SourcingNov 06, 2019
State of the Colored Stone Market: Building Benefits at HomePolicies & IssuesApr 09, 2021
In Strongest Move Yet, US Imposes Sanctions on Key Burmese Gemstone Entity
Myanma Gems Enterprise runs the country’s gem emporiums and is responsible for permits, licenses, and marketing jade and other gemstones.
Washington, D.C.—The U.S. Department of the Treasury has sanctioned the state-owned entity responsible for nearly all gem activities in Myanmar, the strongest measure it’s taken against the country’s gemstone sector so far this year.
In an April 8 statement, the department announced its Office of Foreign Assets Control has sanctioned Myanma Gems Enterprise.
“Today’s action highlights Treasury’s commitment to denying the Burmese military sources of funding, including from key state-owned enterprises throughout Burma,” said OFAC Director Andrea Gacki.
Gems are a key economic resource for the Burmese military, which is behind the recent coup and is brutally and violently repressing pro-democracy protests in the country.
While this sanction is targeted specifically at the military-controlled gemstone entities, the impact of the designation is very broad.
Myanma Gems Enterprise (MGE) operates under Myanmar’s Ministry of Natural Resources and Environmental Conservation and is a subdivision of the Ministry of Mines.
MGE is responsible for all activities related to gemstones in the country, including permits, licenses, enforcing regulatory framework, developing and participating in joint ventures on behalf of the state, collecting royalties, and marketing jade and other Burmese gemstones.
It also organizes emporiums and special sales three times a year for gemstones and jade, an important event for many in the sector and a major source of revenue for Myanmar’s government.
“As a result of today’s action, all property and interests in property of the entity named above that are in the United States or in the possession or control of U.S. persons are blocked and must be reported to OFAC,” the Treasury Department said of sanctioning MGE.
“In addition, any entities that are owned, directly or indirectly, 50 percent or more by one or more blocked persons are also blocked.”
Unless authorized by a license issued by OFAC or otherwise exempt, it added, the regulations prohibit all transactions by U.S. residents, or those within the United States, involving any property of MGE.
Related stories will be right here …
In an April 8 statement, the department announced its Office of Foreign Assets Control has sanctioned Myanma Gems Enterprise.
“Today’s action highlights Treasury’s commitment to denying the Burmese military sources of funding, including from key state-owned enterprises throughout Burma,” said OFAC Director Andrea Gacki.
Gems are a key economic resource for the Burmese military, which is behind the recent coup and is brutally and violently repressing pro-democracy protests in the country.
While this sanction is targeted specifically at the military-controlled gemstone entities, the impact of the designation is very broad.
Myanma Gems Enterprise (MGE) operates under Myanmar’s Ministry of Natural Resources and Environmental Conservation and is a subdivision of the Ministry of Mines.
MGE is responsible for all activities related to gemstones in the country, including permits, licenses, enforcing regulatory framework, developing and participating in joint ventures on behalf of the state, collecting royalties, and marketing jade and other Burmese gemstones.
It also organizes emporiums and special sales three times a year for gemstones and jade, an important event for many in the sector and a major source of revenue for Myanmar’s government.
“As a result of today’s action, all property and interests in property of the entity named above that are in the United States or in the possession or control of U.S. persons are blocked and must be reported to OFAC,” the Treasury Department said of sanctioning MGE.
“In addition, any entities that are owned, directly or indirectly, 50 percent or more by one or more blocked persons are also blocked.”
Unless authorized by a license issued by OFAC or otherwise exempt, it added, the regulations prohibit all transactions by U.S. residents, or those within the United States, involving any property of MGE.
The designation is the latest in a number of U.S. sanctions enacted against Burmese gemstone companies or companies with ties to the Burmese military.
Following the Feb. 1 coup, the U.S. government has sanctioned two of the country’s entities with mining interests, Myanma Economic Holdings Public Company Limited and Myanmar Economic Corporation Limited, and three gemstone companies: Myanmar Ruby Enterprise, Myanmar Imperial Jade Co. Ltd., and Cancri Gems & Jewellery Co. Ltd.
Following the Feb. 1 coup, the U.S. government has sanctioned two of the country’s entities with mining interests, Myanma Economic Holdings Public Company Limited and Myanmar Economic Corporation Limited, and three gemstone companies: Myanmar Ruby Enterprise, Myanmar Imperial Jade Co. Ltd., and Cancri Gems & Jewellery Co. Ltd.
More on Policies & Issues
The Latest
SurveysJul 01, 2026
Consumer Confidence Ticks Up in JuneFalling oil prices were a factor in the slight month-over-month improvement.
CollectionsJul 01, 2026
Rio Grande Launches First Finished Bridal CollectionThe new offering comprises more than 120 bridal and engagement ring styles with natural and lab-grown diamonds.
