K4 billion in sales expected from gems fair in January
A gems trade fair set to be held early next year is projected to generate an estimated K4 billion (US$2.6 million) from the sale of jade, officials of the event’s organising committee say.
The Myanmar Gems Emporium Central Committee will hold the event, which will conduct transactions in kyat, from January 2 to 7, at the Mani Yadana Jade Hall in Nay Pyi Taw under the supervision of the Ministry of Natural Resources and Environmental Conservation.
According to U Min Thu, chair of the event’s organising committee, some 3,500 jade and 300 gem lots will be sold under a tender system during the six-day event.
“Local jade miners will be selling their lots at the emporium as jade and gems mining companies with government approval are only allowed to sell in events such as this. The event allows local jewellery businesses to acquire the raw materials to produce finished jade products,” said U Min Thu, adding that the event is open only to local buyers. A similar event last year saw the sales of 3000 lots of jade worth K4 billion, the event organising committee said.
The Ministry of Natural Resources and Environmental Conservation has approved four such events for next year, U Min Thu said.
Sales of jade and gems transacted in euros open to foreigners will be held in March and October, while sales in kyat open to locals include the January event and another in July, said U Min Thu.
Only three such events were held this year.
“The ministry approved a plan proposed by gems traders to hold four sales events in 2020. We hope to hold the same number of sales fairs in 2021, he added.
From: Myanmar Times