Jade merchants urge caution ahead of July emporium
June 6 - 12, 2011
SOME jade traders are warning about unscrupulous Chinese buyers ahead of the next Myanmar Gems Emporium in July.
Ko Kyaw Kyaw Hein, a spokesperson for Thida Mya Nan Jade Company, said his firm has had some bad experiences with Chinese buyers at previous auctions.
“My company has taken part in all of the three emporiums in Nay Pyi Taw and we’ve encountered some unreliable buyers. In our experience some buyers pay their deposits during the event but just disappear afterward and we never hear from them again,” he said.
He added that some companies refuse to finalise payments even after receiving the stones they said they would purchase.
“Most of our sales are on credit and it takes so long for us to get the payments sometimes; some buyers refuse to pay up,” Ko Kyaw Kyaw Hein said.
U Phone Aung, the owner of Global jade company, advised exhibitors to only make deals with international buyers they know, regardless of how much an unknown buyer is willing to pay.
“Local jade and gems companies rely on the emporiums to generate quick sales to international buyers but it’s just as important to find reliable partners,” he said.
A Myanmar Gems Enterprise spokesperson said the organisers of the auction are aware of the problem and said disreputable buyers will be blacklisted.
“Myanmar Gems Enterprise will blacklist buyers and companies that do not promptly settle accounts when the seller here informs us,” he said.
The emporium will run from July 1 to 13 and is likely to auction double the 20,000 lots available at the 48th Gems Emporium that ran from March 10 to 22 this year.