MGE’s high value of jades to catch attention of foreign merchants

High value of jade lots entrusted to Myanma Gems Emporium will range from Euro 3 million to 8 million, reported Myanma Gems Enterprise.

The 54th Myanma Gems Emporium will be held at Mani Yadana Jade Hall in Nay Pyi Taw from August 2- 11. The MGE will put 6,561 lots of jades and 326 lots of gems up for sale through the tender system.

A plethora of jades and gems were sold out by tender and competitive bidding system at previous gems emporiums. At present the merchants are interested in the tender system, thus temporarlly suspending the competitive bidding system.

Currently the reserve price of the 55-kg imperial jade rough is fixed at Euro 8 million. Similarly, the reserve price of the 42-kg imperial jade rough is fixed at Euro 3.8 million and the 5.5-kg at Euro 3 million. Moreover the reserve price of the 82-kg is fixed at Euro 3.8 million and the 0.20-kg at Euro 1 million.

“If merchants buy gems and jades competitively, the competitive bidding system is in a good condition. We compete against price and only then we can get right value for the stones. If we do not compete, we cannot enjoy the real value of the stones,” Than Zaw Oo, Vice-Chairman of Administration Dept of the Central Committee for Holding Myanma Gems Emporium, said.

“We cannot get the real price of the stones unless we compete. The competitive bidding system cannot attract the merchants in the current market situation. Therefore, the competitive bidding system was temporarily suspended. But if the market situation is in good condition, this system will be used again. Therefore, jade lots and gem lots will be on sale thorough the tender system,” continued Than Zaw Oo.

The merchants are allowed to view and check the jade and gems from August 2 to 4, with the sales taking place on August 5. Jade lots can be checked from August 2 to 5, with the sales taking pace from August 6 to 11. About 1500 local and foreign merchants conducted registrations.

Source: Eleven