce announced.
The firm is investing $2 million, and will operate its business on No.112, Myaydaing Quarter, Than Choke Won U My Street in East Dagon Industrial Zone, Yangon.
“Ministry of Commerce has also announced the investment allowing the firm to export value added gold and silver products. This is the first foreign investment in the jewelry sector under the ruling government. The firm will export the products as well as sell in the domestic market. As this production is CMP [cut, make, and pack] the firm can also import raw materials for its products,’’ said U Kyaw Tun Win, Director of DICA.
Apple Design Jewelry Company Limited is jointly owned by South Korean investor Mr. Hong Sung Gi, and Myanmar investor Lemon Myanmar Co., Ltd, with a split of 90 percent and 10 percent respectively.
Myanmar Investment Commission allowed the investment on its meeting held on November 16, and the company can operate for fifty years on 1.823 acres of land.
“Allowing foreign investor in the sector can create jobs as well as competition among existing businesses, which can drive the sector forward. Moreover, foreign investments will bring new technologies. For example, a local goldsmith would create jewelry using a hammer, but they [Apple Design] will make jewelry by molding. This is a different method and technology used in making jewelry. As a result, customers will have options to choose from,’’ said U Myo Myin, President of Yangon Region Gold Entrepreneurs Association.
On January 22 this year, Ministry of Commerce started allowing export and imports of gold, jewelry, and arts-crafts made from gold in accordance with regulations.
Gold must be exported and imported through sea route, air or border gates in foreign currency set by central bank with LC (letter of credit) or TT (telegraphic transfer), in accordance with Central Bank of Myanmar’s Foreign Exchange Management Law, the Ministry of Commerce announced.