Myanmar Puts €60 Million Worth Of Gems And Jade On Sale At Mid-Year Auction

The Associated Press writes:
http://www.iht.com/articles/ap/2006/10/19/asia/AS_GEN_Myanmar_Gems.php

YANGON, Thailand. Myanmar plans to sell more than €60 million (US$75.4 million) worth of gems and jade at its annual midyear gem emporium in Yangon to foreign buyers, including dealers from Western countries whose governments have barred most trade with the military-run country, a senior official said Wednesday.

Altogether 1,500 gem merchants from 10 countries, including China, Thailand and the United States, are expected to attend the 10-day auction, which began Thursday, Thein Swe, managing director of the state Myanma Gems Enterprise, told reporters.

The largest contingent of 900 gem merchants will be coming from China, which is the main market for jade.

Buyers from the United States have to carry out business transactions in euros instead of U.S. dollars because Washington has banned imports from Myanmar and prohibited dollar remittances to the country, among other sanctions.