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MYANMAR – It is reported that the 2023 mid-year gem fair, aiming to earn foreign currency, will be held at Mani Yadanar Gem Hall in Nay Pyi Taw from October 20 to 28.
The exhibition was attended by the Chairman of the Military Council, and the security was particularly tight, according to the participants.
In the past, trades were allowed in Euros, but in this exhibition, only US dollars is allowed while the insurance deposit can be paid in USD equivalent amounts of Euros, Yuan, and Baht.
In addition, at this exhibition, local traders for MSME enterprises will be sold low-grade stones in Myanmar kyats.
It is reported that 300 pairs of pearls, 160 pairs of gems, and 4,025 pairs of jade will be sold through an open tender system.
According to the type of stone pair, the minimum insurance deposit rate and permitted purchase are as follows:
-Deposit US$ 2,000 for any purchase of 20,000 worth of jewelry.
-For jade group A, a security deposit of US$ 50,000 and a maximum purchase of US$ 500,000
-For jade group B, a security deposit of US$20,000 and a maximum purchase of US$200,000
-For jade group C, a security deposit of 5,000,000 kyats and a maximum purchase of 50,000,000 kyats.
Since the start of jewelry exhibitions in Myanmar in 1964, there have been 99 exhibitions that sold in foreign currency.