A total of 4454 lots of raw gems and uncut jade are up for bid at the Mani Yadana Jade Hall in Nay Pyi Taw this week.
The raw gemstones and jades are being sold via an open tender system from March 19 until March 24.
The minimum bid for a lot is K1 million and the highest bid is K88 million.
Myanmar Gems Emporium Central Committee vice-chair U Than Zaw Oo said the sales would all be in the local kyat currency.
“All visitors are Myanmar merchants. There are no foreigners,” he said.
This was also because the gems, categorised into different classes, were not of high quality, he said.
“There are not many stones of high quality. If they are sold in foreign currency, the quality is high,”
U Than Zaw Oo said.
Only B- and C-class raw gems and uncut jade can be seen at the sales in Myanmar currency.
As jade mining is banned by the government, the merchants have to sell previously-mined jade stones, said Lucky Gem Company owner U Thein Htay from Mandalay.
Merchants are allowed to inspect the gems on March 18 and March 19, and sales will be launched on March 22 and 24.
And about 2000 gem merchants from around Myanmar are attending the sale.
Previous sales of raw gems and uncut jade in kyat to local merchants were held in August 2011, December 2012, January and October 2014, and December 2015.
Source: Myanmar Times