The Third International Gems and Jewelry Fair including pieces with price ranges from US$2,000 to US$500,000 will be held in Yangon, according to Gems Entrepreneurs Association (Yangon). 

The fair will be held at LOTTE HOTEL on Pyay Road, Yangon, from January 10 to 13. 

There will be 128 sales booths displaying 74 lots of gems and jewelry worth over US$4.9 million. Those products will be sold under sealed-bid auction. 

For foreign merchants who want to attend the fair, Gems Entrepreneurs Association (Yangon) will arrange visas, hotel reservation, and transportation. 

For regular sales, foreign buyers need to pay six percent tax and local buyers 10 percent tax. For auction sale, foreign buyers have to pay 10 percent tax and local buyers 15 percent tax, said Myint Thet Naing, vice-chairperson of Gems Entrepreneurs Association (Yangon).