Friday, August 18, 2017

54th Gem Emporium expected to gross €500 million

The 54th Gem Emporium is expected to bring in €500 million (K805.04 billion) because some high-quality jade is on sale, Myanmar Gem Enterprise Director U Ye Htut said.

The exhibition, which opened Wednesday and runs until August 11 at Mani Yadana Jade Hall in Nay Pyi Taw, features 6561 jade lots and 326 gem lots for sale.

There is no competitive bidding this year, only an open tender system. The total floor price for jade is €195.78 million, ranging from €4000 to €12 million, he said.

“The floor price is not a real and appropriate price. When people get interested, they offer more in the envelope, and we sell to the individual who pays the highest. If the quality is good, they offer high prices. For a €12-million jade lot, there may be no one to pay or there may be someone who pays more. If no one gives €12 million, it will not be sold. The floor price is set just to make people interested,” U Ye Htut said.

Twenty-two good quality jade lots are on offer, with prices of €1 million and above, €3 million, €4 million, €8 million and €12 million.

“Expensive jade with a price exceeding €1 million are high quality. Sometimes, you can’t find such a valuable stone even though you mine for a whole year,” he said.

About 4000 local and international gem merchants are attending the 54th emporium. Previous shows attracted 8000 to 10,000 merchants. But there are more buyers at the 54th emporium than there were at the emporium in October 2016, including 1000 more Chinese.

“More Chinese are attending this emporium and the jade is of better quality, so more revenue is expected,” U Ye Htut said.

The 53rd emporium earned €500 million and the October 2016 emporium €327 million. As the market is slack, the 54th emporium could earn around €500 million, he said.

“Sales depend on the China market – their demand, their shortage of raw gems. If they are short of gems, they pay more,” he said.