Oct 22-28: Increased pressure from the EU and United States won’t take the shine off Myanmar gems, traders said last week, claiming the unsurpassed quality of the country’s precious stones would continue to lure buyers. Kyaw Thu and Htin Kyaw look into the forces driving sales ahead of another massive gem and jade emporium next month.
A woman inspects ruby rings at the Myanmar VES jewellery shop in Mayangone township, Yangon, on October 17. Pic: Aung Tun Win
THE state-run Myanma Gems Enterprise is expecting a good turnout and strong sales at its mid-year emporium next month despite moves to block Myanmar’s gem and jade trade to Europe and the United States, an MGE official said last week.
Private sector traders in Yangon also said Myanmar’s international gem and jade trade would remain healthy even with new sanctions imposed by the European Union last week, pointing out that the bulk of exports go directly to Asian markets rather than the West.
“We have a lot of clients from China, (South) Korea, Japan and Singapore, as well as some from Europe and the US. French merchants are the top buyer among Westerners while Japanese are biggest buyers from Asia,” said Daw Chaw Su Win, sales executive for Myanmar VES Joint Venture Co., Ltd, formed by the MGE and Thailand’s VES Group in 1992.
“In our experience, they can’t stop themselves from buying top-quality Myanmar gems because they can earn hefty profits trading them compared to what they can get with gems from other countries,” she said. [more...]
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