Myanmar junta reaps millions in gem sales as economy crumbles

New data highlights potential for country to slide even deeper into poverty

Buyers look at pieces of jade at a market in Mandalay, Myanmar, in March 2019. © Reuters

GWEN ROBINSON, Nikkei Asia editor-at-large, and RORY WALLACE, Contributing writer

April 10, 2021 12:05 JST

BANGKOK/YANGON -- Fresh economic data from private research groups suggest that Myanmar's economy is deteriorating more sharply than feared after the Feb. 1 coup, with heightened risks of soaring inflation, collapsing trade and increased poverty.

At the same time, recent days have seen a remarkable display of the military's grasp on Myanmar's natural resources, with a multi-million dollar, 10-day auction of gems, jade and pearls in the capital, Naypyitaw.