Myanmar will hold a special gem sale in the Convention Center in June-July of this year as an addition to an annual and a mid-year gem shows in a bid to increase foreign exchange earning, a state-run press reported Sunday.

Domestically produced quality gems, jade, pearl and jewelry will be displayed and sold through competitive bidding and at fixed prices at the special gem sale slated for June 20-July 4, said the New Light of Myanmar.

Such special sale will be third added since three years ago.

In March this year, there was an annual Myanmar gems emporium, which was the 43rd on annual basis, breaking sale record since it was introduced with 84 million euros (101 million U.S. dollars), traders said.

Foreign exchange proceeds are regarded by the authorities as legal export earning.

Myanmar started to hold gem shows annually in 1964 and since then the country has earned a total of over 600 million dollars from such events including the mid-year ones introduced since 1992 and the special sale since 2004, according to official statistics.

Myanmar, a well-known producer of gems in the world, possesses nine gems -- ruby, diamond, cat's eye, emerald, topaz, pearl, sapphire, coral and a variety of garnet tinged with yellow.

There are three famous gem lands in Myanmar -- Mogok in Mandalay division, Mongshu in Shan state and Phakant in Kachin state.

To develop gem mining industry, Myanmar enacted the New Gemstone Law in 1995, allowing national entrepreneurs to mine, produce, transport and sell finished gemstone and manufactured jewelry at home and abroad.

Since 2000, the government has started mining of gems and jade in joint venture with 10 private companies under profit sharing basis.

Source: Xinhua