Myanmar Gem MarketThe Myanmar Gem Market
"He said, "The largest gem market is not in Myanmar, but in neighboring nations, Thailand, China and India. Myanmar has been producing ten thousand tons and carat of gemstones annually for 15 years, according to the state. "I found a rupee in a store in Bangkok two years ago that was worth about $15,000.
That same ruby would be sold in Myanmar for less than $1000," he said. It proposed that Myanmar should become an alliance of gem stone industries that could monitor the standardization, quantity and manufacture of gemstones and govern the country's gem market. "We have many federations in Myanmar that govern other industries such as rices, legumes and broadbean and wood, but we don't have a federation that deals with precious stones and jewellery," said U Maung Sein.
"If we had an impact on the global market, the gem stone sector could make as much of a contribution to the country's economic development as other sectors," he said. "The ruby and our pomegranate already have a good name. "It' s good that the goverment organizes gem shops twice a year, but we should have a large global gem market that works all year round," he added.
Maung Sein said that in recent years the output of gemstones, especially ruby, has declined. Ruby output in the state fell from about 7.24 million karat in 1996- 1997 to about 1.42 million karat in 2002-2003, according to data released by the Ministry of National Planning and Economic Development.
Ruby is also found in Afghanistan, Vietnam and Tanzania, but Myanmar is the most precious and precious, as are Myanmar's Java, Saphir, Peruidot, Spinell and many other precious stones. Myanmar has three ruby mines: the ruby and the ruby: Mandalay Division, Moog Hsu in South Shan State and a new ruby pitch near Nam Yar in Kachin State.
Over the past ten years, Myanmar's gem stone manufacturing industries have evolved from conventional manufacturing techniques, resulting in bulk manufacturing at 1:i1ine locations. Liberalization of Mogok mines; the mine was started in 1991 by the Myanma Gems Enterprises state. The company transferred its gem cutting activities to the Union of Myanmar Economic Holdings Ltd in Mogok, Mong Hsu, Nam Yar and Pharkant in 1995.
Although mechanization has assisted the mines to find gems faster, the gems are becoming increasingly hard to find. The Union of Myanmar Economic Holdings manufactured eight million carat of ruby in 1997-1998, but the number fell to three million carat in 2001-2002. "Myanmar should focus on value creation in the face of the situation," said U Maung Sein.
"The majority of retailers sit around and wait for foreign shoppers to show up and never consider using modems to market," said U Maung Sein. The other top gem dealer said that the ruby offer has decreased by about SO percent in the last two years.