WatchesJul 01, 2026
Rolex Unveils Clock at Rockefeller CenterThe clock is part of the celebration for the soon-to-open Rolex headquarters on New York City’s Fifth Avenue.
Brought to you by
Wedding Band Trends 2026: Personalization Takes Center StageColored gemstones, artisan finishes, mixed metals, and meaningful details are shaping demand in bridal jewelry.
IndependentsJul 01, 2026
Kristen Cannon of Valobra Master Jewelers Dies at 49The public relations professional is remembered for her benevolent generosity and unwavering commitment to those around her.
Weekly QuizJul 01, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
WatchesJun 30, 2026
Pokémon Fans Will Want to Catch This New G-Shock WatchThe new watch commemorates Pokémon’s 30th anniversary.
MajorsJun 30, 2026
Saks Global Emerges From Bankruptcy With New NameThe luxury retailer is now called Exemplar Luxury Group.
Brought to you by
Building the Future of Jewelry Retail: DCA Expands Education, Leadership Development, and Workforce SolutionsDCA is preparing the next generation of professionals by supporting workforce development, leadership growth, and career advancement.
CollectionsJun 30, 2026
Jade Ruzzo’s New Collection Embodies the Art of Being a LadyThe “Lady” collection is a new take on old beauty standards with gemstone-adorned hair pins and combs, a compact mirror necklace, and more.
SourcingJun 30, 2026
Blue Nile Introduces Montana Sapphire CollectionThe new line is included in the e-tailer’s curation of jewelry celebrating America’s 250th anniversary.
GradingJun 30, 2026
AGS Opens 2026 Recertification ExamAll active members who earned their credential or designation before Dec. 1, 2025, are required to recertify.
CollectionsJun 29, 2026
Briony Raymond’s New Collection Is a ‘Carousel’ of Hard StonesThe new jewelry collection uses a colorful palette of onyx, malachite, tiger’s eye, mother-of-pearl, lapis, turquoise, and coral.
IndependentsJun 29, 2026
Look Inside Lee Michaels’ Revamped Mississippi FlagshipLee Michaels Fine Jewelry is celebrating 30 years in the Ridgeland, Mississippi community.
GradingJun 29, 2026
National Rarities Announces New Gemology ManagerSean Milliner has joined the company.
GradingJun 29, 2026
GIA to Open New London CampusClasses will begin in August at GIA’s new Canary Wharf location.
AuctionsJun 26, 2026
‘Hogback’ Diamond Ring Finds a New Home A ring set with “hogback” diamonds, an early stone cut dating to around the 16th century, sold for more than $20,000 at a U.K. auction.
CollectionsJun 26, 2026
Strength Is Sharpened Into Beauty in Kris Averi’s ‘Prism Thorn’ RingThe rainbow version of the ring, our Piece of the Week, features angel-cut, octahedral lab-grown sapphires designed to be worn as armor.
MajorsJun 26, 2026
Rembrandt Charms Debuts ‘Charms That Give Back’The new initiative donates a portion of the proceeds from select charms to charitable causes.
TrendsJun 26, 2026
Bernard James Celebrates Knicks’ Win with RingThe Brooklyn-based jeweler created a limited-edition version of its “Aura” eternity band, set with gemstones in the team’s colors.
SourcingJun 25, 2026
ICA Names Brandee Dallow as CEODallow will lead the International Colored Gemstone Association, effective July 6.
EditorsJun 25, 2026
Out & About: How Jewelers Mutual, SCAD Are Tackling the Bench Jeweler ShortageSenior Editor Lenore Fedow headed to Savannah to learn more about the 10-year, $10 million partnership between JM and the art school.
CollectionsJun 25, 2026
Mejuri Experiments With SteelIts new capsule jewelry collection features gold-finished stainless steel pieces designed for a maximalist look without a luxury price tag.
Events & AwardsJun 25, 2026
Watches & Wonders Announces 2027 DatesThe week-long event in Geneva is slated for April 2027.
SourcingJun 25, 2026
Annie Doresca, Mark Smelzer, Sara Yood Join Gem Legacy BoardThe three industry leaders bring financial, communications, and legal expertise to the nonprofit’s board of directors.
ColumnistsJun 24, 2026
The Revenue Hiding Between Your Counter and Your Online CartJewelers are missing out by not offering this one key add-on at the online point of sale, Emmanuel Raheb writes.
CollectionsJun 24, 2026
Greenwich St. Jewelers, Jewel Boxing’s Latest Drop Is On-TrendThe fourth collaborative collection from the retailer and jewelry content creator focuses on gemstone charms and strands of colorful beads.
Events & AwardsJun 24, 2026
AGTA Accepting Entries for Spectrum 2026This year’s AGTA Spectrum & Cutting Edge Awards will feature two new categories.
