Events & AwardsJun 05, 2023
HardRock Summit Organizers Gear Up for Third Annual ShowMore than 250 gem, jewelry, and mineral companies are expected to exhibit, including the American Gem Trade Association.
Policies & IssuesApr 22, 2021
US Government Sanctions Burmese State-Owned Pearl Co.
Myanmar Pearl Enterprise handles oyster fishing and breeding, as well as the culturing, harvesting, and selling of pearls.
Washington, D.C.—The U.S. government has sanctioned another Burmese gem company in an effort to block sources of revenue for the military regime.
The Treasury Department’s Office of Foreign Assets Control said in a statement Wednesday it has designated the pearl export body Myanmar Pearl Enterprise (MPE), meaning U.S. companies are prohibited from doing business with MPE or any of its affiliates.
The move also freezes its U.S. assets.
MPE is a state-owned enterprise under the country’s Ministry of Natural Resources and Environmental Conservation that provides a key source of revenue to Myanmar’s now-military-controlled government, the office said.
It’s responsible for oyster fishing, collecting, and breeding as well as the culturing, harvesting, and selling of pearls, which it does through the Myanmar Pearl Event.
MPE also approves licenses for oyster fishing and oyster shell collecting/selling, as well as registration of oyster diving vessels and pearl and oyster technicians.
“The Burmese military derives significant funding from state-owned enterprises in the natural resources market,” said OFAC Director Andrea Gacki.
“Today’s action demonstrates the United States’ commitment to targeting this specific funding channel and promoting accountability for those responsible for the coup and ongoing violence.”
Data regarding the size of the Burmese pearl market wasn’t available by press time.
The Treasury Department’s Office of Foreign Assets Control said in a statement Wednesday it has designated the pearl export body Myanmar Pearl Enterprise (MPE), meaning U.S. companies are prohibited from doing business with MPE or any of its affiliates.
The move also freezes its U.S. assets.
MPE is a state-owned enterprise under the country’s Ministry of Natural Resources and Environmental Conservation that provides a key source of revenue to Myanmar’s now-military-controlled government, the office said.
It’s responsible for oyster fishing, collecting, and breeding as well as the culturing, harvesting, and selling of pearls, which it does through the Myanmar Pearl Event.
MPE also approves licenses for oyster fishing and oyster shell collecting/selling, as well as registration of oyster diving vessels and pearl and oyster technicians.
“The Burmese military derives significant funding from state-owned enterprises in the natural resources market,” said OFAC Director Andrea Gacki.
“Today’s action demonstrates the United States’ commitment to targeting this specific funding channel and promoting accountability for those responsible for the coup and ongoing violence.”
Data regarding the size of the Burmese pearl market wasn’t available by press time.
Feels like Treasury/State keep upping the ante as they find more ways that the Burmese military regime enrich themselves using the natural resources of the country. Expect this to continue.
— Sara Yood (@saraeyood) April 21, 2021
Wednesday’s move to sanction Burmese pearls is far from the first step the U.S. government has taken to cut off the resources being funneled to the Burmese military responsible for the Feb. 1 coup.
And it’s not likely to be the last as the U.S. government continues its investigation into where the military is getting its money.
In regards to the gem trade, sanctions so far have included two of the country’s entities with mining interests, three gemstone companies, and Myanma Gems Enterprise, the state-owned entity responsible for nearly all gem activities in Myanmar.
Editors' Picks
Sponsored by
More on Policies & Issues
The Latest
TrendsJun 02, 2023
Take a Peek at Couture’s Newest Design Talents This year’s Design Atelier is full of gems.
CollectionsJun 02, 2023
Piece of the Week: Saboo Fine Jewels’ Emerald EarringsThey’re a testament to the power of excellent design.
Brought to you by
The Next Step for GIA Diamond ReportsThe most trusted diamond report, available in print or the GIA App.
IndependentsJun 02, 2023
These Are the 2023 Retailer Hall of Fame InducteesThis year’s honorees include one of Florida’s largest independent jewelers and two multi-store independents in the Chicago and New York areas.
Weekly QuizJun 02, 2023
This Week’s QuizTest your jewelry news knowledge with this short test.
