In the Burmese public market, jade trading is akin to a high-stakes competition, testing not only financial strength and sharp judgment but also courage and luck. Before the official auction, all jade rough materials are numbered, with details such as the number of pieces, weight, and reserve price clearly marked. Jade traders carefully examine each item, select the ones they believe have potential, evaluate their value, and decide on their maximum bid before placing it in the bidding box.
Because multiple bidders often compete for the same piece, and no one knows the others’ bids (this is known as "dark bidding"), the competition becomes intense and strategic. The prices can fluctuate subtly—some may bid slightly higher, others lower. In some cases, a company might win a piece by just a few yuan or a few dollars, yet still make millions from the jade wool. After the official auction, the winning bids and final prices for each piece are announced publicly the following day. The successful bidder then arranges for the transport of the material to their destination.
There are three main ways to participate in the public market: first, being invited by various levels of the Myanmar government; second, being invited by local jewelry associations; and third, being invited by a registered jewelry trading company. The latter two methods require prior approval from the organizing committee and must be endorsed by the inviting party.
The bidding process includes two main methods: "dark bidding" and "open bidding." In dark bidding, each bidder receives a numbered form from the organizing committee, which they fill out with their name, bid number, and price. They then place the sealed bid into a box. Since no one knows the other bidders' identities or their offers, this method is called "dark bidding." At the time of the auction, the winner is announced based on the bid number. Dark bidding typically accounts for more than 80% of all auctions in the public jade market.
Open bidding, on the other hand, takes place on-site during the auction. Bidders gather in the trading hall, and when an item is announced, they compete in real-time by raising their bids. The highest offer wins the piece. This method is less common, making up less than 20% of the total auctions.
Overall, the Burmese public market for jade is a complex, dynamic environment where strategy, timing, and insight play crucial roles. It's a place where fortunes can be made or lost in a matter of minutes.
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