Ignoring International Sentiment, Myanmar to Auction Gems

Myanmar plans to hold a gems and jade auction next month, even though international public sentiment towards the country’s leadership has of late been increasingly negative. A boycott of their gems is also being considered.

According to New Light of Myanmar, an official newspaper, the auction will be held November 7-19.

Ruby-rich Myanmar generates as much as $100 million at each such auction, an important source of income for the ruling junta.

Against the backdrop of the violent crushing of peaceful demonstrations led by Buddhist monks, Jewelers of America (JA) has asked the U.S. congress to ban the import of gems from Myanmar.

Until such a ban is placed, a few high-end companies, including Cartier and Tiffany & Co., have already announced that they will not buying gems that are from, or that could possibly be from, the country.