NEWS - Myanmar Posts Over 7 Mln Dol

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Subject: NEWS - Myanmar Posts Over 7 Mln Dollars at Gems Emporium / MORE MONEY FOR WEAPONS

NOTE:  MORE MONEY FOR WEAPONS

Myanmar Posts Over 7 Mln Dollars at Gems Emporium

YANGON (Oct. 19) XINHUA - A total of 7.009 million U.S. dollars worth of
locally-produced gems, jade, pearls and jewelry were sold through
competitive bidding or tender at the 8th Mid-Year Myanmar Gems Emporium
which ended here Monday. 

The week-long state-sponsored emporium, which began on last Tuesday,
attracted more than 500 gems merchants of 112 companies from 11
countries and regions, mostly from China's Hong Kong Special
Administrative Region and Thailand. 

Myanmar's mid-year gems emporiums have been held every year since 1992
for sales promotion as a supplement to the annual emporiums held since
1964. 

According to official statistics, Myanmar has earned 272 million dollars
from the last 36 annual and seven mid-year gems emporiums. 

Myanmar, a well-known producer of jade, ruby and sapphire in the world,
is striving to create a systematic gem market in line with its
market-oriented economic system introduced in late 1988. 

While permitting the local private sector to mine and process gems in
the country, the government has also set up joint ventures with
companies from Thailand, Malaysia and Israel for gems extraction and
processing. 

In the last few years, Myanmar's gems emporiums were highlighted by the
sale of gems and jewelry produced by the Myanmar VES Ltd., a joint
venture between the state-run Myanmar Gems Enterprise and the VES Group
Co. of Thailand.