22-2-2021
United States president Joe Biden sanctions three Myanmar gemstone companies, which “wholly-owned subsidiaries of a conglomerate owned or controlled by the Burmese military”, to prohibit these companies to do business with American companies or in the United States.
The three Burmese companies are now on the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) list included: (1) Myanmar Ruby Enterprise; (2) Myanmar Imperial Jade Co. LTD; and (3) Cancri (Gems and Jewellery) Co., LTD. The Jewelers Vigilance Committee (JVC) pointed out that the three companies cover much of the existing gemstone trade from Myanmar.
JVC senior counsel Sara Yood said 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 coloured 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.