Nay Pyi Taw Gem Emporium Kicks off, Lower Sales Expected

A total of 6,875 gems, including two jade lots worth €5.8 million, will be exhibited for sale at the 2017 year-end Myanma Gem Emporium which will be held from December 12 to 21 at Mani Yadana Gems Hall in Nay Pyi Taw.

“The two jade lots have the highest floor price among all the gems,” said U Than Zaw Oo, a member of the emporium organising central committee. The gems and jade will be sold from December 15 to 21 under an open tender system.

Also among the gems for sale is a sapphire which has highest floor price of €380,000, said U Hla Aung, secretary of gem emporium organising central committee.

Around 4,000 gem traders from 1,339 local and foreign companies are expected to attend the emporium. More than half are traders from China, while 1,200 are local. The remaining are from Thailand, Macau and Canada.

Some €300 million in sales revenue is expected during the emporium which is lower than last year. A total of €327 million worth of gemstones including jade were sold during last year’s emporium.

Members of organising central committee said that currently, although jade sales have been subdued, the hope is that jade will sell for appropriate prices which are comparable previous years’.

“The market depends on China. If China’s demand declines, sales will be quiet at our side. But even though sales are down, the price does not decline by much if the quality of the gems are good,” said U Mya Aung from Sein Mya Kyi Gem and Jewelry Company.

To raise demand, steps will be taken to loosen strict trading rules. According to those rules, at the emporium, traders have to pay 5 percent of the gem lot value as a deposit to the organising committee if they intend to purchase it. If the traders fail to buy these gems, the deposit will be forfeited and they will be banned from buying gems at the next three consecutive emporiums.

U Than Zaw Oo said discussions are in progress to increase the deposit but annul the ban to participate in the emporium.

Others said sales are expected to improve this time round. “Gem traders want to sell officially. That’s why, our ministry holds gem emporium twice a year. Traders from China are mostly the ones buying. At the emporium, sellers and buyers negotiate the price themselves,” said U Khin Lat Gyi, director general of the Department of Mines.

The euro will continue to be used at the emporium and there is no plan to sell gems using the US dollar so far, he told The Myanmar Times.

 

Source: The Myanmar Times

 

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