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Boycott clouds gem show in Myanmar

November 14, 2007

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The Gems Emporium began on Wednesday and continues through Nov. 26.

Myanmar's first auction since September's crackdown on protesters may not yield positive results because of corporate boycotts and government sanctions abroad. The 27 countries of the European Union began its ban on Burmese gems in October, and a U.S. bill strengthening the current law was introduced on Oct. 18. It was passed by the House Foreign Affairs Committee and is now awaiting approval by the Ways and Means Committee.

Sean Turnell, an expert on the Burmese economy at Macquarie University in Sydney, believes smuggling in addition to unrestricted gem-buying by some countries—including Japan and China—may mitigate the damage. However, it is likely that the bans will affect the price of Burmese gems; discounting may be necessary. The ability of generals and Burmese business executives to move their personal assets out of the country may also be affected.
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