Those engaged in Mogok gem
and jewellery businesses are reportedly
faced with difficulties
from a result of changes in two
main export markets; India and
India withdrew 500 and 1,000 rupee notes in an effort to fight corruption, and Thailand suspended gem trading after the loss of King Bhumibol Adulyadej. As a result, the market has cooled significantly, said the gem and jewellery merchants.
Currently, new marketable gems flowing into the market have become rare despite many gem mining blocks.
There are over 600 legally permitted mining blocks in Mogok town, with over 600 acres of block. About 160 varieties of gems consisting of rubies, sapphires and precious jewellery are extracted from the mining blocks, it is learnt.
Although the Mandalay gem market is cool, raw jade stones are selling well in Phakant jade market.
The export value of minerals as of 16th December in this fiscal year slumped by US$176.983million compared to that of the last fiscal year.