Burmese Authorities to Relocate Mandalay Gem Market to Rangoon

By Min Lwin
The Irrawaddy News
www.irrawaddy.com
January 21, 2008

The Burmese government is set to move the country’s biggest gem market from Mandalay to Rangoon, according to local gem traders in Mandalay.

“The authorities want to move the Mandalay gem market to Rangoon because it would be easier to control and export large quantities of gems legally,” Than Tin, a Mandalay gem dealer, told The Irrawaddy.

The buying and selling of gems and stones, especially the jade market, has slowed drastically in Mandalay because of the relocation news.

The Mandalay gem market buys gems and stones, including jade, rubies, sapphires and other precious stones, from six areas of Burma: Mogok in Mandalay Division; Mongshu in Shan State; Khamti in Sagaing Division; and Moe-Nyin, Hpakant and Namya in Kachin State.

A former gem market in Mandalay, known as Daw Net Wine, had functioned for several decades at its location between roads 85 and 86.

The Mandalay City and Development Committee moved the market to a new location, called Maha Aung Mye Kyauk Myat Wine, in late 1997, housing more than 2,000 shops manufacturing, selling and buying gems between roads 40 and 38 in southwest Mandalay.

The Mandalay gem industry is one of the largest employers in the area. A businessman who sculpts jade figurines said the relocation would be difficult for hundreds of thousands of people.

Mandalay has seen a boom in jade sculpting for several years, and the jade trade is the biggest source of jobs for local people.

“Most of the jade, rubies, sapphires and other precious stones in the Mandalay gem market are purchased by local traders who are making gem products," Than Tin said.

He said some precious stones are bought illegally by Chinese dealers and sent to Hong Kong and Macau.

“Everyone is disappointed,” said Than Tin. “They don’t want their businesses to move to Rangoon.”

The gem trade district to be located in Rangoon will include the Myanmar Convention Centre and the Royal Ruby Jade Hotel in Mayangone Township in Rangoon.

Meanwhile, the military government sold 600 lots of gems and jade in an auction from January 15 to 19 organized by the Union of Myanmar Economic Holdings Company Ltd, a Burmese military corporation, according to The New Light of Myanmar. The gross sales figure was not released.

The United States and the European Union recently tightened sanctions against Burma’s precious gems and stones industry.