Sales of €300 Million Expected from Mid-Year Gem Emporium

A mid-year gems emporium will be held in December of the current fiscal year, with sales of around €300 million expected, U Than Zaw Oo, vice-chair of the Emporium Management Committee, told The Myanmar Times.

The emporium will be held at Mani Yadanar Jade Hall in Nay Pyi Taw for 10 days from December 12 to 21. About 4,000 merchants comprising 2,500 foreign merchants and 1,800 local traders are expected to attend.

A total of €327 million worth of gemstones such as jade were sold during last year’s mid-year emporium. At €300 million, sales revenues are expected to be lower this year that last.

“Jade is not like other gems and thus the exact price cannot be told. Roughly, we expect to receive around €300 million compared to last year.” U Than Zaw Oo said.

The mid-year emporium is the 54th such event to take place in the country under the supervision of the Myanmar Gems Enterprise.

Prior to last year, the mid-year emporium had been suspended for three years. It resumed in 2016 as the second emporium for that year. This year, the mid-year emporium will also be the second such event in 2017.

This year, an earlier emporium took place between August 2 and 11 at the Mani Yadana Jade Hall in Nay Pyi Taw, with €518 million worth of gems sold through an open tender system. A total of 105 out of 326 gem lots were sold for €3.07 million, while 5,092 out of 6,561 jade lots were sold for €515 million.

Last year’s emporium raked in a total of €533 million. In 2015, sales totaled more than €900 million.

Depending on market conditions, such emporiums can be held two or even three times in a year.

Previously, the number of gem lots and quality had not been restricted but since 2013-2014, some regulations had been stipulated.

For example, only 6,000 lots can be auctioned with foreign currency at an emporium. Batches of over 2 tonnes are not allowed and if it is a single stone, the permited weight is limited to up to 5 to 6 tonnes.

“The restrictions are meant for good quality and high value stones selected for sales in foreign currency,” U Than Zaw Oo said. For sales in the local kyat currency, many relaxations have been on quality.


Source: The Myanmar Times

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