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September 18, 2019

1038 lots of Jades worth over K18 bln sold on 4th day of Myanmar Gems Emporium

Fourth day of the Gems Emporium, focused on the selling of raw gemstones and jade stones, continued at the Mani Yadana Jade Hall in Nay Pyi Taw yesterday. Photo: MNA
Fourth day of the Gems Emporium, focused on the selling of raw gemstones and jade stones, continued at the Mani Yadana Jade Hall in Nay Pyi Taw yesterday. Photo: MNA

Fourth day of Myanmar Gem Emporium continued at Mini Yadana Jade Hall in Nay Pyi Taw.
At 10 am, Union Minister for Natural Resource and Environmental Conservation U Ohn Win and the entourage went about different Gems on display at different zones and met with merchants.
It was reported that Jade lots No. 1 to 1050 were on display yesterday, from which 1038 lots were sold at K18800.16 Million, and jade lots No. 1050 to 2100 will be sold on 12 June and Jade lots No. 2100 to 3108 on 13 June.
“ There are two types Emporiums, one sold in Foreign currency and another one in local currency. The former is held for foreign currency depending on the demands of international merchants, and latter for the small business people in gem industry to obtain raw material, for merchants to be able to sell in MMK and for money flow. This is the aims of this emporium” said Joint secretary of Central Committee on holding the Gems Emporium U Than Zaw Oo.
“At emporium, there are raw jades and gem stones. Raw Gem stones are mostly bought by people from Mogok and raw jades are bought by merchant from Mandalay. According to the emporium list, about 2000 merchant come to emporium. Both buyer and seller are considered gem merchant. Now there are about 400 buyers. People, who paid tender deposit, are consider to be actual buyer and the rest are helps to the emporium” he added.

Union Minister U Ohn Win observes the quality of the jade stones at the Myanmar Gems Emporium in Nay Pyi Taw yesterday. Photo : MNA
Union Minister U Ohn Win observes the quality of the jade stones at the Myanmar Gems Emporium in Nay Pyi Taw yesterday. Photo : MNA

“Today is for jade sale day. Permits are being issued systematically. The gems are sold by open tender. Similar gems are on display in respective designated zones. Serial number, weight and number of stone are labeled on each jade lot. Base on that tender proposals are to be made. The highest bidder, who has paid tender deposit, will be issued permit to buy. The floor price is K 1million. It is allowed to buy 10 times as much as tender deposit” said General Manager U Than Zaw Oo. He went on to explain the taxation “ according to Union Tax Law, 15 per cent commercial tax on raw material and 10 per cent on finished gems is to be paid. According to Gemstone Law, 3 per cent on raw jade and 1 per cent on finished gems as service charges.” Ko Aung Tha Htoo, who was looking to make tender proposal, said “ I am from Mandalay. As the gemstones are sold in Myanmar Kyat, it is convenient for people of all levels to buy. The floor price is 10 lakhs, so they can buy what they can lay their hands on. Gem sales depends on the market. In dealings, many potential profitable are seen after purchase. The opinions are different in gemstone business. I want all gem merchant to do well and Myanmar Gem market rise to a certain level. Strict restriction should be imposed on smuggling of gemstones out of the country. There should also be an organization, which insure according to Law, for dealings. This will increase the value of Myanmar gemstone, tax for the country, and this will also help the people in this industry”. —Min Min Zaw (Kalewa) (Translated by Alphonsus)

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