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Myanmar gems emporium drops in earning this year

Xinhua, July 7, 2015 Adjust font size:

Myanmar's 13-day gems emporium fetched 949 million euros (1.262 billion U.S. dollars) from sale of gem and jade lots at its closure on Monday evening, down from 3. 4 billion USD record sale in the annual event in 2014, according to the emporium sources on Tuesday.

Held from June 24 to July 6 in Nay Pyi Taw, the 52nd annual Myanmar gems emporium earned from sale of 126 gem lots and over 1, 000 jade lots through open tender and competitive bidding system.

The event attracted a total of 4,596 foreign and local gems traders. Of them, more than 2,000 were from China, China's Hong Kong, Thailand, Malaysia and Israel.

Last year's record-breaking sale saw the auction of over 6,000 jade lots, 126 gem lots and 224 pearl lots.

Myanmar started to hold gem shows in 1964 selling gems annually. Since introducing the mid-year one in 1992 and the special one in 2004, the gem emporium has now become a thrice event annually.

Since 1992, private companies have been allowed to work for jade and gems mining and Myanmar Gems Law was promulgated in 1995, allowing local citizens to excavate, produce and sell gems. Endi