It's the last hour of the last day of the gems auction in Rangoon, and tired buyers are fanning themselves with worn auction catalogs, and making their final bids.

Over the past five days, jade, rubies, sapphires, and close to $150 million have passed hands here, according to the Union of Myanmar Economic Holdings Ltd., the consortium that dominates Burma's gemstone trade and is owned by the defense ministry and a clutch of military officers.

Who's buying? China, India, Singapore, and Thailand are scooping up Burma's stones. US first lady Laura Bush's efforts at a global boycott of Burma's gems seem to have done little to reduce China's appetite for Burmese jade to make trinkets and souvenirs to sell at the Summer Olympics.

At this recent auction, 281 foreigners attended, leaving behind much-needed foreign currency and generally turning the auction into a resounding success, according to the state-run New Light of Myanmar newspaper.

Mrs. Bush – and human rights campaigners – would not be pleased.

The first lady has taken on the military regime in Burma (Myanmar), urging jewelers not to buy gems from a country where the undemocratic rulers and their cronies amass fortunes selling off the country's stones, as well as many of the county's other natural resources – such as minerals, timber, gold, oil, and gas – but keep Burma's citizens in abject poverty.

She has urged UN Secretary General Ban Ki Moon to act more forcibly on Burma and stood beside President Bush on several occasions recently as he announced the growing list of US sanctions on the country. And, on International Human Right's Day this past December, Mrs. Bush added her voice to those seeking a global boycott on gems from Burma.

"Consumers throughout the world should consider the implications of their purchase of Burmese gems," she said in a statement from the White House. "Every Burmese stone bought, cut, polished, and sold sustains an illegitimate, repressive regime."

According to Human Right's Watch (HRW), Burma's junta owns a majority stake in each of the country's mines – many of them sitting on land confiscated from local communities – sanctioning both unsafe working conditions and forced and child labor. The European Union passed rules in November banning imports of Burmese rubies and jade, and Canada and the US Senate followed suit in December.

Worried about being associated with the junta's practices, some of the world's biggest names in precious stones – including Frances' Cartier, Italy's Bulgari, and the US-based Tiffany & Co., and Leber Jeweler Inc. – have announced their own bans on Burma's gems.

But, clearly, not everyone has joined the bandwagon. At this January's auction in Rangoon, according to the New Light of Myanmar, 600 lots of jade were sold – a third more than at the last auction held in November. By some estimates, jade alone now accounts for about 10 percent of Burma's yearly export earnings. Rubies, in turn, remain Burma's gem of choice; the country is reportedly the source of close to 90 percent of the world's supply. And Burma also exports diamonds, cat's- eyes, emeralds, topaz, pearls, sapphires, coral, and yellow garnet.

The government's Myanmar Gem Enterprise – Burma's third largest export company after the state-run oil and timber companies – has said gem sales have increased by 45 percent every year for the past three. The gem auctions, held once or twice a year since 1964, are becoming more frequent. All told, the official trade in Burma's gems, according HRW, was valued at $297 million in fiscal year 2006-2007, but is estimated to actually be much higher when factoring in unofficial sales.

Why haven't Western sanctions on Burma's gems – and the country's other products – been more effective, even after so many years?

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