Tue 30 Jun 2009
Filed under: Business / Trade,News
The current Myanmar special gem emporium, being held at the Myanmar Conventional Center (MCC), has attracted more than 3,000 foreign gem traders, the highest number of visitors compared with the last few years’ events.
The gem merchants attending the show are mainly from China, China’s Hong Kong and Taiwan, and Singapore, according to the organizer.
Commenting on the Myanmar gem market in Asia, some traders viewed that Myanmar seems to have not much impact by the global economic downturn as the country’s gem and jewelry stand high in demand among Asian countries, which suffer the least impact of the global financial crisis.
The 13-day special gem show from June 22 to July 4 put on sale the country’s quality gems and jewelries on the basis of competitive bidding.
Aimed at encouraging national gem traders to sell more quality gems and boosting the country’s gem industry, Myanmar sponsors regular gem shows annually in March, including a mid-year one in October and a special one occasionally.
Myanmar is not only striving for the development of its gem industry but also endeavoring to expand new foreign markets to the United Arab Emirates and Oman, planning to launch Myanmar gem shows there within three years.
Moreover, The Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) has sought gem trade with Sri Lanka, planning to participate in Facet Sri Lanka 2009 gems show scheduled for September this year in Colombo.
Myanmar, a well-known producer of gems in the world, boasts ruby, diamond, cat’s eye, emerald, topaz, pearl, sapphire, coral and a variety of garnet tinged with yellow.
The country started to hold gem shows annually in 1964, introducing the mid-year one in 1992 and the special one in 2004.
In the last annual gems emporium, which was the 46th held in March this year, more than 5,000 jade lots were displayed and 191 million U.S. dollars worth of gems and jewelry were sold out.
The event was attended by over 2,300 foreign traders mostly from China and China’s Hong Kong.
The authorities designated the proceeds from the sale of gems at these emporiums as legal export earning to encourage the private sector in the development of the gem industry.
Of Myanmar’s 6.043 billion U.S. dollars’ exports in 2007-08, gem products stood the third after natural gas and agricultural produce with 647.53 million dollars, according to the official statistics.
The government’s Central Statistical Organization also revealed that in the fiscal year 2007-08, Myanmar produced 20,235 tons of jade and 22.668 million carats of gems which include ruby, sapphire, spinel and peridot, as well as 225,661 mommis (846 kilograms) of pearl.