Myanmar to hold mid-year gems emporium later this month

Myanmar will hold a mid-year gems emporium later this month to encourage national gem traders to sell more quality gems, jade, pearl and jewelry to boost foreign exchange earning, according to the state-run Myanmar Gems Enterprise Tuesday.

The 15th Mid-Year Gems Emporium, scheduled for Oct. 19 at the Myanmar Gems Mart and Myanmar Convention Center, will take place on the basis of competitive bidding, said the enterprise.

Mid-year gems emporium was introduced in addition to the annual ones since 1992 to boost the country's foreign exchange earning.

Hundreds of foreign gem traders from across the world, especially from China's Hong Kong, Thailand and Japan, are expected to join the event as before.

In March this year, an annual Myanmar gems emporium, which was the 43rd, was held breaking sale record since it was introduced with 84 million euros (101 million US dollars).

Myanmar started to hold gem shows annually in 1964 and since then the country has earned a total of over 600 million dollars from such events including the mid-year ones introduced since 1992 and the special sale since 2004.

Myanmar, a well-known producer of gems in the world, possesses nine gems -- ruby, diamond, cat's eye, emerald, topaz, pearl, sapphire, coral and a variety of garnet tinged with yellow.

There are three famous gem lands in Myanmar -- Mogok in Mandalay division, Mongshu in Shan state and Phakant in Kachin state.

To develop gem mining industry, Myanmar enacted the New Gemstone Law in 1995, allowing national entrepreneurs to mine, produce, transport and sell finished gemstone and manufactured jewelry at home and abroad.

Since 2000, the government has started mining of gems and jade in joint venture with 10 private companies under profit sharing basis.

Source: Xinhua