Mogok precious stone brokers faced with scarcity of raw stones and high price

Gem stone brokers from Mogok are being faced with a scarcity of raw gemstones and high prices because the permitted companies engaged in precious stone mining in Mogok do not auction off the stones in external markets, said the stone brokers.

The companies are taking all of the gem stones dug by machinery and these precious raw stones are not put up for auction in Mogok, resulting in a scarcity of raw materials in Mogok, said a merchant dealing in gems and jewellery.

The scarcity of raw Mogok precious stone brokers faced with scarcity of raw stones and high price gemstones in the outside market results in exorbitantly high prices, making it difficult for locals to earn a living. If the companies made an auction of stones, they could help the locals to do better financially, said the stone brokers.

High-quality raw gem materials as well as wild gemstone materials are rare in the market. The price of wild stone materials has risen from Ks50,000 to Ks10million even, said U Kyaw Zaw from the stone brokers’ group.

Source: Global New Light of Myanmar

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