Myanmar gems fetch $1.87b
Thursday, 9 December 2010
YANGON, Dec8: (Commodity Online): Myanmar, also known for its quality gems, was reported to have received $1.87 billion from last month's emporium.
The fair in the capital, Naypyitaw, attracted some 6,700 traders, 4,000 of them from overseas, with 9,157 lots of jade, 273 lots of gems and 237 lots of pearls sold in auctions.
Earlier trade fairs held in March and October generated €400 million and €700 million respectively.
Gemstones are a lucrative source of income for Myanmar's military government, despite Western sanctions imposed on the resource-rich country, some of which outlaw the procurement and sale of Burmese stones.
Myanmar produces more than 90 per cent of the world's rubies and fine-quality jade. Most of Myanmar's jade and gemstone mines are run by the defence and mines ministries and businessmen with close connections to the regime.
Experts say this has had only a limited impact on the junta because most buyers are from China, Hong Kong and Taiwan. This is the first time in five years that the government has indicated how much money has been generated from the emporium, which is usually held in the biggest city, Yangon.
The fair in the capital, Naypyitaw, attracted some 6,700 traders, 4,000 of them from overseas, with 9,157 lots of jade, 273 lots of gems and 237 lots of pearls sold in auctions.
Earlier trade fairs held in March and October generated €400 million and €700 million respectively.
Gemstones are a lucrative source of income for Myanmar's military government, despite Western sanctions imposed on the resource-rich country, some of which outlaw the procurement and sale of Burmese stones.
Myanmar produces more than 90 per cent of the world's rubies and fine-quality jade. Most of Myanmar's jade and gemstone mines are run by the defence and mines ministries and businessmen with close connections to the regime.
Experts say this has had only a limited impact on the junta because most buyers are from China, Hong Kong and Taiwan. This is the first time in five years that the government has indicated how much money has been generated from the emporium, which is usually held in the biggest city, Yangon.