Myanmar to sell gems and pearls

Wed, 22 Oct 1997 | Source: AFP

YANGON (AFP): Myanmar is to auction off gems, jade and pearls worth more than US$14 million at a sale in Yangon starting Thursday, organizers said yesterday.

Nearly 400 gem merchants from 18 countries are expected to attend the sale from Oct. 23 and Oct. 27, with viewing and inspection starting yesterday, deputy minister for Mines Hlaing Win told reporters.

Since a new gems law in September 1995, the sale and production of gems and jade is being handled increasingly by the private sector, although production and sale of pearls remains mostly in the hands of the state.

Two joint-ventures with foreign companies have been started recently. The gems law was enacted mainly to encourage privatization and to stem the illegal flow of Myanmar's gems overseas, Hlaing Win said.

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