Editing Economy of Myanmar (section)

===Gemstones===
Myanmar's economy depends heavily on sales of precious stones such as [[sapphire]]s, [[pearl]]s and [[jade]]. [[Rubies]] are the biggest earner; 90% of the world's [[rubies]] come from the country, whose red stones are prized for their purity and [[hue]]. Thailand buys the majority of the country's [[Gemstone|gems]]. Burma's "''Valley of Rubies''", the mountainous [[Mogok Township|Mogok]] area, {{convert|200|km|mi|abbr=on}} north of [[Mandalay]], is noted for its rare pigeon's blood rubies and blue [[sapphire]]s.<ref name="uvm.edu">[http://www.uvm.edu/envnr/gemecology/index.html Gems of Burma and their Environmental Impact] {{webarchive |url=https://web.archive.org/web/20100526104410/http://www.uvm.edu/envnr/gemecology/index.html |date=26 May 2010 }}</ref> Burma's gemstone industry is a cornerstone of the Burmese economy with exports topping $1 billion.<ref>{{Cite web |title=Myanmar's Jade Millionaires Fuel Property Surge: Southeast Asia |url=http://www.thejakartaglobe.com/business/myanmars-jade-millionaires-fuel-property-surge-southeast-asia/548164 |url-status=dead |archive-url=https://web.archive.org/web/20121007022002/http://www.thejakartaglobe.com/business/myanmars-jade-millionaires-fuel-property-surge-southeast-asia/548164 |archive-date=7 October 2012 |access-date=3 March 2015 |website=The Jakarta Globe}}</ref>

In 2007, following the [[2007 Burmese anti-government protests|crackdown on pro-democracy protests in Myanmar]], human rights organisations, gem dealers, and US First Lady [[Laura Bush]] called for a boycott of a Myanmar gem auction held twice yearly, arguing that the sale of the stones profited the dictatorial regime in that country.<ref>{{Cite web |title=CBC – Gem dealers push to ban Burmese rubies after bloody crackdown |url=https://www.cbc.ca/news/gem-dealers-push-to-ban-burmese-rubies-after-bloody-crackdown-1.651095 |access-date=16 January 2018 |website=Cbc.ca |archive-date=3 July 2007 |archive-url=https://web.archive.org/web/20070703045949/http://www.cbc.ca/consumer/story/2007/11/19/rubies.html |url-status=live }}</ref> Debbie Stothard of the Alternative [[ASEAN]] Network on Burma stated that mining operators used drugs on employees to improve productivity, with needles shared, raising the risk of [[HIV]] infection.<ref>{{Cite web |title=Reuters, Move over, blood diamonds |url=http://features.us.reuters.com/cover/news/MAN51776.html |url-status=dead |archive-url=https://web.archive.org/web/20080216034620/http://features.us.reuters.com/cover/news/MAN51776.html |archive-date=16 February 2008 |access-date=16 January 2018 |website=Features.us.reuters.com}}</ref> [[Richard W. Hughes]], a Bangkok-based gemologist makes the point that for every ruby sold through the junta, another gem that supports subsistence mining is smuggled over the Thai border.<ref>{{Cite web |last=Richard Hughes |title=Burma Embargo & the Gem Trade |url=http://www.ruby-sapphire.com/burma-embargo2.htm |url-status=dead |archive-url=https://web.archive.org/web/20150211080939/http://ruby-sapphire.com/burma-embargo2.htm |archive-date=11 February 2015 |access-date=3 March 2015 |website=Ruby-sapphire.com}}</ref> 

The Chinese have also been the chief driving force behind Burma's gem mining industry and jade exports.<ref>{{Cite book |title=Chinese Circulations: Capital, Commodities, and Networks in Southeast Asia |last1= Chang |first1= Wen-chin |last2=Tagliacozzo  |first2=Eric  |publisher= Duke University Press |isbn= 978-0-8223-4903-7 |publication-date=April 13, 2011 |pages=215–216}}</ref> The industry is completely under Chinese hands at every level, from the financiers, concession operators, all the way to the retail merchants that own scores of newly opened gem markets. One Chinese-owned jeweller reportedly controls 100 gem mines and produces over 2,000 kilograms of raw rubies annually. Since the privatization of the gem industry during the 1990s, Burmese jewelers and entrepreneurs of Chinese ancestry have transformed Burma's gem industry into new retail jewelry shops, selling coveted pieces of expensive jewelry to customers mainly hailing from Hong Kong and Taiwan.<ref name="Chua 2003 28">{{Cite book |title=World On Fire |last=Chua | first=Amy |publisher=Knopf Doubleday Publishing |year=2003 |isbn=978-0-385-72186-8 |page=28}}</ref> 

The permits for new gem mines in Mogoke, Mineshu and Nanyar state will be issued by the ministry according to a statement issued by the ministry on 11 February. While many sanctions placed on the former regime were eased or lifted in 2012, the US has left restrictions on importing rubies and jade from Myanmar intact. According to recent amendments to the new Myanmar foreign investment law, there is no longer a minimum capital requirement for investments, except in mining ventures, which require substantial proof of capital and must be documented through a domestic bank. Another important clarification in the investment law is the dropping of foreign ownership restrictions in joint ventures, except in restricted sectors, such as mining, where FDI will be capped at 80 per cent.<ref name="bmp">{{Cite news |date=20 February 2013 |title=Mining block permits issued in Myanmar |publisher=Investvine.com |url=http://investvine.com/mining-block-permits-issued-in-myanmar/ |access-date=20 February 2013 |archive-date=4 March 2013 |archive-url=https://web.archive.org/web/20130304160838/http://investvine.com/mining-block-permits-issued-in-myanmar/ |url-status=dead }}</ref>

Myanmar is famed for its production of Golden South Sea Pearls. In recent years, the countries has auctioned its production in Hong Kong, first organized by [[Belpearl]] company in 2013 to critical acclaim and premium prices due to strong Chinese demand.  Notable pearls include the New Dawn of Myanmar, a 19mm round golden pearl which sold to an anonymous buyer for undisclosed price.<ref>{{Cite web |url=https://news.jewellerynet.com/en/jnanews/features/23180/061019-Belpearl-Auctions-Connecting-the-pearl-business-to-global-markets |title=Belpearl Auctions: Connecting the pearl business to global markets|author=<!--Not stated--> |date= 10 June 2019|website= jewellerynet.com|publisher= |access-date= 13 December 2024}} </ref><ref>{{Cite web|url= https://www.scmp.com/news/hong-kong/article/1185717/myanmars-golden-pearls-fetch-top-price-auction|title= Myanmar's golden pearls fetch top price at auction|last= Choi|first= Christy|date= 8 March 2013|website= [[South China Morning Post]]|publisher= |access-date= 13 December 2024|archive-date= 26 April 2017|archive-url= https://web.archive.org/web/20170426104916/https://www.scmp.com/news/hong-kong/article/1185717/myanmars-golden-pearls-fetch-top-price-auction|url-status= bot: unknown}}</ref>