More than 1,500 people from over 20 countries have registered for a major gems auction in Myanmar opening Wednesday, despite calls from human rights groups to block the purchase of precious stones from the military ruled country.

Myanmar is one of the biggest jade and gem-producing countries in the world, and international auctions are a major revenue earner for the regime.

1,500 merchants from more than 20 countries have registered for the sale, but more than 3,000 people were expected to attend overall, the state-run body said.
Due to U.S. economic sanctions imposed on Myanmar in July 2003, which froze all U.S. dollar remittances into the country, international business transactions are done in euros.

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Posted: 11|13|07 at 1:21 pm. Filed under: Auction News.