CNI News

20 December 2023

Illegal cross-border gold trade and exports decreased due to domestic armed conflicts reportedly. Mainly, Myanmar gold often is illegally exported to India. 

Moreover, Myanmar gold is illegally exported to Thailand, Bangladesh and other countries. As the border path that goes to India is not stable for the time being, many illegal gold exports have been suspended, Ko Nay Khant, a gold market analyst, CNI News.

" All the border paths have been closed mainly because of the civil war. So, there is no path to export gold. But there are gold exports but not as many as in the past. Mainly, the gold was being exported to India. But now, the path to India is not good. Any gold trader doesn't use the path. Worse, there is a problem with fuel. So, many merchants have stopped exporting gold. You'll have to take a lot of risk if you use the path." said Ko Nay Khant.  

While seeing people who have held arms

It is estimated that cross-border gold export was about 10 visses and above at the time when it was peaceful. Because the gold export has been suspended, the gold price is stable locally.

However, it was less likely that the gold price would decline, U Kyaw Min, a gold trader from Mandalay, told CNI News.

" Because the gold doesn't go out from the border, it is stagnant. So, the price has been stable. But it doesn't decline because the Yangon Gold Entrepreneurs Association (YGEA) has officially set the reference price over 3.20 million kyats per tical" he said.

Myanmar-India border

Because the Gold Entrepreneurs Association is giving the courses on gold and anti-money laundry free of charge each month, cross-border gold trade and price speculation would die out at all in the market, said the Yangon Region Gold Entrepreneurs Association.

However, it was not right that illegal gold export was reduced due to the courses. But the gold export declined due to unstable border trade routes. If the routes were safe again, illegal gold export would resume again through the border.