High-value jade, gems on auction block at market

Sep 19, 2019

High-value jade, gems on auction block at market

Naypyitaw (Myanmar) Sept 19: High-priced jade and gems are up for auction at the ongoing 95th Myanmar Gem Emporium in Nay Pyi Taw, including raw jade with a floor price of €5 million (K8.40 billion), officials said.
U Min Thu, chair of the organising committee, told reporters there are also eight raw jade lots that have floor prices of over €1 million.
Of the 7811 jade lots on display at the event, 50 are from state-owned companies and 5540 are owned by private companies and cooperatives.
The minimum floor price of the jade is €5000.
The auction opened on Monday and is expected to run until September 25.
A total of 481 gem lots are also on display at the event, said U Hla Aung, committee secretary.
"At every emporium, at least €1 million in jade and gems is sold. This year, we expect the same," he said.
Auctions for the gems will start on Thursday, officials said.
About 1200 local and 3000 international gem traders will participate in the auction.
Those who want to buy gems have to pay a minimum deposit of €2000 for each gem lot and €20,000 for each jade lot. Local merchants have to make the deposit in local currency.
Merchants can buy gem and jade lots worth up to 10 times their deposit.
Source: Myanmar Times