Reporters learned from the Muse Economic Zone on the 22nd that a new jade market will be established at the Muse Central Economic Zone that borders Ruili in 2015.

Muse is located in northern Myanmar and shares a common border with Ruili. According to U Wei Soe, a member of the board for the Muse Central Economic Zone, the establishment of the jade market is aimed at domestic sales of jade and fossil wood produced in Myanmar. “The reason we are building a jade market in Muse is because Burmese businessmen have to rely at present on the Chinese market and sell their jade products in China. To increase the appeal of Myanmar jade, we want to have our own jade market.” He also said the market will be completed by 2015.

According to Myanmar Chinese News, since 2012, the Shan state government’s development commission and NewStar Light Construction Company have been engaged in joint development of the Muse Central Economic Zone. The project includes 18 types of construction, including the jade market, hotels, long distance bus stations and apartment buildings. The bus station, which could accommodate more than 1000 buses will be completed and become operational by the end of 2014. While the hotels are not finished yet, the sales of the apartments have begun.

In fact, as early as this past June, Ruili and Muse have reached consensus about the development of a free trade zone at the border. The development of the Ruili-Muse Economic Zone has been materialized. Reporters learned from the Power Bureau of Ruili that starting from 2013, Ruili has been providing technical assistance and power supply to the Central Business District of Muse to ensure its smooth commencement.

Muse is the main channel for jade export to China. According to MPs from the Shan State parliament, Myanmar plans to open new land exit/entry channels between Muse and the Central Economic Zone project, designed primarily for people from third countries. People related to the project said that they are awaiting an opinion from the Ministry of Foreign Affairs. It is believed that out of practical considerations, the Myanmar government will promptly approve the establishment of the new channels.

Lu Yan, the director of the cultural industry office of Ruili, believes that development of the Muse Economic Zone will bring new opportunities to the jewelry industry of Ruili. Ruili and Muse enjoy deep fraternity relations and a firm foundation for cooperation, and both hope for enhanced cooperation in the jewelry industry. “The exact model of the market is not yet clear. The hypothesis is to relocate the jade auction to Muse. This will enhance the geographical advantages of Ruili and promote the development of the jewelry industry of Ruili”.

The news about the new jade market has attracted the attention of the Ruili jewelry industry. Famous jade carving expert, Liu Dong, told reporters that the general economic environment for the Chinese jewelry and jade market had cooled off, which means the jade companies of Ruili must transform themselves to upgrade their business. The new jade market will regulate and promote the structural adjustment of the jade market, pushing for its rationalization.

Link: http://finance.chinanews.com/cj/2014/08-22/6522792.shtml