Despite the decrease in sales of gems and jewellery within Mogok’s gemstone markets, Mandalay Region, word from the local market has voiced gems and jewellery have actually appreciated in value at a good rate.
“There’s been a reduction in the sales of gems and jewellery in the market. There’s not much of a market for selling or purchasing, but the price of gemstones is good. Chinese traders prefer to purchase good quality gems, but they do also buy up even poor quality stones as well,” said U Kyaw Tun, a gemstone agent who operates in Mogok’s gem markets.
The reason for the unforeseen increase in the value of gems is reportedly linked to the limited sales of gems by agents in light of government policy changes.
“Buyers dare not give an unfair ptrice for Myanmar gems. Gems were previously bought through traders, but now interested buyers come [from China] and purchase the stones themselves,” said Ko Kyaw Tun Sein, a gem agent.
According to the Myanmar Gems and Jewellery Entrepreneurs Association (MGJEA), they reportedly submitted a proposal to the Amyotha Hluttaw that has suggested a policy be imposed on the gem industry within Mogok that will regulate gem excavation and systematically mitigate environmental degradation.
Gemstones of ruby, sapphire, emerald, peridot and amber are mainly sold in the Mogok gem market, of which China is reportedly the major buyer.