Foreign traders attend first pearl sale

Foreign merchants have been invited to attend a pearl sale in Nay Pyi Daw for the first time, as Myanmar becomes better known in the international pearl market.

The 34th pearl sale is being held at the Mani Yadana Gems Hall from December 22 to 24, with Chinese and Japanese traders rubbing shoulders with local merchants. Daw Mya Mya Win, an official at Myanmar Pearl Enterprise’s sales department, said this was the first time foreigners had been invited.

“They asked to be invited because their consumers demand Myanmar pearls,” she said. “The Myanmar pearl is becoming much better known in the international market.”

Almost 100 merchants had already arrived for the event by December 22, and some 35 merchants from China and Japan and 110 local traders and jewellery shops are expected to attend.

Daw Mya Mya Win said the foreign traders must buy pairs of pearls using Myanmar kyat.

There are 376 pairs and 200,000 single pearls worth a combined K2.2 billion. These include 134 pairs from the Ministry of Mining and 253 pairs from commercial companies. The cheapest pair is on sale for K31.6 million and the most expensive for more than K20 million.

“The golden pearls of Myanmar are attracting great interest in China,” said Daw Mya Mya Win. “They have learned about them through sales events in Hong Kong.”

At the previous pearl sale in November 2013, 358 pairs of pearls out of 360 were sold, bringing in more than K2 billion. Since then, Myanmar pearls have emerged in foreign markets, including Hong Kong, where they will also go on sale next February.

Pearl sales denominated in Myanmar kyat have been held regularly since 1990.

Source: Myanmar Times

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