Myanmar Gems Emporium : President attends the opening ceremony in Nay Pyi Taw

President U Min Aung Hlaing attended the opening ceremony of the 61st Myanmar Gems Emporium at Mani Yadana Jade Hall in Nay Pyi Taw on Friday, accompanied by Vice Presidents U Nyo Saw and Daw Nan Ni Ni Aye, Commander-in-Chief of Defence Services General Ye Win Oo, Union Ministers and concerned officials.

The President and party viewed a documentary video on gem production and preparations for the emporium. They later inspected jade, gem and pearl lots and visited private finished gemstone and jewelry sales pavilions. The President and party then inspected raw jade lots displayed outside the hall, and gave necessary instructions.

The emporium will offer 700 pearl lots, 160 gem lots and 3,073 jade lots for sale to domestic and foreign merchants through an open tender system. Reserve prices for pearls are set in US dollars, while jade floor prices are set in euros.

Domestic merchants must pay in Myanmar kyats, while foreign gem traders are required to make payments in US dollars, Chinese Yuan, or Thai Baht, depending on the type of lot. Minimum base prices are US$1,000 for pearl lots, €500 for gem lots, US$1,000 for finished jade and US$5,000 for raw jade.

Myanmar Gems Emporiums have been held since 1964 to generate foreign currency and economic benefits. The 61st emporium will continue until October 17.