Friday, August 18, 2017

Ten-day jade show yields €240 million in sales so far

Over 3,400 lots of jade have been sold for a total of €240 million in the first four days of the 54th Gem Emporium in Nay Pyi Taw, Jade Business Community secretary U Min Thu said.

Around 1,500 more Chinese merchants have attended the emporium compared to last year. Photo - U Win AungAround 1,500 more Chinese merchants have attended the emporium compared to last year. Photo - U Win Aung

The sales figures are 998 jade lots sold on August 6 for €50.48 million, 753 lots sold on August 7 for €71.82 million, 857 lots sold August 8 for €78.42 and 842 lots sold August 9 for €48.15 million, according to the official tally.

That’s a total of 3,443 jade lots sold between August 6 and 9, raking in a total of €248.86 million. A total of €500 million in sales has been targeted for this year.

Last year, the emporium raked in a total of €533 million versus the Ministry of Natural Resources and Environmental Conservation’s target of €1billion in sales. In 2015, sales totaled more than €900 million.

The emporium will take place for a total of ten days

Things are looking promising for this year. Around 1,500 more Chinese merchants have attended the emporium compared to last year and interest has been keen, according to local merchants and ministry officials.

However, jade prices have moderated compared to before. “Prices are not as good as in 2010 and 2011 but if compared to recent years’ emporiums, the price has improved. The prices offered for each gem differs depending on each buyer’s taste and expertise. One buyer may not want to pay anything for a stone, but there may be someone else who will pay more than the market price,” Myanmar Gem Enterprise director U Ye Htut said.

An open tender system will be used this year and the gems will be sold to the highest bidder. “Local merchants cannot compete with Chinese merchants,” one local merchant, U Win Aung, told The Myanmar Times.

“So far, Myanmar merchants have not managed to buy many good gems because the Chinese merchants are able to bid higher for most of the supply. Some Chinese merchants offered more than €2 million for some stones,” U Win Aung said.

The exhibition, which opened on August 2 and runs until August 11 at the Mani Yadana Jade Hall in Nay Pyi Taw, features 6,561 jade lots including 20 processed jade and 20 lots of State-owned crude jade, 2,900 lots of crude jade by State-joint ventured companies, 3,545 lots of crude jade owned by private firms , 25 lots of fine jade works by the private sector and three grand cots decorated with jade. The remaining gems are non-jade.

Meanwhile, a separate jewellery sale on August 5 at the emporium drew in sales of €3.07 million. 105 out of the 326 pieces available were sold.

All sales generated at the emporium will be liable to government taxes. This includes 15 percent in special commodity tax on raw jade, 10pc special commodity tax and 3pc service charge on raw gems and a 5pc special commodity tax and 1pc service charge on all jewellery.

The mineral sector contributed more than halfof the government’s earnings in the 2011-12 fiscal year, The Myanmar Times understands. In 2016-17, the sector is reported to have contributed up to 88pc of the government’s earnings.

The first Myanmar Gems Emporium took place in 1964.