Despite the downturn in the world economy and U.S. government’s sanctions against it Myanmar judging by the recent show of precious gems held there was affected neither by the first, nor by the second. What’s more, trying to consolidate its success won during its own exhibition this country is now gearing up for the show in Sri Lanka.
According to www.diamonds.net, the Myanmar special gem emporium, held at the Myanmar Conventional Center (MCC), attracted more than 3,000 foreign gem traders, the highest number of visitors at any such event there in the last few years. The gem merchants attending the show were mainly from China, Hong Kong, Taiwan and Singapore, according to the organizer.
Commenting on the Myanmar gem market, some traders said that Myanmar seems to have missed the negative impact of the global economic downturn, as the country's gems and jewelry remain in very high demand in Asian countries. The country's quality gems and jewelry are sold there at auction. Aimed at encouraging national gem traders to sell more quality gems and boosting the country's gem industry, Myanmar sponsors regular gem shows annually in March and October, and a special one, like the above mentioned show, occasionally.
Myanmar is not only striving to develop its gem industry but is also endeavoring to expand into new foreign markets such as the United Arab Emirates (UAE) and Oman, where it is planning to launch Myanmar gem shows within three years. Moreover, The Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) is pursuing gem trade with Sri Lanka, planning to participate in the Facet Sri Lanka 2009 gems show scheduled for September this year in Colombo.
Myanmar, a well-known producer of gems, boasts rubies, diamonds, cat's eyes, emeralds, topazes, pearls, sapphires, coral and a variety of garnet tinged with yellow. The country started to hold gem shows annually in 1964, introducing the March one in 1992 and the special one in 2004.
In the last March gems emporium, more than 5,000 jade lots were displayed and $191 million worth of gems and jewelry were sold. The event was attended by over 2,300 foreign traders, mostly from China.
The authorities designated the proceeds from the sale of gems at these emporiums as legal export earnings, in order to encourage the private sector to participate in the development of the gem industry. Of Myanmar's $6 billion in exports in 2007/08, gem products stood at number three, after natural gas and agricultural produce, for a total of $647.5 million, according to official statistics. The government's Central Statistical Organization also revealed that in the fiscal year 2007/08, Myanmar produced 20,235 tons of jade and 22.668 million carats of gemstones, including rubies, sapphires, spinel and peridot, as well as 225,661 mommis (846 kilograms) of pearls.
