Wednesday, 03 June 2020

Rangoon, Burma : A total of 3,652 lots of jade, gems and pearls were sold at a 13-day annual Burma gems exposition held on the basis of competitive bidding and tender, said emporium sources yesterday. They, however, did not disclose the sale value as in previous years.


The 44th annual gem show at the Myanmar Gems Emporium Hall and Myanmar Convention Centre was sponsored by the state-run Myanmar Gems Enterprise (MGE). It concluded yesterday. About 3,421 merchants, including 2,069 foreign traders, mainly from China, China's Hong Kong Special Administrative Region (SAR) and Thailand participated.

In March last year, the 11-day 43rd annual Burma gems emporium broke sale records with 101 million U.S. dollars, since it was introduced 42 years ago. It was attended by 2,380 gem merchants including 1,484 representing 423 companies from 16 countries and regions.  Between two annual shows, there is a mid-year one introduced over a decade ago to boost gem sale. In the mid-year event held in October last year, a total of 2,843 lots of jade, gems and pearls were sold. The event was attended by a total of 3,233 foreign and local merchants.

Burma began to hold annual gem shows in 1964, introducing the mid-year one as of 1992 and the special one since 2004. These shows have earned a total of over US $ 600 million for the country, according to official statistics.

Burma well-known for its gems in the world produces nine gems—ruby, diamond, cat's eye, emerald, topaz, pearl, sapphire, coral and a variety of garnet tinged with yellow.

There are three famous gem lands in Burma —Mogok in Mandalay division, Mongshu in Shan state and Phakant in Kachin state.

Since 2000, the government has started mining gems and jade in joint ventures with 10 private companies on a profit sharing basis.