Myanmar Government Closes Emerald Mine or Triggers Chain Reaction in Yunnan Market

Ruili June 6th Myanmar media recently reported that the Myanmar Ministry of Mines has announced that it will close most of the emerald mines in northern Myanmar. Analysis of the Chinese industry, this move will directly affect the supply of jade in Yunnan Ruili, may lead to a new round of jade prices soared.

The closure of the jade mine by the government of Myanmar triggered hot public opinion in the Ruili jewelry market in Yunnan. When the reporter from the China News Agency visited the market, it was learned that many jewelers were very concerned about this situation and began to "sell goods" and prepare for countermeasures. "In recent years, with the continued development of the Burma jade mine, the high quality jadeite wool material will have been hard to find, and the closure of the jade mine will continue to reduce the amount of jadeite raw materials." Mr. Wang, who has been engaged in the trade of jade wool for a long time, told reporters that he had planned to release his hand. Several pieces of wool should wait and see what the market is saying."

“The closure of the jadeite mine means that the supply of Ruili jade wool is cut off,” said Jiang Jinsong, president of the Jade Association of the Asian Jewellery Federation. This may trigger a series of chain reactions in the jadeite market in Yunnan and may cause a new round of jadeite prices to soar. .

Ruili City, Yunnan Province is close to Burma, the world’s famous gemstone producer. Ruili has more than 4,000 merchants engaged in jewellery business, employs more than 20,000 people, and has annual sales of 2 billion yuan. After years of development, Ruili has become an important jewellery distribution center in Southeast Asia. There are currently tens of thousands of businessmen from various parts of China and from Burma, Pakistan, India, Bangladesh and other countries in the jewelry industry. (Finish)

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