Burmese gem sales decline as tourism slumps

by Huaipi

Friday, 29 August 2008 22:13

New Delhi – With the decline in the number of tourists to Burma, sales of gems and precious stones have dipped to an all time low, jewelry shop owners in Rangoon said. Gems and jewelry shops in Burma's business hub and former capital Rangoon said their business has drastically dropped since the decline of tourists to the country since last September. "Usually our customers are from Thailand. Now they don't come to Burma. The sales has decline as the number of visitors fall," a manager at Rangoon's famous 'Gloria' Gems business said. Similarly, Sun & Moon Gem Trading House said they are facing sluggish sales as the number of visitors coming to Burma has declined this year. They said that they are now targeting Asian customers instead as their business is connected to the tourism industry. "The sales decline when the number of visitors falls," shop owner of the 'Sun & Moon' told Mizzima. Tour operators in Rangoon said the number of tourists has drastically declined following the September saffron revolution but the situation is worsened by cyclone Nargis that hit the country's delta region in early May. A gem store in Rangoon's popular Bogyoke market, which has regular customers at home and abroad, said "Our business was affected badly after Cyclone Nargis lashed Burma. Many gem stores are facing dwindling sales due to a decline in visitors to Burma." Topping the disasters, the United States Senate unanimously passed a law banning import of gems from Burma on July 22. The law bans importing Burmese jade and rubies to US either directly or through third countries. However, notwithstanding the US sanction and the disasters, Burma's ruling junta said it is all set to hold a mid-year gem auction in October at the Gem & Jewelry Museum in Rangoon's Kabaye Street. An official at the 'Myanmar Gem Trading' said the auction will be held from October 4 to October 16 and invitations have been sent to all Burmese missions abroad. "The embassies around the world are informed through letters, who then inform potential buyers and companies," said the official. The official added that the auction will include sales of gem stones such as rubies, jades, pearl and sapphires. Burma's military government annually hold three auctions of gems and jewelry and each show, according to the government, fetches at least USD 100 million. But the last auction in June, the regime said, has earned more than USD 120 million. "The auction held in June-July was an extraordinary show. And another regular show will be held in January," said the official. < Prev   Next >