Sourcing

White House Imposes Sanctions on 3 Burmese Gem Companies

SourcingFeb 16, 2021

White House Imposes Sanctions on 3 Burmese Gem Companies

The government says they are wholly owned subsidiaries of a conglomerate owned or controlled by the Burmese military, which was behind the recent coup.

Washington, D.C.—President Joe Biden has enacted a number of new sanctions against Myanmar’s military, its leaders and their business interests, including three gemstone companies.

The sanctions come after a recent coup in Myanmar in which the military junta seized power, ousting leader Aung San Suu Kyi and detaining other key government officials.

According to a Feb. 11 statement from the White House, the president has introduced new sanctions in response, adding 10 individuals and three companies to the Office of Foreign Assets Control’s Specially Designated Nationals and Blocked Persons List for their association with the military regime.

The three named entities are Burmese gemstone companies: Myanmar Ruby Enterprise, Myanmar Imperial Jade Co. Ltd., and Cancri Gems & Jewellery Co. Ltd.

The White House said they are “wholly owned subsidiaries of a conglomerate owned or controlled by the Burmese military.”

As of now, the sanctions include gemstones from those three companies only, JVC Senior Counsel Sara Yood confirmed.

But, she added, it is “highly probable” there will be further action in the area, including the possibility of a ban on all gemstone imports from Myanmar or other limitations.

“JVC’s recommendation to businesses is to make inquiries into their colored gemstone supply chains to determine if they are directly or indirectly doing business with these entities, and if so, to immediately stop doing business with them,” Yood said.

The import of Burmese gems to the United States has been off and on for more than a decade.

Former President George W. Bush signed the Tom Lantos Block Burmese JADE Act into law in 2008, banning the import of rubies and jade from Myanmar in response to what Washington deemed were human rights violations by the country’s ruling military regime.

The ban on gems was lifted in 2016 under the Obama administration, though former President Donald Trump introduced some sanctions again starting in 2018 amid reports of ethnic cleansing of Myanmar’s Rohingya Muslim population.

Brecken Branstratoris the senior editor, gemstones at National Jeweler, covering sourcing, pricing and other developments in the colored stone sector.

The Latest

Van Cleef & Arpels tie necklace
AuctionsMay 23, 2024
Sotheby’s to Offer Rare VCA Necklace, ‘Lavender Dream’ Diamond

A tie necklace from Van Cleef & Arpels and a pinkish purple diamond are highlights of the upcoming New York jewelry auction.

Tiffany Venetian glass bead ear clips
TrendsMay 23, 2024
State of Jewelry Design: 3 Themes That Will Shape the Next 5 Years

Color, storytelling, and the use of nonconventional materials are the signatures of today’s most innovative and influential designers.

Inoveo Platinum
MajorsMay 23, 2024
PGI to Debut New Platinum Alloy in Las Vegas

Inoveo Platinum will be distributed exclusively by Stuller in the U.S.

1872 x 1052 Gemolite.jpg
Brought to you by
Meet Gemology’s Next Generation Microscope: GIA® Gemolite® NXT Professional Edition

GIA®’s most advanced microscope has new features to optimize greater precision and comfort.

Alan Hart Headshot
MajorsMay 23, 2024
Gem-A CEO Alan Hart Resigns

He is stepping down in August after eight years as CEO.

Weekly QuizMay 23, 2024
This Week’s Quiz
Test your jewelry news knowledge by answering these seven questions.
Take the Quiz
The Eden Rose, a 10.20-carat fancy intense pink diamond
AuctionsMay 22, 2024
Christie’s Website Back Online, Announces Plans to Auction 10-Carat Pink Diamond

The fancy intense pink “The Eden Rose” is estimated to sell for up to $12 million at the New York “Magnificent Jewels” sale next month.

Pandora Essence jewelry
CollectionsMay 22, 2024
Pandora’s New Jewelry Collection Reimagines the Essentials

The “Pandora Essence” collection brings a contemporary and sculptural feel to staples like gold hoops and pearl necklaces.

Royal Chain gold chains
Brought to you by
Record Gold Prices Have Consumers Undeterred. Here’s Why.

Despite the rising prices, consumers continue to seek out the precious metal.

Instore show 2024
Events & AwardsMay 22, 2024
InStore ‘Cram Day’ To Focus on Lab-Grown Diamond Education

The limited-seating learning event precedes its second annual trade show, which starts Aug. 11.

