Yangon, August 16:

Military-ruled Myanmar has announced plans to hold another gems and jade auction in October because of increased demand for its precious stones, state-run media reported on Wednesday.

The auctions, which provide the cash-strapped junta with much-needed foreign income, have been taking place with increasing frequency. The last one was in July, and another has already been planned for the end of August.

The New Light of Myanmar newspaper reported that authorities were making preparations for the so-called Myanmar Gems Emporium in October. It did not give the exact date.

The military government has been reluctant to disclose how much it is making from the auctions, which began as bi-annual events.

July’s auction was its biggest ever, with 2,300 lots of jade being sold to merchants including 1,450 foreigners. Myanmar is one of the world’s poorest nations and is subject to US and European economic sanctions because of human rights abuses and the house arrest of democracy leader Aung San Suu Kyi.

But the impact of the sanctions has been weakened by the eagerness of neighboring China, India and Thailand to tap Myanmar’s vast natural wealth to fuel their own growing economies.