Myanmar is working to establish the first ever gem merchants' association to enhance the development of the country's gem mining industry, according to gem business circle Saturday.

The Myanmar Gem Merchants' Association (MGMA) will stand as a fraternal business organization with the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI), the country's largest business organization.

The MGMA, being set up with the support of the Ministry of Mines, is aimed at providing gem-related information, encouraging gem shows abroad and enabling foreign gem traders to directly deal with the MGMA, the sources said.

Underlining that Myanmar gemstones have a good reputation and win customers satisfaction in the international market for their quality, the mining authorities said that Myanmar's precious stones are in high demand.

Myanmar has been holding gem shows annually since 1964 and introducing the mid-year one since 1992 and the special one since 2004.

In the just-ended 44th annual Myanmar gems emporium held last month, which lasted for 13 days, 3,652 lots of jade, gems and pearl were sold out of nearly 6,000 such lots displayed and the emporium was attended by 3,421 merchants, of whom over 2,000 are foreign ones.

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 fields 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 ventures with 10 private companies under profit sharing basis.

Source: Xinhua