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November 15, 2018

Encourage production of finished jade, gem products in order to crack foreign markets

  • Over 4,000 local and international gem merchants gathered at the 55th Myanma Gems Emporium, which kicked off three days ago.
    The sales under the open tender system attracted local gem merchants, especially buyers and sellers, under one roof. Over 500 companies and licensed traders exhibited jade lots and pearls produced by pearl farms in Taninthayi Region at the emporium.
    The emporium brought benefits to over 1,200 local traders and over 3,000 foreign traders to inspect about 6,000 jade and gem lots in one venue.
    This kind of event is held in Myanmar at the time when the mining season closes. The event has attracted an increasing number of traders year on year.
    Another benefit of the sales is that full tax set over the sales directly goes into the state coffer and the seller received the remaining sales amount at one point.
    In normal sales outside, there are limitations to declaring the sale price and paying tax.
    Myanmar’s pearls produced from pearl farms in Taninthayi Region have found a strong market in Hong Kong, and
    annual pearl sales have been held six times.
    But emporiums in Myanmar only display upgraded raw gems and jade stones because of the lack of technological know-how, which is needed to finish gem products in the country.
    There is still no strong local market for finished jade and gem products. We need modern technology to produce marketable products to enter foreign markets.
    To produce marketable finished products, we need to cooperate with those who have the technology and can find foreign markets. Effective support is the sine qua non for the development of the finished products.
    Myanmar, which has over 1,200 registered local gem merchants, both buyers and sellers, needs more emporiums in order to fulfill the technological requirements of manufacturing finished gem products because there are plenty of raw jade and jewelry products available, according to the Myanmar Gems and Jewellery Entrepreneurs Association.
    Compulsory deposits paid to reserve jade lots and gemstones at gems emporium in Nay Pyi Taw has doubled to 10 per cent from 5 per cent previously, in attempts to prevent cancellations for purchases by buyers and to help sellers seal a deal following the rules and regulations in order to support the local merchants and to avoid broken deals.
    The efforts for producing finished products at home would create job opportunities and business opportunities for our people. Only when we get a strong market for our finished products, can we also reduce illegal trading of the precious stones and gems.

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