Apr 18, 2011

Gems, jade net $2.8 billion

SALES of gems and jades at the 48th Myanma Gems Emporium that ended on March 22 exceeded 2 billion euros (US$2.8 billion), a Myanmar Gems Enterprise official told The Myanmar Times on March 31.

A total of 13,608 jade lots were sold during the March 10 to 22 emporium, nearly equalling the 2.2 billion euros ($3.08 billion) generated by the three sales held during 2010, the official said.

Organised by the Myanmar Gems Enterprise and held in Nay Pyi Taw, the emporium attracted more than 8700 buyers, including 4719 foreigners, the state-run New Light of Myanmar newspaper reported on March 29.

Mr Gao Jaian Ping of M/S Derong Jade Co, which was recognised by the Minister for Mines, U Ohn Myint, as the show’s biggest buyer.

Nearly 17,000 jade lots were displayed at the auction, as well as about 285 pearl lots and 206 gem lots.

In all 253 of the pearl lots were sold, while 30 gem lots also found buyers, the newspaper reported.

A Myanmar Pearl Enterprise spokesperson said: “At this auction we sold 23 more pearl lots than during the November emporium, which is extremely good.”

Before the event there was a strong expectation from the Myanma Gems Emporium before the show that sales would be high.

“We are increasing the amount of jade lots on offer this time to 20,000 [up from 9000 at the previous event] because most jade producers and traders here know that this event is a great way to sell their jade quickly,” an enterprise spokesperson told The Myanmar Times in early March.

One trader said all transactions were done in euros to avoid US sanctions. The emporium was held from March 10 to 22 at the Mani Yadana Jade Hall in the capital.

Source: Myanmar Times