Military-run Myanmar on
Tuesday launched an 11-day auction of precious gems in Yangon,
state media said, as the country struggles to recover from last month's
devastating cyclone.
The New Light of Myanmar announced that the sale of gems, jade and pearls
would run until July 4 in the economic hub, where some buildings remain in
ruins and fallen trees litter the roads seven weeks after Cyclone Nargis.
The junta-run daily gave no further details of the sale, but a staff member
at the Myanmar Convention Centre confirmed an auction opened there this morning
that was attended by both local and foreign dealers.
Myanmar
auctioned off more than 7,700 lots of precious stones, which officials valued
at more than 100 million euros (153 million dollars), in March.
Myanmar,
one of the world's poorest countries, is the source of some of the globe's most
beautiful rubies. Each auction brings in more than 100 million dollars, making
it a key source of revenue for the ruling junta.
The military regime has estimated it will need 10.7 billion dollars to
rebuild after the cyclone struck in early May, leaving more than 138,000 people
dead or missing when it pummelled the southwest delta and Yangon.
An international donor conference in late May only garnered a small
proportion of those funds.
International donors have historically been reluctant to pump money into Myanmar, which
has been ruled by the military since 1962 and keeps opposition leader Aung San
Suu Kyi under house arrest.
The United States and
Europe intensified economic sanctions on the regime after a deadly crackdown on
pro-democracy protesters last year, while Washington and human rights groups have
urged gem buyers to boycott the sales.
Myanmar's two biggest
customers, China and Thailand, have
continued to attend the frequent gem auctions despite an international outcry
over the bloody suppression of pro-democracy protests last September.
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