A local gem merchant successfully bid 801,000 euros on a pair of rough rubies valued at 600,000 euros at an auction at the 52nd Gems Emporium on Naypyitaw, according to Win Hlaing, the deputy assistant director for the department of gems and jewellery sales centre.
“A Mongshu ruby was bought for 370,000 euros, making it the second-highest bid price,” the deputy assistant director said.
One ruby with a base value of 5 million euros was not sold at the emporium, according to the central committee for the emporium.
A total of 310 varieties of gems and jewels were brought to be sold at the emporium.
Sources said there were fewer bidders at this year’s auction due to the minimum deposit amount set by the committee at 5 million euros.