Myanmar junta claims gems emporium a success

Mizzima

Myanmar’s junta reported strong sales of jade, pearls and gemstones at the 60th Myanma Gems Emporium, with thousands of lots auctioned to local and foreign traders over several consecutive days, according to the junta-controlled media.

The event, held from 17–26 November at the Maniyadana Jade Hall in Naypyidaw, is one of Myanmar’s major official gem sales. It is also a key source of foreign exchange, especially so since the junta is under a variety of international sanctions and economy has been contracting since the 2021 coup.

Junta-run Global New Light of Myanmar reported that demand remained high across multiple categories, particularly for Group C jade, which comprises mid-grade stones popular among Chinese traders.

Jade lots are sold through an open-tender system after traders have inspected the stones in designated outdoor areas. Bids were reviewed by junta officials in the evening, and results announced the next morning.

The junta’s Ministry of Natural Resources and Environmental Conservation, which oversees the emporium, said the event aims to generate foreign exchange and support the country’s broader economic development. 

Senior junta officials, including Union Minister U Khin Maung Yi, were reported as present during tender openings, issuing instructions and observing bid-checking procedures, reports said.