Myanmar Gem Auction Rakes in Millions
Despite a call for a boycott from the US, NGOs and some human rights groups, Gem Dealers bought 600 lots of rubies at the 2008 24th Gems and jade sales, a 5 day auction in Myanmar.
In a report in the New Light of Myanmar, the state run paper, a total of 737 local and 281 foreign merchants attended the auction and bid for approximately 1,600 lots of gems and jade.
The profits from the sales have not been released but is expected to run into the millions. A similar auction, in November 2007 notched up $150 million.
Each auction generates over 100 million dollars yet Myanmar is still one of the worlds ‘poorest’ countries despite over 90 percent of all rubies originating from there.
Many counties including the USA have imposed bans on rubies from Myanmar but somehow they still seem to filter through.
Perhaps a Kimberly style process is needed to control these “blood Rubies.”