Held from 2 to 11 August 2017, the 54th Myanmar Gem Emporium raked in €518 million through an open tender system. 5,092 out of 6,561 jade lots offered were sold for €515 million, while 105 out of 326 gem lots were sold for €3.07 million, according to The Myanmar Times.
Last year, the emporium raked in a total of €533 million versus the Ministry of Natural Resources and Environmental Conservation’s target of €1 billion in sales. In 2015, sales totalled more than €900 million.
“This year’s jade quality was different compared to last year’s. Sales volume depends on the quality of jade. There was better quality jade at the 53rd emporium. Jade lots with high floor prices were not sold out,” said U Min Thu, Myanmar Jade Committee Secretary.
According to The Myanmar Times, included in the 6,561 jade lots offered are 20 lots of processed jade, 20 lots of state-owned crude jade, 2,900 lots of crude jade by state-joint ventured companies, 3,545 lots of crude jade owned by private firms, 25 lots of fine jade works by the private sector and three grand cots decorated with jade.
Of those, 22 quality jade lots were on offer, with prices ranging between €1 million and €12 million. Out of them, only jade lots of €1 million to €3 million were sold. In addition, local merchants cannot compete with Chinese merchants in buying quality jade because Chinese merchants can pay more, said some local traders.
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