The Second Yangon International Gems and Jewellry Fair will take place at the Lotte Hotel in Yangon from 9 to 12 January.
“The Gems and Jewellry Entrepreneurs Association is looking to invite international entrepreneurs, although some American merchants and jewelers have refused to buy Myanmar’s gems and jewellry,” said U Aung Myint, the vice chairman of the Gems and Jewellry Entrepreneurs Association.
The purpose of the fair is to develop the gems and jewellry trade in the country, penetrate international markets, and develop cooperation in the local market. The event will feature regular sales as well as sealed-bid auctions, which will allow participants to buy high-quality items.
“About 600 international gems and jewellry traders, over 6,000 local traders, and over 7,000 visitors attended the first exhibition held on 13 January. The first exhibition’s sales did not meet our expectations,” said U Aung Myint.
Sales amounting to K300 million were recorded within two days of the first event, according to the association.
For the second exhibition, the authorities have made arrangements so foreign buyers can take their purchases home without delay. They will be required to pay only 6 per cent tax on their purchases. Local buyers will have to pay 11 per cent tax, including a 5 per cent commercial tax.
Local and foreign visitors will be able to make purchases with master cards, visa cards, union pay cards, JCB cards, and MPU cards at the fair.
The event will also include lucky draws for buyers making purchases of above K500,000. Additionally, local and foreign experts will be invited to host workshops, awareness talks, and seminars at the fair.
All those who are interested in the event will have to bring their passport, NRC card, driving license, or student ID for registration.
(Translated by Hay Mar)