The opening ceremony of the Mid-Year Myanmar Gems Emporium 2023 was held in Nay Pyi Taw on October 20. The current emporium will put 300 lots of pearl, 160 lots of gems and 4,025 lots of jade on sale to local and foreign gem merchants through an open tender system.

SAC Chairman Senior-General Min Aung Hlaing, SAC Joint Secretary Lt-Gen Ye Win Oo, Union Ministers, Union level officials, chairman of Nay Pyi Taw Council, high ranking officials from commander-in-chief office, departmental officials, and officials from Myanmar gems enterprises and invited guests attended the opening ceremony.

In selling pearl and gem lots, the floor prices were set in the US dollar, and foreign merchants can buy pearl and gem lots in the US dollar, euro, yuan and baht but local merchants can purchase them in Myanmar kyat.

Jade lots were classified in three groups. Jade lots of A and B classes will be sold in foreign currency and C class is set for encouraging MSME businesspersons.

A total of 500 lots of jade in Class A were set floor price in US dollar, and not only foreign gem merchants but local merchants must buy these jade lots in US dollar, euro, yuan and baht.

A total of 1,733 lots of jade in Class B were set at floor price in US dollar. Foreign merchants have to buy them in foreign currencies and local merchants in Kyat or foreign currencies.

A total of 1,792 lots of jade in Class C were set at floor price in Kyat for encouraging MSME businesspersons, and only local gems merchants can buy them in Kyat for payment.

The current Mid-Year Myanmar Gems emporium will be held from 20 to 28 October.

In order to generate foreign income for the state and economic benefits for the citizens, Myanmar gem emporiums have been held since 1964.