Yoksirimanee Kitichai is the chairman of Gold Uni Jewellery Co, Ltd (Myanmar) and Gold Superlink Trading Limited. He is also serving as the chairman of Golden Pinya International Investment Co Ltd, the honorary president of Myanmar Chinese Chamber of Commerce Association, Yunnan Overseas Exchanges Association and Yunnan Federation of Returned Overseas Chinese, and the permanent honorary president of Hong Kong Jade Association. He spares no effort in the promotion of the jade industry. This year, Gold Uni Jewellery Co, Ltd and Golden Pinya International Investment Co Ltd pledged support for the 2017 International Design Competition on Trendy Fei Cui Jewellery as diamond sponsors. Hong Kong Jewellery takes this opportunity to invite Kitichai to share his years of experience in the jade business.
HKJM: Hong Kong Jewellery
YK: Yoksirimanee Kitichai
HKJM: How did you enter this industry?
YK: I was born in poverty and grew up in the Golden Triangle. Apart from reading something about jade on old Chinese writings, I had no idea about the stone. The first gem emporium was held in 1964 when there were three main routes to transport jade from Myanmar to China: via Hong Kong to Guangzhou, via Yunnan to Shanghai and Beijing, and by sea to Shanghai.
In 1969, a Hong Kong merchant bought a piece of jade rough through our village chief. When the rough was cut, high-quality jade was revealed. The merchant knew that a profit was certain and was overjoyed. Later our village chief took him to our village. When he saw our poor living conditions he made a donation of 80,000 baht to the village, of which 50,000 baht was for building a school. This was the first time I learnt about the value of jade. In 1972, I was 17 and I began trading various goods including jade with my sister and brother-in-law along the Myanmar-Thailand border. We liaised with the clients and received commission. Gradually I became more involved in this industry.
HKJM: What have you observed of the industry during the last 45 years?
YK: It has been 45 years since I first entered the industry in 1972. Three things are crucial in the jade industry: raw materials, processing and finished products. All of these are related to economic development and opportunities. I have read a World Journal article published in around 1977 that said since the end of World War II, all industries had shrunk with the exception of the jewellery sector which showed continuous growth. Why is that so? When the war ends, the winning country will experience economic growth. People will spend when they make money; and the surplus will be spent on gold and jewellery, which has always been the case since the ancient times. Therefore the jewellery industry has never stopped growing.
I first joined the Myanmar Gems Emporium in 1989. Before 1995, the transactions were flat with total sales from eight or nine million US dollars to US$20 million. Since 2002, the transaction value has kept rising, thanks to China’s fast economic development since she joined the World Trade Organization in 2001. After 2004 the impact of China on the jade market has become remarkable.
I have to emphasise that the resource industry has always been going up; therefore, the jade market will only be surging in the future. The per capita gross domestic product of China in 2016 reached US$8,000 and is expected to exceed US$10,000 in 2020. In the last emporium, except for some wrong and withdrawn tenders, the total transactions amounted to approximately 450 million euros. Despite the slower growth in China, the enthusiasm of buying rough did not reduce. This proves the existence of China’s money in the world. We can predict that the future of the resource market will not be too bad, because the supply of resources is disproportional to the market demand.
Another point is my personal view on inflation and depreciation of currencies. Goods are becoming more and more expensive due to the over-issue of currency. This explains why resources, especially jewellery and coloured gemstones, could serve as a store of value. Gold and silver are hard currencies while jewellery and coloured gemstones are half-hard currencies capable of store of value and even appreciation.
HKJM: What is the current situation of jade rough supply from Myanmar?
YK: Last year’s emporium contained about 6,000 lots of jade with a total weight of about 4,000 tonnes. Future supply depends on the attitude of the government. If mining is carried out in a gradual, controlled manner, supply could possibly last for 30, 50 or even 100 years. The current private inventory must exceeds 100,000 tonnes. Even without further mining it could sustain for another 10 years. Though this year’s jade quality is not as good as before, we should bear in mind that high-quality rough has always been in shortage. It takes luck to find premium quality. In fact 99 percent of the jade is sold to Chinese tourists, which are incomparable to materials fit for auctions.
HKJM: Having paid attention to all changes in the Myanmar, what are your hopes for the country’s development?
YK: I grew up in the Golden Triangle, which is a very special place. I have developed deep emotions for the Mekong River region. Thanks to the rich natural resources of Myanmar I was able to survive and build my business to improve my living conditions. As Chinese, we are foreigners in Myanmar and we are grateful for how its people treat us. Therefore, I wish to promote Myanmar’s development in all aspects, especially the economy, because only economic improvement could help the people.
Myanmar is gifted with three unique advantages. The first is the culture of its people and history. The second is its geographical location and proximity to China, India and the Middle East, which grants it access to a market of three billion people. The third strength is its natural resources. Apart from rubies and jade, Myanmar also produces a great number of coloured gemstones. Myanmar had been colonised by the United Kingdom and Japan. While the total area of these two countries add up to about 620,000 square kilometres, the area of Myanmar is over 670,000 square kilometres. Therefore, I think with proper development Myanmar could definitely become one of the world’s top 10 big nations.
HKJM: As a successful businessman, what advice do you have for young people nowadays?
YK: My achievements are unremarkable. In Myanmar, there are over 5,000 individuals with socioeconomic status like me. I am not particularly wealthy but I have a set of worldviews that allow me to be content and live without regrets.
In today’s society, academic qualification is the most basic means to compete. With a university degree you could compete for the bronze medal. If you work harder perhaps you could get the silver medal. But if you wish to compete for the gold medal, you must have excellent network or you will not stand a chance. If you want to win big, you have to enrich your mind, because only individuals with ideas could truly win. I think young people should adopt a happy mind-set at work. They should respect themselves and others. Regardless of a person’s background, they should use time well. Maybe some people get a head start in their career but there is no need to compare with other people. Most importantly they should find their own happiness. (Jade photos from interviewee)
← Back