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.

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