Hpakant jade sales thrive as Mandalay market slumps

Jade traders in Mandalay say Chinese buyers are becoming an increasingly rare sight, as many seem to be buying directly from the mines in Hpakant. The jade market in Mandalay has been struggling since 2014 and neared collapse in 2015 with few buyers to be seen, said traders at the Maha Aung Myay Gems Trading […]

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 […]

Mandalay jade traders say worst year ‘ever’ for sales

Jade traders in Mandalay say this could be the worst year ever for business. The main cause they cite is the absence of Chinese buyers, possibly nervous about the outcome of next month’s election. In interviews on October 25 at the Maha Aung Myay Gem Trading Centre, one trader after another bemoaned their current lot. […]

Quality jade shortage hits trade

Jade traders are complaining of meagre profits and sluggish sales at Mandalay’s Maha Aung Myay jade centre. Polished gemstone prices have peaked and sales languish, while jewellery and bracelets are selling for less than expected, traders said. High-quality stone is rare, said trader Ko Soe Nyunt, adding that he is waiting for better times. “This […]