LOWER demand from china is causing jade companies difficulties in the market as sales are dipping and stock is piling up, according to U Soe Naing, a member of the Myanmar Gems Club.
The Chinese government recently banned the giving of jade as gifts as part of their anti-graft measures, affecting sales of the gem. Moreover, Chinese buyers have previously and still often elect to import the jade raw and directly over the border rather than ordering any finished jade products, further narrowing profits for jade product businesses.
The jade market remains cool despite the fact that the government suspended jade mining operations for the rainy season.
Over the 2015-2016 fiscal year, raw jade worth US$305.779 million was exported to China via the Muse border 115 mile camp. The export of raw jade from April to July in the 2016-2017 fiscal year amounted to US$ 53.016 million with an export volume of 475.096 tonnes.
Source: The Global New Light Of Myanmar
