Merchants appraise a jade stone at the 53rd Myanmar Gems Emporium in Nay Pyi Taw.
Five gem and jewellery emporiums will be held in 2017, up from only one or two events held annually. Three events will sell gem and jewelry lots in foreign currency while two will be conducted using Myanmar currency, it is learnt from Myanmar Gems and Jewellery Emporium Organising Committee.
“Normally, only an event is held once or twice a year. Holding more events make the merchants and brokers do well”, said U Myint Han, the chairman of the organizing committee.
According to Myanmar Gemstones Law, gemstones cannot be traded in the open market, which makes the gemstone market dependent only on legal emporiums. Holding more emporiums might help to reduce the black market trade of gems and precious stones, officials said.
Holding a chain of events during a single year will help to develop the market, said U Thaung Tun, a gem and jewellery merchant.
Ministry of Natural Resource and Environmental Conservation is drawing up plans to be able to produce finished gems from the raw stones.