In the Burmese public market, the jade trading process is often likened to a high-stakes competition that tests not only financial strength but also sharp judgment, courage, and a bit of luck. Before the official auction begins, all raw jade materials are numbered, with details such as quantity, weight, and reserve price clearly marked. Jade traders carefully inspect each item, select the ones they believe have the most potential, and then assess their value before deciding on a bid. The bids are placed into sealed boxes, ensuring that no one knows the exact amount others have offered—this is known as the "dark bid" system.
Because multiple bidders may be interested in the same piece, the competition can be intense. Bidding prices are often very close, with slight differences in offers sometimes leading to huge profit margins. For example, a company might secure a piece of jade wool for just a few yuan or tens of dollars less than another bidder, yet still make millions in return. After the official bidding concludes, the winning bids and final prices for each piece are announced publicly the following day. Once the successful bidder is determined, they are responsible for transporting the jade to their destination.
There are three main ways for bidders to participate in the public market. First, they can be invited by various levels of the Myanmar government. Second, they may receive an invitation from local jewelry associations. Third, they could be invited by established jewelry trading companies. In the latter two cases, the bidders must obtain approval from the organizing committee before being allowed to participate.
The bidding process itself includes two primary methods. The first is the "dark bid," where bidders submit their offers in sealed envelopes containing the assigned number, their name, and the bid amount. These are placed into a box, and the winning bid is revealed based on the number, without revealing who submitted what. This method is used for more than 80% of the jade wool auctions. The second method is the "open auction," where bidders gather on the trading floor and compete in real-time. When an item is announced, participants raise their bids until the highest offer is made. This open bidding method accounts for less than 20% of the total auctions.
This structured yet unpredictable environment makes the Burmese public market a unique and exciting place for those involved in the jade trade.
Washer,Stainless Steel Washers,M10 Flat Washer,Stainless Steel Washer
Suzhou Guangxuan Fasteners Co.,Ltd. , https://www.beinuofastener.com