Myanma Gems Enterprise
{{Short description|State-owned gems company}}
{{EngvarB|date = November 2015}}
{{Use dmy dates|date=March 2025}}
{{Infobox company
| name = Myanma Gems Enterprise
| logo =
| native_name = {{lang|my|မြန်မာ့ကျောက်မျက်ရတနာ ရောင်းဝယ်ရေး လုပ်ငန်း}}
| native_name_lang = my
| former_name = Burma Gems Corporation
| type = Public
| traded_as =
| industry = Gemstones
| genre =
| foundation = {{start date and age|1976}}
| founder =
| location_city =
| location_country = Myanmar
| locations =
| area_served =
| key_people =
| products = Gemstones
Jade
Rubies
| services =
| revenue =
| operating_income =
| net_income =
| assets =
| equity =
| owner = Myanmar Government
| num_employees =
| parent = Ministry of Natural Resources and Environmental Conservation
| divisions =
| subsid =
| homepage = {{URL|http://www.mge.gov.mm/}}
| footnotes =
| intl =
}}
Myanma Gems Enterprise ({{langx|my|မြန်မာ့ကျောက်မျက်ရတနာ ရောင်းဝယ်ရေး လုပ်ငန်း}}; abbreviated MGE) is a state-owned enterprise of Myanmar, operating under the Ministry of Natural Resources and Environmental Conservation.{{Cite web |date=2021-04-08 |title=Treasury Sanctions Key Gems Enterprise in Burma |url=https://home.treasury.gov/news/press-releases/jy0115 |access-date=2023-03-28 |website=U.S. Department of the Treasury |language=en}} MGE manages the mining, marketing, and sales of Burmese jade and gemstones, and administers gemstone regulations and licensing, participates in joint ventures for mining operations, and collects royalties. MGE organises biannual gem emporiums for extracted jade and gemstones.{{Cite web |last=Kyaw Hsu Mon |date=2016-07-04 |title=Jade Sales Drop Significantly at Govt Emporium |url=https://www.irrawaddy.com/business/jade-sales-drop-significantly-at-govt-emporium.html |access-date=2023-03-28 |website=The Irrawaddy |language=en-US}} MGE generates approximately half of the Burmese government's annual revenue.{{Cite news |date=2021-04-09 |title=Myanmar: US hits state-owned gem company with sanctions |language=en-GB |publisher=BBC News |url=https://www.bbc.com/news/business-56685106 |access-date=2023-03-28}}
History
Gemstone mining was nationalised in Burma following the 1962 Burmese coup d'état. In 1976, the Burma Gems Corporation was established to mine and market gemstones.{{Cite book |last=Hilson |first=G. M. |title=The Socio-Economic Impacts of Artisanal and Small-Scale Mining in Developing Countries |date=2003-01-01 |publisher=Taylor & Francis |isbn=978-1-135-29122-8 |pages=46 |language=en}} It was renamed the Myanma Gems Enterprise in 1989, after the 8888 Uprising.{{Cite web |title=About MTE |url=http://www.mte.com.mm/index.php/en/about/about-mte |access-date=2023-03-27 |website=Myanma Timber Enterprise}}
Following the 2015 Myanmar general election, which was won by National League for Democracy, the military-owned Myanma Economic Holdings Limited quickly secured 58% of MGE's jade and gemstone mining licence, becoming the country's largest licence holder.{{Cite web |date=2021-06-29 |title=Myanmar Jade Industry Risks Becoming Regime's Slush Fund: Report |url=https://www.irrawaddy.com/news/burma/myanmar-jade-industry-risks-becoming-regimes-slush-fund-report.html |access-date=2023-03-28 |website=The Irrawaddy |language=en-US}}
In the aftermath of the 2021 Myanmar coup d'état, the United States, European Union, and the United Kingdom banned MGE for its role in generating revenue for the military regime.{{Cite web |title=Myanma Gems Enterprise |url=https://www.opensanctions.org/entities/NK-irPkHsmGyn5ousnk7LhvYh/ |access-date=2023-03-28 |website=Open Sanctions |date=21 June 2021 |language=en}}{{Cite web |date=2021-05-17 |title=UK announces sanctions on gemstone company linked to the military regime in Myanmar |url=https://www.gov.uk/government/news/uk-announces-sanctions-on-gemstone-company-linked-to-the-military-regime-in-myanmar |access-date=2023-03-28 |website=GOV.UK |language=en}}
References
{{reflist}}
External links
- {{official website|http://www.mge.gov.mm/}}
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Category:Non-renewable resource companies established in 1967
Category:Government-owned companies of Myanmar
Category:Entities related to Myanmar sanctions
Category:1967 establishments in Burma
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