Resources abundant, but Myanmar yet to build a large-scale gems market: U Phyo Min Thein

Yangon Region Chief Minister U Phyo Min Thein looks around the display area at the third Yangon International Gems and Jewelry Fair 2020 in Yangon. Photo: Supplied
Yangon Region Chief Minister U Phyo Min Thein looks around the display area at the third Yangon International Gems and Jewelry Fair 2020 in Yangon. Photo: Supplied

Although Myanmar has rich deposits of gemstones, greater government support is required to build an extensive gems market in the country, said U Phyo Min Thein, the Chief Minister of Yangon Region.
He made the remarks at the opening ceremony of the third Yangon International Gems and Jewellery Fair 2020, which was held on 10 January at the LOTTE hotel on Pyay Road in Yangon. The fair was organized by the Myanmar Gems and Jewellery Entrepreneurs Association.
“International gems traders recognize Myanmar as rich in natural resources. Although our country has abundant gemstone resources, we have not been able to penetrate the country’s market extensively. So, we need to try to build an extensive market in the country in the future,” said U Phyo Min Thein.
“We cannot build a gems and jewellery market without sufficient support from the related Union Ministries,” he added.
“Although we are trying to build a gems and jewellery market in Mandalay, Yangon, and Nay Pyi Taw, the Yangon market has the highest potential. So, annual gems and jewellery expos are being launched with the support of the Yangon Region government,” he said.
“We are supporting annual gems and jewellery expos to build the Yangon market. We are supporting the expos because we want foreigners to come to the expos. We want foreigners to purchase jewellery in Myanmar and come to sell them in Myanmar. To realize these plans, we need to create good opportunities, assist in import of jewellery, and help international buyers take purchased jewellery back to their country. However, we cannot succeed without support from the related Union Ministries,” said U Phyo Min Thein.
However, while gems and jewellery expos are being launched, many challenges are being faced, he added. In order to overcome these challenges, the Yangon Region government will negotiate with the related Union Ministries to make the expos in Yangon a success. (Translated by Hay Mar)

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