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
EditorsMar 16, 2026
2026 Oscars Jewelry: One Necklace After AnotherNatalie Francisco rounds up the top Oscars jewels, including Rose Byrne’s Taffin necklace with a more than 20-carat yellow-brown diamond.
WatchesMar 16, 2026
TAG Heuer Has a New CEOBéatrice Goasglas has been with TAG Heuer since 2018. She is the first woman to head the 166-year-old, LVMH-owned watch brand.
IndependentsMar 16, 2026
Ben Bridge Debuts New Honolulu BoutiqueThe store features the first in-store build for the jeweler’s in-house “Bella Ponte” bridal brand.
Brought to you by
Is This You? Every Jeweler Has This Problem; We Have the Solution.Every jeweler faces the same challenge: helping customers protect what they love. Here’s the solution designed for today’s jewelry business.
AuctionsMar 16, 2026
Bonhams Paris To Offer Antique, Signed Jewels The live fine jewelry auction will take place later this week, showcasing antique pieces, rare gemstones, and signed jewels.
Weekly QuizMar 12, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsMar 13, 2026
A Trio of Jewels from the 3 Gem Award Nominees for Jewelry DesignOur Pieces of the Week honor the 2026 nominees for the Gem Award for Jewelry Design, Silvia Furmanovich, Cece Fein-Hughes, and Catherine Sarr.
WatchesMar 13, 2026
Citizen, Vera Wang to Launch Watch CollectionThe 24-piece watch collection is set to debut in spring 2027.
Brought to you by
DCA Enters a New Chapter in Jewelry EducationWith refreshed branding, a new website, updated courses, and a pathway for growth, DCA is dedicated to supporting retail staff development.
SourcingMar 13, 2026
Andrea Pooler Joins Third-Generation Diamond Company as COO Pooler, who has more than 25 years’ experience in jewelry, is now chief operating officer of Modani Jewels, Soham Diamonds, and SNJ Creations.
MajorsMar 13, 2026
24 Karat Club of New York’s Banquet to Return to Waldorf AstoriaThe reopening of the Waldorf Astoria means a homecoming for the industry group’s annual event, which will take place Saturday.
CollectionsMar 12, 2026
Jessica McCormack Sends Gold, Gemstones Into ‘Orbit’McCormack looked to the 19th century’s “golden age” of astronomy when designing her new celestial-themed collection.
Events & AwardsMar 12, 2026
Johnny Nelson Wins David Yurman Gem Awards GrantNelson will be honored as the inaugural grant winner at the Gem Awards gala on Friday.
TechnologyMar 12, 2026
Caratwise Launches, Names Former Signet Exec CEO The new smart design software allows jewelers to configure, price, and confirm a custom engagement ring in real time for in-store customers.
SourcingMar 12, 2026
Grandview Klein Opens New Factory in South Africa The 10,000-square-foot diamond manufacturing facility officially opened in late February and employs 50 people.
Events & AwardsMar 12, 2026
MJSA ‘Future of Jewelry Making’ Scholarship Applications OpenThe MJSA Education Foundation’s scholarships support students pursuing jewelry careers.
AuctionsMar 11, 2026
‘Spectacular’ 26-Carat Diamond Going Up for Auction in London The largest white diamond to come to market in the U.K. in more than a decade, the VVS1, I-color stone is expected to top $1 million.
TechnologyMar 11, 2026
Cast Jewelry’s Rachel Skelly on Coming Back Online Only Skelly shares her plans for reimagining the fine jewelry retailer she re-acquired after it faltered last year.
CollectionsMar 11, 2026
Pyrrha Highlights ‘The Space Between’ In New CollectionThe collection takes inspiration from the emotional space between people, moments, and experiences.
IndependentsMar 11, 2026
From the Jazz Age to the Information Age: London Jewelers Turns 100In 2026, the jewelry retailer is celebrating a milestone only a small percentage of family-owned businesses survive to see.
IndependentsMar 11, 2026
Virginia Jewelers Raise Nearly $30K for Children’s HospitalThe group of jewelers held a jewelry raffle in support of the Children’s Hospital of Richmond at VCU.
FinancialsMar 10, 2026
Signet Jewelers’ Q4 Sales Fall Flat The jewelry giant released preliminary results for the fourth quarter and full year on Monday, with final results slated to come next week.
MajorsMar 10, 2026
Saks Global to Close 15 More StoresThe retailer also gave an update on its vendor partnerships.
TrendsMar 10, 2026
Messika Names Julianne Moore as AmbassadorThe award-winning actress is the “epitome of modern allure,” the brand said.
CollectionsMar 10, 2026
Gemstones ‘Bloom’ in Sorellina’s New CollectionThe “Bloom” collection draws from the flower power movement of the 1960s and ‘70s with inlay pendants offered in eight colorways.
Events & AwardsMar 10, 2026
Diamond-Studded Painting Shines at RJO Foundation AuctionThe unique piece was one of the custom works offered at the foundation's recent silent art auction, which garnered nearly $15,000 in total.
TrendsMar 09, 2026
Jake Gyllenhaal Is Bulgari’s Latest AmbassadorBulgari named Gyllenhaal as its brand ambassador for his embodiment of artistic depth, intellectual curiosity, and warmth.
Events & AwardsMar 09, 2026
TJS Announces 2026 Scholarship WinnersAwards were given to four students, one apprentice, and an emerging jeweler.
