BELOW ARE SOME HIGHLIGHTS OF THE 2017 AUGUST MYANMAR JADE EVENT
Photo by Myanmar’s Ministry of Natural Resources and Environmental Conservation
August 03, 2017
The 54th Myanmar Jade and Gems Emporium kicked off yesterday in Nay Pyi Taw, attracting nearly 2,000 local entrepreneurs and 200 overseas businessmen.
At the emporium, which will be held until 11 August, 326 lots of jewellery will be sold at the floor price of 500 euros and above per lot on 5 August through the open tender system. Included in these lots are 78 lots of jewellery by State-joint venture companies, 171 lots exhibited by private companies, 47 lots by jewellery shops, 29 lots by private entrepreneurs, and one lot by a private company. Vice President U Henry Van Thio was among the officials who visited the emporium held at Mani Yadanar Jade Hall yesterday morning, sponsored by Myanmar Jade and Gems Emporium Central Committee, the Ministry of Natural Resources and Environmental Conservation.
The 54th edition of the expo, which is organized by Myanmar’s Ministry of Natural Resources and Environmental Conservation and the Jade and Gems Emporium Central Committee, was held from August 2-11 in Nay Pyi Taw.
Present at the emporium were Union Ministers Lt-Gen Ye Aung, U Ohn Win, Dr Myo Thein Gyi, U Win Khaing, Union Attorney-General U Tun Tun Oo, Union Auditor-General U Maw Than, Nay Pyi Taw Council Chairman Dr Myo Aung, Hluttaw representatives, departmental heads, Myanmar Gems and Jewellery Entrepreneurs Association Chairman, Vice-Chairman and members, invited guests and responsible officials. Upon arrival at the emporium, Vice-President U Henry Van Thio was told about the background history of the Myanmar Jade and Gems Emporium, its aims and objectives, and restrictions on the exhibitions. The Vice-President was also shown a video depicting the history of the emporium by central committee personnel. He then toured the showrooms and sale depots on exhibit.
However, results from the 2017 Jade and Gems Emporium are 3 per cent lower than last year’s in terms of the amount of cash the event made, says Deal Street Asia.
Myanmar -or Burma- has a +$31 billion jade industry, which is the source of nearly all of the world’s finest greenstone and it’s a magnet for foreign capital, with China being its number one buyer.
As for jade and minerals, there are 20 lots of fine jade works owned by the State, 20 lots of State-owned crude jade, 2,900 lots of crude jade by State-joint ventured companies, 3,545 lots of crude jade owned by the private sector, 16 lots of other mineral crude gems, 25 lots of fine jade works by the private sector, three grand cots decorated with jade, and 32 lots made of other gems, for a total of 6,561 lots on exhibit. Of them, 6,481 lots will be sold at 4,000 euros and above of the floor price, while 80 lots will be sold at 1,000 euros and above of the floor price through the open tender system, from 6 August to 11 August, it has been learnt. The entry fee to the emporium is US$100 or its equivalent in Myanmar currency for a foreigner, Ks60,000 for a local jewellery entrepreneur, Ks60,000 for a company agent, Ks30,000 for a gem or jewellery lot keeper and Ks30,000 for a service-person. Foreign merchants from China, India, Japan, Singapore, Thailand and Australia as well as local merchants competed to buy gems lots through the tender system in the 53rd emporium in June last year.