December 15, 2016

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Myanmar Gems emporium fetches 3.15m euros in sales

Merchants appraise a jade stone at the 53rd Myanmar Gems Emporium at the Mani Yadana Jade Hall in Nay Pyi Taw. Photo: Aung Shine Oo
Merchants appraise a jade stone at the 53rd Myanmar Gems Emporium at the Mani Yadana Jade Hall in Nay Pyi Taw. Photo: Aung Shine Oo

Sixty lots of gems were sold for more than Ks4bn (3.15m Euro) at the 53rd Myanmar Gems Emporium in Nay Pyi Taw, according to a press release from the emporium yesterday. Of 353 lots of gems displayed in the emporium, 34 lots were sold through the tender system while 26 of 110 gems lots found buyers by auction until the press release was issued.
Local and foreign buyers have to complete the payments within 90 days. Deposits will be confiscated if they fail. Foreigners must deposit Ks64m (50,000 Euro) for purchases of jade, pearl and gems at the emporium while local traders must deposit Ks13m (10,000 Euro) for lots of pearl, gems and jade.
“Despite the number of lots sold during the emporium had a lower turn out compared to last year, the emporium fetched a good price as there was no significant difference in the earnings,” said Deputy Director U Than Zaw Oo of the emporium organizing committee.
The event attracted 1,733 locals and 2,064 foreigners.
Recently, the value of cut and uncut jade products within Myanmar’s gems and jewellery industry has depreciated in value by approximately 40%, according to domestic jade markets.
U Maw Gyi, a cut jade tradesman said, “Chinese [jade traders] know we rely on them for trade and drive a hard bargain as a result. We really have to knock-off the price a lot. What once went for Ks100,000 (US$84) can now only be sold for Ks60,000 (US$50). An absence of trade has also reduced sales.”
The special commodity tax law, which includes gemstones, stipulates a fine of Ks5m (US$4,219) must be paid for working without a business license.
If found guilty of tax evasion over one’s sold gemstones, a fine of the value of the untaxed gemstones must be levied, before the gemstone articles in question are confiscated and legal charges pressed.—Thein Ko Lwin with Myitmakha News Agency

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