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Rules and procedures for the foreign buyers at the sealed-bid Auction 15th of January to 18th of January 2021

  1. The viewing days for the Sealed -bid Auction of loose gems during the fair period are from the 15th of January to the 18th of January 2021 starting from the morning 10 AM till 5 PM in the evening.
  2. The different types of the gems, the quality, the size, the weight and the quantity will be permitted to be examined by the buyers including taking photographs of the gems and taking the video photos of the gems. Buyers are allowed to check the gems and jewelry one at a time for 15 mins.
  3. Admission fees (30000 kyats) for the local buyers and 30US$ for the foreign buyers will be charged at the registration counter of the Auction Hall.
  4. Foreign buyers as well as local buyers are necessary to fill up the registration forms at the registration counter of the auction hall.
  5. Bidding forms can be collected in the auction ball. The accuracy of the bidding forms must be thoroughly checked by the buyers (bidders) before putting the tender forms into the respective tender boxes starting from 12:00 noon on the 15th of January 2021 till 3:00 PM on the 17th of January 2021.
  6. If the bidding price is lower than the reserved price, the bidding forms will be rejected.
  7. All the lots can be purchased in US$. The bidding price must be stated accurately and legibly both in figures and in words.
  8. In the event of a tie in the bidding for the same lot, the tied bidders will be asked to rebid the same lot again and the winning lot will be decided by the organizing committee of the auction and the result will be announced if in accordance with the said procedures.
  9. If there is a dispute occurred between the sellers (the owners of the gem lot) and the buyers (the bidders) regarding the gem type, the gem quality, the gem size, the gem weight and the quantity of gems,it should be amicably settled between the owner of the gem lot and the buyer(bidder). If it cannot be settled amicably, this matter can be referred to as the auction organizing committee.
  10. If there are any other queries to be made or matters to be clarified during the auction period, please contact the representatives of the auction organizing committee immediately.
  11. Buyer's premium fees will be exempted as it is the 4th Sealed-bid Auction for Yangon Gems & Jewelry Entrepreneurs Association.

  12. (a) The successful foreign bidder must deposit 20% of the bidding price in US$ to the CB Bank foreign bank account (00 16 10 12 000 27 437) of the auction organizing a committee on the 18th the of January 2021. Only after settling the sales agreement between the foreign buyers (bidders) and the owner of the gem lot witnessed by the representatives of the auction organizing committee, the bidder will have a chance to examine the gem lot again.

    b) The gem lot will be handed to the buyer once the remaining balance 80% in US$ is settled to the CB Bank Foreign bank account number ( 00 16 10 12 000 27 437) of the auction organizing committee within 2 weeks after the purchase. After settling the full payment to the seller of the gem lot, the official receipt will be issued to the foreign buyer and the gem lot will be packed and sealed with the high authorities concerned and the sealed parcel shall be taken out of the country legally without paying any tax.

    (c) Once the 20% of deposit of the payment has been made either in US$ cash or by credit cards and if the foreign buyer fails to give 80% of the remaining balance within 2 weeks, the deposit shall be deemed forfeited by the auction organizing committee.

    (d) To make the payment transaction easier, the organizing committee will inform the successful bidder either by making phone calls or by sending emails on the 18th of January. To make the payment transaction easier, the organizing committee will inform the successful bidder either by making phone calls or by sending emails on the 13th of January. It is to be noted that all the bank charges for each and every transaction shall be borne by the buyer. 

  13. Payments to the owner of the gem lot can be done by the foreign buyer in cash, by credit cards or by TT transfer from the overseas banks. All the bank charges shall be borne by the foreign buyer.