Myanmar: Gemstones Market Reopens, Slowly Picking up the Pace

Myanmar’s gemstones market, which remained closed for months, is now slowly picking up with some traders reopening their shops.

The traders have prepared to resume the gemstone markets as soon as the government allows them.

“Some shops in Bogyoke Market in Yangon now reopens but receive very few foot traffic. The market has yet to pick up the normal situation,” U Thaung Tun, Secretary of Myanmar Gems and Jewelry Entrepreneurs Association, told Myanmar Business Today.

The jade market also remains closed for five months after Gemstone Expo sold in Myanmar Kyats in Naypyidaw, which coincided with the Covid-19.

The demand in the market is also not high with only lower-priced stones are being traded.

“One in five people who visit the shop buys the jewelry,” he added.

Written by Tayzar Bhone Myint/ Translated by Min Thu Aung