August 19, 2016

Myanmar earns €533.49m of jade, gems and pearl sales at latest expo

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The 53rd Myanmar Gems Emporium in Nay Pyi Taw fetched €533.49m in total sales from jade, gem and pearl lots, at its expo that began 24 June and ended yesterday, according to a press conference of the emporium.
The latest emporium earned the total from 312 lots of pearl, €3.12m euros, 63 lots of gems for €3.29m and 3,947 lots of jade for €527.08m over the 13-day expo where 365 peal lots, 512 gems lots and 6,062 jade lots were displayed.
The event attracted 2,108 foreign merchants from 709 companies and 809 local traders. A total of 1,866 from 813 companies in China, 151 sales from 82 companies from Hong Kong were among foreign buyers from Australia, India, Japan, Singapore, Thailand, Austria and Indonesia.
A total of 2,300 foreign merchants visited the emporium last year. Deputy Director U Than Zaw Oo said that buyers have to make full payments within 90 days to collect purchases.
The Myanmar Gems Emporium Central Committee seized €17.54m, five percent of the deposit of traders for 1,468 jade lots at the 52nd emporium as buyers failed to complete the payments.
The central committee received 10 per cent of the seized money as fines while one per cent went to the fund of the central committee and the remaining 89 percent to owners of jade lots.
Traders who failed to complete the deals forfeited five percent of the deposit and the non-paying bidders were banned to visit the emporium for three years. Myanmar earned more than €589m in sales at the previous expo as buyers made payments for 4,375 of 5,843 jade lots. The emporium organizer expressed its hope that 73 percent of buyers at the 53rd emporium complete their purchases.


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