Myanmar to sell gems and pearls

Wed, 22 Oct 1997, 00:00 WIB | 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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