YANGON-The opening ceremony of 3rd Yangon International Gems and Jewellery Fair 2020 was held at Lotte Hotel in Yangon yesterday morning, attended by Yangon Region Chief Minister Phyo Min Thein.

The fair was being organized by Gems and Jewellery Entrepreneurs Association(Yangon).

“Myanmar is rich in natural resources and it also produces world renowned precious gems. Likewise, Hpa-kant region in Kachin State produces many jades so also Mogok Ruby is very famous. Concerning precious gems, Myanmar is designated as one of the countries which are in rich natural resources. However, we are weak to widely implement the gems market in Myanmar. So, we are striving to build the market concerning the gems and urge gems entrepreneurs to establish Yangon gems market and to attract international customers,” said Chief Minister Phyo Min Thein.

Afterwards, Chairman La Phai Khunsar from Federation of Myanmar Gems and Jewellery Entrepreneurs Association delivered a speech and Chairman Thein Win Zaw from Gems and Jewellery Entrepreneurs Association(Yangon) also expressed thanks.

The Yangon Region Chief Minister and officials observed the Sealed-Bid Auction booths and shops.

The fair aims to penetrate the international market through exhibition of Myanmar’s gems, to rebuild international gem market in the country and to upgrade development of jade and refined gems market and technology.

Moreover, the fair includes over 120 stalls and it is being held from January 10th to 13th.

Sales will be made using the direct payment method after prices are negotiated through a sealed-bid auction.

According to the Yangon Gems and Jewellery Entrepreneurs Association, the sealed-bid auction will be a highlight at the fair.