Thursday, 17 July 2014

Myanmar earns record sale in annual gems emporium

YANGON, July 11 (Xinhua) -- The just-ended 51st annual Myanmar Gems Emporium has fetched 3.4 billion U.S. dollars, up 1 billion dollars compared with that of the previous one, local media reported Friday.

The record-breaking sales were mainly gained through jade lots, said the Mizzima Daily.

Jade lots totaling 74 were sold at the close of the 51st Myanmar Gems Emporium, receiving 1,020 million dollars commercial tax from the event.

The gems emporium attracted over 4,000 gems merchants including about 2,000 foreign ones, mostly from China and China's Hong Kong.

Myanmar started to hold gem shows in 1964 selling gems annually. Since introducing the mid-year one in 1992 and the special one in 2004, the gem emporium has now become a thrice event annually.

Since 1992, private companies have been allowed to work for jade and gems mining and Myanmar Gems Law was promulgated in 1995, allowing local citizens to excavate, produce and sell gems.

The latest official figures show that in 2013-14, Myanmar yielded 15,061 tons of jade and 16.31 million carats of gems which include ruby, sapphire, spinel and peridot, as well as 351, 641 mommis of pearl.

source: Global Post
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