Source: Xinhuanet

06-18-2007 16:59

Myanmar will hold a special gem sale in Yangon early next month on the basis of competitive bidding system, aimed at boosting foreign exchange earning, said the Central Committee for Sponsoring the Special Sale of Gem, Jade and Pearl Sunday.

Domestic gem traders are being urged to display their quality gems, jade and pearl at the special show scheduled for July 4, and the foreign exchange proceeds from the sale will be designated as legal export earning, the sponsor said.

The country's special gem sale for both foreign and local gem merchants is the third of its kind introduced four years ago in addition to the annual and mid-year ones.

During the last special gem sale held in June 2006, nearly 1, 500 foreign and local gem traders bid for gems, jade and pearl.

In the 44th annual Myanmar gems emporium held in March this year, which lasted for 13 days, 3,652 lots of jade, gems and pearl were sold out of nearly 6,000 such lots displayed, gaining a record high proceeds of 148 million euros (185 million U.S. dollars).

That emporium was attended by 3,421 merchants, of whom over 2, 000 are foreign ones, mostly coming from the Chinese Mainland, China's Hong Kong Special Administrative Region (SAR) and Thailand.

Myanmar started to hold gem shows annually in 1964, introducing the mid-year one since 1992 and the special one since 2004.

Myanmar, a well-known producer of gems in the world, possesses nine gems -- ruby, diamond, cat's eye, emerald, topaz, pearl, sapphire, coral and a variety of garnet tinged with yellow.

To develop gem mining industry, Myanmar enacted the New Gemstone Law in 1995, allowing national entrepreneurs to mine, produce, transport and sell finished gemstone and manufactured jewelry at home and abroad.