PLANS to build a several large jade warehouses and accommodation for visiting jade and gem merchants will help Yangon establish itself as an international jade trading hub, according to an official from the state-run Myanma Gems Enterprise.

Construction is currently underway on two warehouses near the Myanmar Convention Centre (MCC), which hosts the MGE’s biggest jade sales, with plans to build a further six or seven warehouses in the future, according to U San Lwin, whose company, Ruby Dragon Co. Ltd, will rent the first two warehouses being built by the Yangon City Development Committee.

Ruby Dragon Co., which operates several jade and gem mines in upper Myanmar, is also planning to building “at least one” hotel near the convention centre in Mayangone township, U San Lwin said.

The only hotel currently near the MCC, the Royal Ruby Jade Hotel, usually fills up several times a year when the MGE hosts its jade and gem emporiums, U San Lwin said, adding that the hotel Ruby Dragon planned to build on Taw Win Road was aimed at attracting visiting Chinese merchants. The hotel’s design is yet to be finalised.

The MGE official, who asked not to be identified, said the jade warehouses would give Myanmar traders a place to store their jade upon delivery from mining areas, mainly Kachin State in northern Myanmar.

“When a gem emporium begins they will be able to just move their jade from the warehouses to the MCC, where emporiums usually take place,” said the official.

Miners currently must find their own places to store jade in Yangon before auctions.

The MGE official said the warehouses will also save producers money by allowing them to keep unsold jade in Yangon for the next sale instead of transporting it back to their operation bases in upper Myanmar.

The enterprise will hold its next, “mid-year” gem emporium from November 7 to 21, with jade to be displayed at the Myanmar Convention Centre and gems and pearls at the MGE’s headquarters, also in Mayangone township, the official said.

He added that it was uncertain if the warehouses would be completed before the coming auction.

The MGE is expecting the 15-day emporium to be the biggest in Myanmar’s history, surpassing two consecutive record-breakers in March and July this year.

“We anticipate more jade lots will be sold than at any previous emporium,” the official said on September 20, adding it was still too early to say how many jade lots would be on offer.

At the MGE’s July sale, more than 4300 jade lots were sold out of 5880 up for auction.

Another official with the enterprise said jade was once again expected to attract the most bidders, while gem sales would be “steady”. The number of gem lots sold fell to 27 in July from 47 in March.

More than 2000 foreign merchants, mostly from China and Thailand, are expected to attend the November auction.