Jewelery Kingdom's Red Fire Business

Myanmar stands as one of the world’s leading producers of precious stones, with a long-standing reputation as a land rich in natural treasures. Recently, the 13-day jewelry fair held in Naypyidaw, the capital, achieved an impressive turnover of 1.08 billion euros (about 1.44 billion U.S. dollars), marking the highest ever sales in the history of jade, gem, and pearl trade since 1964. This event not only highlights the country's wealth in gemstones but also reflects its growing influence in the global luxury market. Known historically as a “golden land” and a “jewelry country,” Myanmar is home to some of the finest gems in the world. The renowned ruby, often referred to as the “King of Gemstones,” is primarily sourced from Myanmar, accounting for nearly 90% of global production, with unmatched quality. Similarly, the best jadeite—considered the most valuable form of jade—is found in the Kachin State, located in northern Myanmar, near the border with China’s Yunnan province. This region, spanning roughly between 96° to 97° east longitude and 25° to 26° north latitude, is known for its dense jade deposits and has become a focal point for both local and international traders. Despite the official statistics stating that minerals and precious stones are the third-largest export commodity, the industry remains largely unregulated, with approximately 90% of transactions occurring in the informal or “shadow economy.” Since 2000, the Rangoon Jade Trade Fair, held four times a year, has significantly influenced jade prices, which can surge by more than five times annually due to competitive bidding and limited supply. This volatility has made Myanmar’s gemstone market both lucrative and unpredictable. Beyond jade, Myanmar is also a major producer of rubies, emeralds, and other high-quality gemstones. The country accounts for almost all of the world’s top-tier emeralds, making it a critical player in the global gem trade. Each year, the raw materials extracted from Myanmar’s mines generate billions of yuan in revenue, further cementing its status as a key supplier of luxury goods. Tourism has also played a role in boosting the demand for Myanmar’s gems. At the Yangon Jewelry Exchange Market, visitors from countries like China, Thailand, Malaysia, and the West are drawn to the vibrant shops offering affordable yet attractive gemstones. As tourist numbers rise, so do jade prices, with some items now costing ten times more than they did just a few years ago. The government recognizes the importance of gem exports, and since 1964, it has regularly held jewelry and jade auctions. From 2004 onward, these auctions became more frequent, taking 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 sector. Jade mining rights in Myanmar are reserved exclusively for Burmese citizens, either through private ownership or joint ventures with the government. These rights typically last for three or five years, prompting many investors to operate around the clock to maximize output. Foreign investors, on the other hand, must partner with the government. After the 1990s, jade mining was brought under stricter regulation, with the government auctioning land and allowing only registered companies to participate. Mined stones must be taxed, then sold at public auctions in Yangon before being exported. Any unregistered stones can only be processed and sold locally, preventing unauthorized trading. Since 2000, the government has also tightened control over emerald materials, ensuring they are sold directly at auctions, maintaining the integrity and value of the market.

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