Jun 1, 2011

Next gem emporium to be held from July 1-13 in Nay Pyi Taw

Fresh from a record-breaking sale that earned nearly US$3 billion in foreign exchange earnings in March, Nay Pyi Taw is preparing for another auction, a Myanmar Gems Enterprise official said last week.

The auction will be held at the Mani Yadana Jade Hall in Nay Pyi Taw’s Zabuthiri township from July 1 to 13, the official said.

The 13-day auction will include gem, jade and pearl lots that will be sold through tenders and auctions. The Ministry of Mines will check the items for auction and fix minimum prices from May 14 to June 13, said the official.

Sales of gems and jade at the 48th Myanmar 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 added. The emporium attracted more than 8700 buyers, including 4719 foreigners, the state-run New Light of Myanmar newspaper reported on March 29.

Prices at the auctions are set in euros to avoid US sanctions, an anonymous trader said.

A jade trader who owns a jewellery shop at Bogyoke Market in Yangon said the emporiums usually resulted in good profits for those who took part.

“I tripled my money by selling my jade at the last emporium rather than just selling it at my shop in Yangon,” the trader said.

Source: Myanmar Times