Gems traders in Mandalay to protest decline in jade market
Gems traders in Mandalay plan to hold a protest tomorrow, calling on the government to take action to bolster the region’s slumping jade market. According to U Than Win, one of the protest’s leaders, the market for jade in Mandalay has been in decline for almost three years and now many traders are finding it difficult to eke out enough of a living to put food on the table each day. “Most gems traders are facing difficulties and are getting into huge debt. The reason that the jade market is being destroyed [in Mandalay] is that companies are mining excessively for jade using machine power and then exporting it to China. As they find huge valuable stones, the lower-quality gems here are being devalued,” said U Than Win. U Soe Lwin of Myanmar Soe Moe Gems Company said sales are falling in the current gems market and that sellers are at the mercy of buyers in determining prices.
