Jade sale plummeted at Myitkyina emporium

Seng Latt Aung / March 19, 2020

The amount of the jade lots being sold during the 3rd Jade Emporium held in Myitkyina last month has been reduced to 3.6 billion kyats (US $2.5 million) compare to previous one.

More than 400 jade lots out of over 600 lots displayed at the 3rd Jade Emporium in Myitkyina were sold with the total price of 2.4 billion kyat (US $1.6 million), according to Ze Lum, the president of Gemological and Jewellery Association of Kachin State. The 2nd Jade emporium made 6 billion kyat (US $4.2 million).

“Only a limited number of jade were sold,” Ze Lum said. Many Chinese traders didn’t show up at the emporium due the recent outbreak of coronavirus and travel restrictions, he added. Jade and Gems Emporiums have been convening regularly in major cities across the country.

The jade business has been slowing down since early of last month because of the shortage of Chinese buyers whom believed to avoid the business trips during the outbreak of coronavirus outbreak in China.

Burma is a home of the largest and the best quality jade reserve in the world. Hpakant jade mine in Kachin State accounts for generating billions of dollars annually. Over a hundred major companies invested in jade mining and most of them owned by the top leaders of Burma Army and some ethnic armed organizations and their associates.

Seng Latt Aung is a reporter based in Myitkyina, Kachin State.