The Ministry of Natural Resources and Environmental Conservation gave foreign gem merchants reduced deposits and bid limits at the 54th Myanmar Gems Emporium, according to a statement from the ministry.
Gem merchants were invited through the Foreign Jade Associations, respective embassies, and consulates, or by the Emporium Central Committee. They will be permitted to make bids up to a limit consistent with their minimum amount of deposit similar to previous years.
Yet the 53rd Gems Emporium announced a minimum deposit of almost $59,000 with a limit on bid of almost $1.2 million, while the 54th Myanmar Gems Emporium sets a minimum deposit of about $23,500 with a bid limit of close to $470,000, a 60% and 61% decrease, respectively. Before the Ministry of Natural Resources and Environmental Conservation instilled these limits, gem lots were sold in two ways: an open tender system and by bidding. This year’s 54th Myanmar Gems Emporium is only using an open tender system, i.e. a bidding process open to qualified bidders invited by the aforementioned institutions.
Items to be sold at the 54th Myanmar Gems Emporium include rough gems, cut and polished gemstones, jade carvings and gemstone pictures among other gem-related items.
J Thomson Custom Jewelers is active within the community present at the 54th Myanmar Gems Emporium and offers products and designs associated with those for sale at the event.
Photograph by MyanMar Times