Myanmar’s jade expo mops up $612m in sales, lower than last year

Myanmar’s famed jade and gems expo has mopped up 518.82 million euros ($612.4 million) in sales this year,  3 per cent lower than last year’s sales of 533.49 million euros ($628.7 million).

The gems emporium, which is an annual event since 1964, touched its recent peak sales of 900 million euros in 2015.

The 54th Jade and Gems Emporium, held from August 5-11 in Nay Pyi Taw through an open tender system, exhibited 6,561 jades, among which 5092 lots were sold for 515.75 million euro, according to an official from the emporium.

The gems section, which showcased ruby and sapphire extracted from Mogok, Mineshue, had a total of 326 gem lots exhibited and 105 gem lots sold out this year for 3.068 million euro ($3.6 million).

Jade is mainly extracted from Hpakant, Kachin State, which falls in the northern part of the country.

This year saw over 3,400 foreign participants representing 1100 companies, and about 1,800 local individual buyers.

Myanmar is also trying to improve the quality of the finished jade goods produced in the country. In Mandalay, known as a market for jade, local company Tet Lann is in the process of establishing a Jade and Gems Modern Market Complex. The project intends to house training schools to upgrade the workmanship of the finished jade products.

Also Read:

Myanmar: Tet Lann Company to invest $100m more in jade garden project

Gem trade sparkles in Myanmar as jade expo fetches $80m & pearl auction invites global buyers

Myanmar annual gem emporium sale nets $592m, down 10%

 

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In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

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  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.