Jewelery Kingdom's Red Fire Business
Myanmar stands as one of the world's most significant producers of precious stones, with its gem and jade industry playing a central role in the country’s economy. Recently, a 13-day jewelry fair held in the capital, Naypyidaw, achieved an impressive turnover of 1.08 billion euros (approximately 1.44 billion U.S. dollars), marking a historic milestone since 1964. This event highlighted Myanmar's long-standing reputation as a global hub for high-quality gems.
The country is rich in natural resources, historically known as the "Golden Land" and "Jewelry Country." It is home to some of the finest rubies and jade in the world. The best ruby, scientifically known as "Burma Ruby," accounts for nearly 90% of global production, with superior quality. Similarly, the finest jadeite comes from Myanmar, particularly from the Kachin State, located in northern Myanmar near the border with Yunnan, China. This region spans approximately 96 to 97 degrees east longitude and 25 to 26 degrees north latitude, making it one of the most significant areas for jade and raw material production.
According to official data, minerals and precious stones rank as Myanmar’s third-largest export commodity. However, the sector operates largely within the shadow economy, with about 90% of transactions unrecorded. Since 2000, the Rangoon Jade Trade Fair, held four times annually, has significantly influenced jade prices, often leading to dramatic increases. Combined with mine bidding, jade prices have risen by at least five times each year in recent years.
Beyond jade, Myanmar is also the birthplace of high-quality rubies, emeralds, and other precious stones. The country produces nearly all of the world's top-tier emeralds, with over 100% of high-quality emeralds coming from Myanmar among the six major jade-rich regions globally. Each year, the value of Myanmar’s jade raw materials reaches around 2 billion yuan, showcasing the immense economic potential of this sector.
Visitors to Yangon’s Jewelry Exchange Market are often amazed by the variety and affordability of gemstones available. From small shops renting a few counters to large independent stores, the market attracts tourists from across the globe, including travelers from China, Thailand, Malaysia, and Western countries. The growing number of visitors has contributed to a tenfold increase in jade prices over the past few years.
Gemstone exports remain a crucial revenue source for the Myanmar government. Since 1964, the country has regularly held jewelry and jade auctions. From 2004 onward, these auctions took place three times a year, with transaction volumes steadily increasing. Annual revenue from these auctions alone exceeds $500 million, highlighting the economic significance of the industry.
Mining rights for jade are exclusively granted to Burmese citizens, either through private ownership or joint ventures with the government. These rights typically last for three or five years, prompting local investors to operate continuously due to time and cost constraints. Foreign investors, on the other hand, must partner with the Myanmar government. After the 1990s, jade mining was brought under stricter state control, with land auctioned by the government and only registered companies allowed to participate. All mined stones are taxed, then auctioned publicly in Yangon before being exported. Any unregistered stones can only be processed and sold domestically, with no private trading permitted in the mines. Since 2000, the government has intensified its oversight of emerald materials, which are now sold directly at the Yangon auction. The annual jade and jewelry trade fair continues to thrive, reflecting the enduring importance of this industry in Myanmar.
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