Almost 7,000 gem and jade lots were put on the bidding table at Maniyadana Jade Hall in Nay Pyi Taw on October 14, according to the central committee of Myanmar Gems Emporium, which also said sales would take place from October 16 to 19.
A total of 341 companies, including 230 private companies, will sell 6,892 jade lots through an open tender system, it said.
In addition, 22 gem companies will put 160 gem lots up for sale. Fourteen profit-sharing companies from Mandalay’s Mogok area (also known as “Ruby Land”) will sell 72 gem lots, seven private companies from Mogok will sell 85 gem lots and one gem shop will sell three gem lots.
The entrance fee for prospective buyers is Ks 50,000 (about US$50) and Ks 10,000 for sellers.
Buyers will have to pay deposits based on how much they intend to buy. A deposit of at least Ks 2 million allows the merchant to purchase up to Ks 40 million worth of gems and jade, while a deposit of Ks 5 million allow purchases of up to Ks 100 million.
If the value of jade lot is more exceeds the limit of the merchant’s deposit the bid will be cancelled. All trade will be in the domestic currency, members of the central committee said.
Source: ELEVEN MYANMAR