YANGON DIVISION – The Yangon Gold Entrepreneurs Association (YGEA) issued a warning on June 5, to follow the orders of the junta council for the gold shops in Yangon to conduct business as usual and according to the determined price.
YGEA said that they are updating the gold price three times daily, asking the shops to do business according to those prices, to open shop every day and also warned that the junta council’s committee of observation and control as well as related departments are closely watching the gold and currency exchange markets.
In addition, YGEA warned that those who were found to be following the orders will face serious punishment.
“Right now, the gold market is on pause, both at the shops and the informal market. Almost every gold shops have notices saying they are not selling gold bars and pieces. The market is ruined. The jewellery on the other hand are charging a huge fee for workmanship added to the determined gold price. The market is definitely ruined,” commented a gold entrepreneur from Yangon.
It is widely believed among the gold community that the junta council deliberately destroyed the gold market by arresting and issuing warrants for gold merchants and gold shop owners.