TrendsJun 01, 2023
See 50+ Jewels Debuting at Couture in Las VegasThe industry’s most influential contemporary designers are showcasing their latest jewelry designs.
Lab-GrownJun 01, 2023
35-Carat Lab-Grown Diamond Going on Display in VegasCreated by Maitri Lab-Grown Diamonds and graded by IGI, it’s slightly bigger than the record-setting lab-grown diamond GIA just examined.
Brought to you by
Beyond Borders: Crucial Factors in Colored Stone Origin DeterminationNavigate origin determination with Continuing Education seminars offered by the GIA Alumni Collective™.
MajorsJun 01, 2023
Bottom Line Marketing Announces Restructured Leadership, New Service OfferingsThe marketing agency has integrated its first C-suite.
Events & AwardsJun 01, 2023
Meet JCK’s 2023 Keynote SpeakerThe jewelry trade show also will debut educational content centered around social media.
TrendsMay 31, 2023
Here’s a Sneak Peek of New Jewelry to Check Out at JCKLuxury kicks off today, with the full show in swing on Friday.
CollectionsMay 31, 2023
Verragio’s Debut Fine Jewelry Collections Honor Company HeritageOne of the three new collections was inspired by the legend of a woman who traded her mansion to Cartier for two strands of natural pearls.
MajorsMay 31, 2023
Signet Jewelers Names New Head of Investor RelationsRob Ballew will be tasked with communicating the jewelry giant’s plans and financial performance to investors.
MajorsMay 31, 2023
Jewelers Mutual Launches App for Retailers, Introduces New BrokerageWith the app, customers receive a 15-day insurance offer on new purchases while their coverage needs are being evaluated.
Lab-GrownMay 30, 2023
Lightbox Is Testing Out a Trendy Concept Shop in BrooklynIt is in House of Showfields, a bazaar-style retail space in the borough’s Williamsburg neighborhood.
Events & AwardsMay 30, 2023
These Are the Can’t-Miss JCK Talks Education SessionsFrom consumer trends to retail technology, these are the JCK Talks sessions that should be on attendees’ radar.
AuctionsMay 30, 2023
Sotheby’s to Auction Mellon Family JewelrySignature pieces from Cartier and David Webb will appear in the June jewelry auction.
Events & AwardsMay 30, 2023
24 Karat Club of Southern California Recognizes 3 HonoreesThey will be celebrated at the annual dinner dance and gala in the fall.
GradingMay 26, 2023
State of the Diamond Industry: AI and the Future of Diamond GradingGemologists have long used machines in diamond grading but technology has made it possible for them to “learn” how to do it on their own.
Recorded WebinarsMay 26, 2023
Watch: Diamond Cut Quality: The Final Frontier Part 2Supplier Spotlight Sponsored by IGI
Recorded WebinarsMay 26, 2023
Natural and Lab-Grown Diamonds: What It’s Like to Sell Both Watch retailers Jeffery Bolling and Bobby Bengivengo discuss employee training, customer education and the sticky subject of future value.
FinancialsMay 26, 2023
Movado Sales Slip in Q1 Amid Inflation Woes, Tough CompsThe company has plans to revamp the Movado brand and offer less expensive watches this year.
AuctionsMay 26, 2023
Piece of the Week: A Bulgari Sapphire and Diamond NecklaceSet with a 118-carat unheated Sri Lankan sapphire, it just sold for $3.4 million at Phillips jewelry auction in Hong Kong.
Supplier BulletinMay 25, 2023
RAE Fine Jewelry Collection Debuting at JCK Luxury 2023Sponsored by Noam Carver
TechnologyMay 25, 2023
State of Retail: Why Jewelers Need to Invest in Cybersecurity NowAs cybercrime incidents threaten the industry, jewelers need to know what they’re up against and the best ways to protect their businesses.
IndependentsMay 25, 2023
Louis Anthony Jewelers Is Remodeling and ExpandingThe Pittsburgh jeweler is redoing the lighting and showcases, and adding a full hospitality bar as well as new shop-in-shops.
SourcingMay 25, 2023
David Yurman Unveils Quartz Exhibition at AMNH The Yurman Family Crystalline Pass is inside the museum’s brand-new Richard Gilder Center.
