Myanmar annual gems auction earns a record $3b

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Myanmar jadeMyanmar’s annual Gem Emporium took in more than $3 billion this year, the most ever for the annual sale of gems and jade, organisers said on July 8.

Income reached $3.4 billion and saw the successful auction of 6,007 of 7,454 jade lots, 126 out of 436 gem lots and 224 of the total 342 pearl lots, they said.

“This year sale surpassed the target and is the record sale in Myanmar emporium history,” said Tun Hla Aung, joint secretary of Myanmar Gems and Jewellery Entrepreneurs Association.

The emporium earned just over $2.4 billion last year, the highest in recent decades. Revenues were boosted by improved access to the country and a rise in the price of jade.

“This year jade price is more than 20 per cent higher than last year,” Tun Hla Aung said.

An uncut lump of jade weighing nearly a quarter of a metric tonne failed to make its starting price of 82 million dollars, Tun Hla Aung told dpa by phone.

“No one dares to buy such a precious stone,” he said.

Over 4,000 traders from China, Hong Kong, Thailand and Japan attended the emporium this year, according to the organisers.

Myanmar started to hold annual gem sales in 1964.

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Reading Time: 1 minute

Myanmar’s annual Gem Emporium took in more than $3 billion this year, the most ever for the annual sale of gems and jade, organisers said on July 8.

Reading Time: 1 minute

Myanmar jadeMyanmar’s annual Gem Emporium took in more than $3 billion this year, the most ever for the annual sale of gems and jade, organisers said on July 8.

Income reached $3.4 billion and saw the successful auction of 6,007 of 7,454 jade lots, 126 out of 436 gem lots and 224 of the total 342 pearl lots, they said.

“This year sale surpassed the target and is the record sale in Myanmar emporium history,” said Tun Hla Aung, joint secretary of Myanmar Gems and Jewellery Entrepreneurs Association.

The emporium earned just over $2.4 billion last year, the highest in recent decades. Revenues were boosted by improved access to the country and a rise in the price of jade.

“This year jade price is more than 20 per cent higher than last year,” Tun Hla Aung said.

An uncut lump of jade weighing nearly a quarter of a metric tonne failed to make its starting price of 82 million dollars, Tun Hla Aung told dpa by phone.

“No one dares to buy such a precious stone,” he said.

Over 4,000 traders from China, Hong Kong, Thailand and Japan attended the emporium this year, according to the organisers.

Myanmar started to hold annual gem sales in 1964.

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