Gem traders in Mandalay say they will submit a petition to the watchdog that controls the sale of the Myanmar’s gems, demanding they tighten their watch on foreign investors who they allege create false identities to buy precious stones at markets designed exclusively for local traders.
The petition will be submitted to the Myanmar Gems Emporium Organising Committee on October 7, Ko Myo Myint Naing, a member of the Myanmar Gems and Jewellery Entrepreneurs Association told Mizzima on October 5.
Ko Myo Myint Naing said the petition comes ahead of the gems emporium due to be held in Nay Pyi Taw on October 14, where purchase of gems will be made in kyat.
“If foreigners come and buy the gems, they will distort the market, we cannot afford to compete against them in buying these gems” said Ko Myo Myint Naing.
He said he believed the organising committee were aware of this practice but allowed it to continue.
“Myanmar has held gem emporiums intended for them [foreign traders] and they must buy their gems there, but they have used a number of way to buy gems at the emporiums designed purely for the domestic market,” Ko Myo Myint Naing added.
Members of the entrepreneur association said they will demand the organising committee take steps to improve the monitoring of who is really buying the gems, reveal violations they find and take effective action to halt the practice.
