“The Chinese buyers totally control the gems market, especially the jade trading, where prices have fallen more than 50 percent,” a jade trader in Mandalay told The Irrawaddy on Tuesday.

Chinese Traders Scooping Up Mandalay Gems, Precious Stones

Chinese traders have managed to dominate the precious gems and jade market in Mandalay, paying jade prices as much as 50 percent under the stone’s value, say jade traders in Mandalay.The buying and selling of gems, especially jade, came to a near halt in the past few months, exacerbated by Chinese buyers exporting gems and stones illegally, according to Mandalay gem traders.
Myo Thu, who mostly deals in private jade sales and monitors the jade trade in Mandalay, estimated that jade sales have dropped more than 65 percent.

“The jade market is quiet, even through Chinese buyers come to the market. But they give no more than what traders paid for the stone,” he said. continue

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