CHINA’S economic boom is helping boost Myanmar jade sales, as evidenced by this month’s massive jade and gem auction, a senior official from the state-owned Myanma Gems Enterprise (MGE) said last week.

The most recent 12-day auction, which ended July 2, earned an estimated 98 million euros (US$125 million), according to one of Myanmar’s largest jade traders who requested to remain anonymous.

The government did not release a figure.

The auction, which was primarily jade but included gems and pearls, was the biggest in Myanmar’s history, surpassing an auction in March this year when an estimated 84 million euros were raised.

“The enterprise sold more than 2300 jade lots out of 3218 on offer,” MGE (Jade) deputy director U Zaw Win Naing said of the most recent sale.

He attributed the rise in sales to a record number of Chinese merchants attending.

“As the Chinese grow richer and richer, their demand for jade grows higher and higher.”

He added that commercial opportunities offered by the 2008 Beijing Olympics was another factor driving Chinese jade demand.

“The Chinese are making jade sculptures and statutes for the Beijing Olympics, which they will sell to foreigners who go to the Games,” he said.

“They have a plan to make a lot of jade sculptures to sell during the Olympics.”
To exploit the rising demand, the government in recent years has increased its “special sales” from twice yearly to three or four times a year.

An increasing number of private mining firms participating in the sales were also contributing to their success, U Zaw Win Naing said.

“Miners rarely displayed their jade at the emporiums and special sales in the past, but they’ve changed their view now and are joining with the MGE to display their jade.”

He said this was how the enterprise managed to hold the large-scale sales it had this year.

Production had also been rising, he said.

In 1992, the government allowed private jade and gem miners to produce precious stones for foreign markets. At that time, however, most of the land where jade is found was in insurgents’ hands. With a reduction in hostilities, state and other private companies have been able to exploit the land.