Myanmar to put 25.41 mln dollars' gems on sale ( Xinhua via COMTEX ) October 25, 2002


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Myanmar to put 25.41 mln dollars' gems on sale

YANGON, Oct 25, 2002(Xinhua via COMTEX)

The 11th Mid-Year Myanmar Gems Emporium is due to start here on Oct. 26 with a total of 25.41 million US dollars' worth of locally-produced quality gems, jade, pearl and jewelry to be put on sale through competitive bidding, tender and at fixed prices.

About 190 merchants of 80 companies from 12 countries and regions, mostly from China, China's Hong Kong and Thailand, are expected to attend the eight-day state- sponsored emporium, said Myanmar Deputy Minister of Mines U Myint Thein at a press briefing here Friday afternoon.Meanwhile, local gem traders are also invited for the bidding.

Mid-year gems emporiums were introduced in October in addition to the annual ones since 1992 to boost the country's foreign exchange earning, while the annual events, usually in March, have been held for 39 times since 1964.

At the last March annual event, over 20 million US dollars were fetched, 98.5 percent more than the previous year's annual emporium.The March emporium attracted a total of 485 merchants of 212 foreign companies from 11 countries and regions.

Myanmar, a well-known producer of jade, ruby and sapphire in the world, has earned nearly 360 million US dollars from those gems emporiums of two kinds, according to official statistics.

To develop the gems mining industry, Myanmar began enacting the new gemstone law in September 1995, allowing national entrepreneurs to mine, produce, transport and sell finished gemstone and manufactured jewelry at home and abroad.Since April 2000, the government has started mining of gems and jade in joint venture with 10 private companies under profit sharing basis.

Official statistics show that the Myanmar government sector produced 31.464 tons of jade, 2.313 million carats of sapphire, 2. 008 million carats of ruby and 5.741 kilograms of pearl in the fiscal year 2001-02 which ended in March.There are three famous gem lands in Myanmar -- Mogok in Mandalay division, Mongshu in Shan state and Phakant in Kachin state.

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