U.S. Extends Ban on Emerald Stones in Myanmar

A few days ago, U.S. President Barack Obama issued an executive order to extend the ban on the import of emeralds and rubies from Myanmar. U.S. White House deputy assistant deputy Ben Rhodes said that the ban was "continued to be a constant concern for the status of labor and labor in jade jewelry areas."

The United States began imposing sanctions on Myanmar since May 1997 and began bans on the import of Burmese products in 2003. In the past two years, the Obama administration has rapidly improved relations with Myanmar. Since last year, the United States has gradually relaxed its restrictions on the import of Myanmar products and allowed US companies to carry out trade and investment in Myanmar, but it still retains many restrictions. Myanmar is one of the largest producing areas for jade and rubies in the world. About 90% of the world's rubies are produced in Myanmar, and the producing areas are mainly located in Kachin State in the north. The annual revenue obtained from the jade auction by the Myanmar government is considerable. Burmese businessmen believe that the extension of the US sanctions against Myanmar will not have a significant impact on the Jade trade because the main buyers of Myanmar jade products are from China and Thailand.