July 01, 2017

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Myanmar jade market hit hard by halting of Chinese government loans

Merchants evaluate jade stones at Myanmar Jade Fair at the Maniyadana Emporium in Nay Pyi Taw, in December 2015. Photo: MNA
Merchants evaluate jade stones at Myanmar Jade Fair at the Maniyadana Emporium in Nay Pyi Taw, in December 2015. Photo: MNA

The Myanmar jade market has taken a huge hit as the Chinese government has stopped the provision of loans to Chinese jade traders, it is known from the market.
“The [Chinese] government has pushed back the handing out of loans to [Chinese] jade buyers. Those big businessmen [Chinese jade buyers] have partnerships with [Chinese] banks. As such, the Myanmar jade market has completely shut up shop.” said U Soe Naing, central executive of the Myanmar Gems and Jewellery Entrepreneurs Association (MGJEA) and speaker of the Gems and Jewellery Entrepreneurs Association of Mandalay.
The Chinese government began the ceasing of its loans to Chinese jade traders back in the last months of 2015, having a fatal impact on commerce within the Myanmar jade market.
“Expenses are so high here as there are few experts. On top of that, the [Chinese] government stopping loans to [Chinese] jade buyers has completely closed up the market.” said gem dealer U Zaw Zaw.
The domestic jade market used to comprise roughly 700 hundred companies, but those involved in the jade business say that figure has fallen to a mere 50 companies.
Uncut Myanmar jade is the primary form bought by China, with 2,500 tonnes being officially mined every month, according to the MGJEA.—Myitmakah News Agency

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