A man shows off the prize jewel of the MGE sale, a high-grade ruby with a base asking price of $625,000, at the Myanmar Convention Centre, October 19. Pic: Aung Tun Win

THE state-run Myanma Gems Enterprise on October 19 launched its fourth precious stone auction this year, which could bring in up to 60 million euros (US$75 million), according to government estimates.

Thousands of lots of jade, pearls and gemstones will be on sale until October 29, and 1500 gem merchants from 10 countries, including China, Thailand and the United States, are expected to attend the emporium, MGE managing director U Thein Swe said at a press briefing October 19.

“We can display more gems, jade and pearl lots than previous emporiums,” he told reporters as the emporium got underway at the Myanmar Convention Centre in Yangon.

A total of 4996 lots held by the government and private producers – including 4237 of jade, 468 lots of gems and 291 of pearls – are on display, which is three times the amount in 2004 and twice 2005 levels, U Thein Swe said, adding that more jade lots were on offer because of market demand.

Some 1300 gem merchants from China and 126 from Thailand and eight other countries were expected to attend the sale.

Among the pieces on offer is a ruby weighing 7.2 grams with a base bidding price of $625,000 and a jade block weighing 1188 kilograms, which does not have a base price.