12 December 2017
The mid-year Myanma Gems Emporium commenced at Maniyadana Jade Hall in Nay Pyi Taw on December 12th.
Vice President U Henry Van Thio graced the ceremony by inspection the gems displayed by the participated traders. Jade and gems lots from the private companies and the joint-venture companies with the government are on display at the emporium.
190 gems lots will be tendered on 15th December and 6,685 jade lots will be bided from 16th to 21st December.
Director General, Department of Mines, Khin Hla Kyi said “Open tender for the gems lots fixed at the reserve price of 500 euro and above and open tender for jade lots fixed at the reserve price of 4,000 euro and above. And open tender for finished products of jade fixed at the floor price of 1,000 euro and above.”
Previously, some merchants failed to settle for their tender winning products. The authorities this time changed the rules and regulations to avoid the same problems in future.
Vice Chairman, Myanmar Gems and Jewellery Entrepreneurs Association, Myint Han said “In the previous emporiums, we took 5,000 euro deposit from the merchant and after they deposit the designated amount, they can freely buy the lots without any limitation. This time, we collect 5% deposit of the amount that they want to buy. So if they deposit 5 million euro, they can buy the lots only worth of 100 million euro. According to the rules and regulations, if the merchant missed to pay for what he buy during 60 days, he will be cancelled for further three emporiums and the 5% deposit will be confiscated.”
Myanmar Gems and Jewellery Entrepreneurs Association invited gems merchants from 21 countries to join the mid-year gems emporium. 2,780 merchants from China, Hong Kong, Thailand, Macao and Canada of 841 gems companies and 1,219 merchants from local of 498 gems companies are registered to attend the Emporium.