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July 06, 2020

Deposit rate reduction on gem purchases underway

A jade merchant inspects the valuable jade lot that will be auctioned at the 53rd Gem Emporium at the Mani Yadana Jade Hall in Nay Pyi Taw. Photo: Aung Shine Oo

Preparations are being made to scale down the euro deposit rate for gems purchased at the 54th Myanmar Gems Emporium in Nay Pyi Taw in order ease the purchase process, said U Tun Hla Aung, the secretary 2 of the Myanmar Gems and Jewellery Entrepreneurs Association to Myawady newspaper.
For jade transactions, international traders have to deposit depending upon the value of raw jade and jewellery products. There is a plan to reduce the deposit rate at the upcoming Gems Emporium, he continued.
During previous years, foreign traders had to pay a deposit of 50,000 euros for raw jade stones while they paid 20,000 euros for jewellery. For the 54th Gems Emporium, the deposit of raw jade stones will be reduced from 50,000 euros to 20,000 euros, and the jewelery to 10,000 euros.
Under the supervision of the Ministry of Natural Resources and Environmental Conservation, the 54th Myanmar Gems Emporium will be held from 2nd to 11th August 2017 at Mani Yadana Jade Hall, Nay Pyi Taw.
Jewellery products and gem stones will be featured at the emporium. Both authorised local and foreign traders are entitled to purchase these gems and jewellry at the emporium.
International traders are invited to visit the emporium. Normally, traders from China are the main buyers.

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