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Myanmar Plans October Gem Auction

Aug 27, 2008 4:07 AM   By Avi Krawitz
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RAPAPORT... Myanmar is planning an auction of precious gems in October, according to Agence France Presse (AFP.)

An official from the Myanmar Gems Enterprise told AFP the sales would be based upon a competitive bidding system. Jade, pearls and precious gems will be among the lots on sale, he added.

The auction would be the first in Myanmar since President George W. Bush signed legislation in July to ban the import of rubies and jade from there into the United States in protest of the Myanmar military government’s human rights violations. The Jewelers of America (JA) supported the legistlation and was backed by major retailers such as Tiffany`s and Bulgari.

Myanmar relies on its precious gems trade as a key source of revenue and continues to sell to neighboring China and Thailand. Previous auctions in June and March raised more than $100 million each for the government.

Further details about the October auction were not made available, AFP said.
Tags: Auctions, Bulgari, China, Government, Jewelers of America, Myanmar, United States
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