Japanese demand for local gold trinkets on the rise

Japanese demand for local gold trinkets on the rise

Aug 13, 2019

Naypyitaw (Myanmar) August 13: The Japanese penchant for certain gold and jewellery motifs with cultural significance have seen some US$33,000 worth of such items exported to Japan in the month of August to-date.
According to the Yangon Region Gold Entrepreneurs Association chair U Myo Myint, the jewellery pieces, 46 in total, included gemstones embedded in gold.
"This is the second such [jewellery] order we've received that includes dragon and tiger motifs from Japanese folk beliefs. There is actually high demand for such trinkets but we can't fulfill all the orders at the moment," he said.
U Myo Myint said dragon images with low-quality rubies and jade have been sold to Japanese customers who then resell them as gifts at US$50 to US$100 a piece.
These gold wares include rabbit, dog, cat, bird, panda and monkey motifs hand-carved by goldsmiths. These items have been approved for exports by the Department of Research and Innovation, Myanmar Gems Enterprise, Department of Internal Revenue, No(2) Mining Enterprise, Myanmar Gems and Jewelry Entrepreneurs Association, Myanmar Gold Entrepreneurs Association, and Yangon Region Gold Entrepreneurs Association.
Gold prices have been rising since last April as investors have moved their money to safe-haven assets, with the local price at K1.2 million per tical. Spot gold price in the international markets crossed US$1,500 an ounce last week on renewed uncertainties surrounding the US-China trade spat.
Source: Myanmar Times