Swarovski New York City flagship
IndependentsMay 21, 2024
State of Retail: 4 Retail Design Trends for 2024

From lighter color palettes to the integration of AR, experts offer inspiration for jewelers in need of an aesthetic refresh.

Dame Shirley Bassey’s
AuctionsMay 21, 2024
Dame Shirley Bassey’s Diamonds Are Ready for Their Encore

Sotheby’s will auction jewelry belonging to the “Diamonds Are Forever” singer in Paris this October.

National Jeweler columnist Sherry Smith
ColumnistsMay 21, 2024
Successful Vendor Relationships: A Win-Win Approach

Sherry Smith shares tips for fostering successful vendor-retailer partnerships, from marketing investment to fast-seller replenishment.

Jennifer Herold, Independent Jewelers Organization vice president
IndependentsMay 21, 2024
Jennifer Herold Promoted to VP at IJO

Herold has been with the organization for 22 years and will continue in her current role of conference director.

Studs pop-up
MajorsMay 20, 2024
Studs Opens Luxury Piercing Pop-Up in NYC

“Fancy Studs” will feature revamped branding and a new lab-grown diamond fine jewelry collection.

Stuller Packaging & Displays 2024-2025 catalog
MajorsMay 20, 2024
Stuller Issues New Packaging & Display Catalog

The 2024-2025 edition features new colors and styles, as well as storytelling elements.

Elephants wading in the Okavango Delta in Botswana
SourcingMay 20, 2024
State of the Diamond Industry: Botswana Beyond Diamonds

From moringa to ecotourism in the Okavango Delta, the country and its leaders are exploring how Botswana can diversify its economy.

Rough diamonds from De Beers
SourcingMay 20, 2024
Anglo American Confirms It Is Looking to Sell De Beers

The mining giant also wants to offload its platinum business as part of an overhaul designed to “unlock significant value.”

Buccellati jewelry
FinancialsMay 17, 2024
Richemont Appoints Van Cleef & Arpels’ Nicolas Bos as New CEO

The announcement coincided with its full-year results, with growth driven by its jewelry brands.

Watches of Switzerland Mall of America store
FinancialsMay 17, 2024
Watches of Switzerland’s Fiscal-Year Sales Flat

Looking ahead, the retailer said it sees “enormous potential” in Roberto Coin’s ability to boost its branded jewelry business.

My Next Question webinar series graphic
Recorded WebinarsMay 17, 2024
Watch: Preparing for Trade Show Success

Jewelry trade show veterans share strategies for engaging buyers, managing your time effectively, and packing the right shoes.

Cartier ring-tailed lemur brooch circa 1991
AuctionsMay 17, 2024
Piece of the Week: Cartier’s Ring-Tailed Lemur

This little guy’s name is Ricky and he just sold for more than $200,000 at Sotheby’s Geneva jewelry auction.

202.18 carat fancy intense yellow diamond The Yellow Rose
AuctionsMay 16, 2024
Christie’s Holds 2 Sales Despite Cyberattack

Though its website has been down for a week, Christie’s proceeded with its jewelry and watch auctions on May 13-14, bringing in nearly $80 million.

The Allnatt yellow diamond
AuctionsMay 16, 2024
Sotheby’s Withdraws 101-Carat Yellow Diamond from Auction

Despite the absence of “The Allnatt,” Sotheby’s Geneva jewelry auction totaled $34 million, with 90 percent of lots sold.

National Jeweler columnist Lilian Raji
ColumnistsMay 16, 2024
The PR Adviser: What the Designer Should’ve Done

Lilian Raji gives advice to designers on how to make the most of great publicity opportunities.

Mothae Diamond Mine Lesotho
SourcingMay 16, 2024
Lucapa to Shed Stake in Lesotho Diamond Mine

The mining company wants to divest its 70 percent holding in the Mothae Diamond Mine in an effort to streamline its portfolio.

National Jeweler columnist Peter Smith
ColumnistsMay 15, 2024
Squirrel Spotting: Why Retailers Struggle to Fire Brands

Why do so many jewelers keep lines that are not selling? Peter Smith thinks the answer lies in these two behavioral principles.

The Argyle Phoenix red diamond
AuctionsMay 15, 2024
Red Diamond Breaks Records at Phillips Geneva

The “Argyle Phoenix” sold for more than $4 million at the auction house’s second jewels sale.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy