Than Htike Oo
Mizzima News
January 21, 2008
Western sanctions which imposes a ban on Burmese gems and jades does not seem to be working out. The recently concluded gems and jade auction in Burma's former capital Rangoon has proved that the sanctions, particularly a ban on import and export of Burmese gems and jade, have been ineffective, a Burmese economist said.
Burma's ruling junta said it has sold off 357 lots of jade in an auction concluded on Saturday, the state run media New Light of Myanmar said. The 25th auction was attended by 281 foreign businessmen, the paper added.
Dr. Khin Maung Kyi, a retired Burmese economist based in Singapore said the auction only proves that the junta is squaring off sanctions against the Burmese gems and jade import and export.
"It is easy for the junta to sell the gems and jades as there are always prospective buyers or businessmen wanting them," Khin Maung Kyi said.
Despite the western sanctions, the Burmese junta will always find a way out as the Chinese are keen to purchase these natural resources, he added.
"I think the sanctions have little impact because even if the west bans import and export, the junta will always be able to sell it to China," Khin Maung Kyi said.
Though the US and EU hardened its stance on economic sanctions including the ban on import and export of gems and jade following the Burmese military regime's brutal crackdown on monk-led protests in September, Burma has been regularly holding such auctions and is earning its much needed foreign exchange.
The Burmese junta, however, did not reveal how much it has earned from the five day auction. A similar auction in November earned an estimated US $ 150 million.
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