Sales slow but ministers optimistic on Mandalay jade market

Mandalay jade sellers are still resisting moving to a new market due to open in August. Only a small percentage of apartments at the market have been sold, although the regional mining minister says he believes the market will be a success. Over 2000 apartments will be available at the new market facility, but just […]

US sanctions force jade into a corner, say traders

Jade traders say US sanctions have forced them to rely on Chinese investors and buyers, who dodge taxes and operate with little to no transparency. If Washington were to remove sanctions, they say, it would speed up reform in the troubled sector. Since the US banned imports of gems and jade in 2003, China has […]

Shops close as jade prices drop by 70pc in Kachin State

Demand has fallen after a Chinese government crackdown on traders who bought value-added jade without paying tax, said U Z Lum, chair of the Myanmar Gems and Jewellery Entrepreneurs’ Association in Myitkyina, the capital of Kachin State. “Chinese buyers have to pay high taxes in China if they buy our value-added products. This has had […]

Burmese-Only Jade Sale Pegged for December

RANGOON — The Myanmar Gems Enterprise will hold the year’s first and only jade sale exclusively for local traders in Naypyidaw this December, with industry players hoping to see more purchases of raw jade and jadeite made with value-added intentions. In Thursday’s state-run newspapers, the Ministry of Mines’ Myanmar Gems Enterprise announced that the central […]

Declining market threatens small-scale miners in jade central

The jade market in Hpakant,Kachin State, the jade central of Myanmar, has ground to a halt threatening the survival of small-scale mining companies, according to the merchants and locals. Low prices are being offered for high quality jade pieces,while lesser pieces are proving almost impossible to sell. “Despite clashes between the military and KIA (Kachin […]

Jade market planned for Muse economic zone within six months

Mandalay – Muse Central Economic Zone Project Director U Ngwe Soe says arrangements are being made to build a jade market in the Muse economic zone within six months. The director told Mizzima October 23 that the aim is to create a market for local gem merchants to sell jade, gems and Ingyin fossils without […]