An MGE employee washes jade at the start of the November 14-26 emporium in Yangon.

THE state-run Myanma Gems Enterprise has put gems, jade, pearls and jewellery worth about US$300 million at floor prices on sale at a mid-year gems emporium in Yangon, MGE officials said last week at the start of the November 14-26 event.

Foreign merchants from more than 20 countries and regions including China, Hong Kong, Thailand and Canada are expected at the sale.

The New Light of Myanmar said on November 16 that a total of 3349 traders, including 2132 foreigners, were attending the emporium. On display are 5140 jade lots, 274 gem lots and 259 pearl lots.

Among the jade up for grabs is a block weighing 171 kilograms, which tops the floor prices at 80 million euros (US$100 million). Another piece of jade weighing 83kg is valued at 50 million euros ($62.5 million).

Meanwhile, traders and officials said sanctions imposed by Western nations were unlikely to have a great impact on sales at the emporium because nearly all buyers are from Asian countries that have no stomach for trade embargoes.

– Agencies