Credit cards and buying gems in Myanmar?

Hi all,

See that Myanmar has rubies and saphires.....Has anyone had experience of buying saphires or rubies in Yangon? Is it a good idea? Are they good value? Will I get ripped off? Is it best left?

Also understand most places dont take credit cards - what about major hotels like Sandoway Resort or Inle Princess? Or what about the gemstores? Will they take credit cards? Would quite like to buy a ring or at least a large stone?

Many thanks for any advice you can give

Cheers

C

Credit cards and buying gems in Myanmar?

A few issues here:

1 - Credit Cards - the answer is NO. Don%26#39;t even bother. A few hotels will accept them, but you would be poorly served to try to make a purchase of a gem with them. You%26#39;ll end up paying large sums of money.

2 - Gems - If you REALLY know what you%26#39;re doing, you can get non-investment grade stones at a lower price in Myanmar than elsewhere. For investment grade quality, the stones will come in around the same price as they will on international markets. If you want to get a ring, go to a jeweler that has styles which appeal to you. Myanmar jewelry, although beautiful in its own rite, is not really appealing to the western eye. That having been said, many jewelers, especially in Yangon and Mandalay, have adopted styles for the foreign market.

Be aware that you may get ripped off in a non-government shop. If you are comfortable giving money to the government (I am not, but I do not judge those who feel otherwise) then go for it.

Myanmar has the most beautiful rubies in the world. Unfortunately, it is not a difficult task for them to be reproduced, and even those with experience in gem purchasing have been ripped off.

Credit cards and buying gems in Myanmar?

Hi I was there in 2004 and Im going back May 2007. I bought lots of jewelry and gems. All of which were non-treated and an excellenet buy.

Normally you can buy from government shops and get a good discount. I bought a 2 carat saphire for $100. Got is appraised in the USA and it is worth $500.

They don%26#39;t cheat you like in Thailand. Lots of really good bargains but you must bargain with them.

pxmyers@rasgas.com.qa

I would go with what ';tombonyc';.. err on the side of caution....

Having said that... I saw some very nice silver at several places.. A lot is made at small workshops on Inle Lake.... I didn%26#39;t buy any.. but it looks nice and inexpensive to me.... As for stones.... as suggested, be ultra careful... They may be the real thing.... but don%26#39;t allow your ';greed gland'; to be get overexcited.. buy what you like and what you can easily afford (to loose on)....

Credit cards can actually be used in a lot of places these days.... The embargo is no longer working so well.. At Internet cafe everywhere, you see guys “processing” these transactions for their ';friends” from the souvenir shops etc. However you pay a price for this.. usually around 30%.. directly added to your purchase.. or hidden in an already overpriced transaction..

Bring cash... USD.... and nothing else..... and make sure you have a bit extra for the unforeseen.. Happy and safe journey.

Mose-

Yes, I suppose they can run your Credit Card info through an online payments service in Singapore, but anyone who does that would have to be crazy. That is a great way to get ripped off.

There is really no reason not to have cash in Myanmar. The incidence of theft is ridiculously low, perhaps even nonexistent. In all my travels there, I have yet to hear of even one person who had anything stolen. I daresay that one cannot say that same for Thailand, Laos, Cambodia or Vietnam.

tombonyc.. I agree... 100%....

any credit card fee... even if it%26#39;s only 3% makes me cringe.....but then... I%26#39;m old school.. from a time before unlimited credit... no TV even..... Not even black and white...

few thinks anyone can be that old and still travelling:-)

Another very welcome currency are Euros. Better than US$ at the moment due to the poor $ rate. Personal experience.

I wish I could find a 2 ct sapphire for 100$ and untreated as well. Any gem dealer in the world will envy you for this bargain. Be proud.

jemima.. not sure what you mean when you say that the Euro is ';better';, sure, it%26#39;s worth more...

But don%26#39;t forget that if you exchange your Euro for USD.. you get one and a third $ for it... so if that%26#39;s ';better';.. then you are correct.... One USD is worth a bit more than 1200 Kyat in Yangon at the moment.. everywhere else a bit less... One Euro is worth around 1400 to 1500 Kyat in Yangon.. a bit less in Mandalay and a bit less again anywhere else....

As for exchanging your Euro in Myanmar.. it%26#39;s much more difficult than exchanging USD.. easy enough in Yangon.. and can be don%26#39;t in Mandalay... but you get a lesser rate there... Everywhere else.. very difficult to change Euros.

Also remember that most things in Myanmar.. can.. and in many situations.. have to be paid for with USD.. things like entry tickets to sites.. transport.... many hotels. especially the mid range and upper range ones.. If you try to pay that with anything but USD... you end up paying a very high price..

If you go to Myanmar.. bring cash.. in US dollars... bring anything else and it will end up costing you up to 30% more..

Safe and happy travels.

mosegrisen,

Tks for your info. From my experience Euro are more welcome when buying gems in the market not in a govt. store. I%26#39;ve never paid more because I paid in Euro.

I didn%26#39;t think of sightseeing and entrance fees. should have done.

Jemima

jemima.. no problem... I%26#39;m merely cautioning people about the importance of having enough money... and the right kind... Few places in the word is it as difficult as in Myanmar.... Travellers cheques, credit cards.. and many currencies are almost worthless there.. or at best can only be used at a cost.

I expect a few must turn up and be really surprised....

As for the Euro... I%26#39;m on your side... It can only be a matter of time before it becomes as good or perhaps even better than USD as “second currency”...

But for now.. while it%26#39;s quite feasible to exchange it for Kyat.... when you try to pay fees, transport or even a simple thing like your departure tax with anything but USD... it cost extra...

For instance.. they will accept Kyat for these things.. at a rate of 1500 Kyat to the USD.... which means that you pretty much swap one Euro for one US dollar....

How generous of them, ain%26#39;t it?:-)..

I loved Myanmar... and these slight challenges are really no big deal.. as long as we come prepared....

I%26#39;m heading for Yangon coming Sunday. My travel agent supplied me with the following and apparently recent currency rules:

With immediate effect no credit cards will be accepted. No US traveller cheques can be changed

Cash transactions in US$ are still o.k.

ONLY EURO-traveller cheques are accepted.

Preferred currencies are US$ and Euro in small denominations.

Then there is a %26#39;waffle%26#39; about not using money changers etc. but I suppose the travel company (diethelm) is publishing the official line. They have to do it.

Since purchases at the big gem auctions have to be paid for in Euro and not in US$ it makes sense that Euro could be used as well.

comments would be appreciated.

Jemima