Scores "were smothered by a wave of mud", the Myanmar Fire Services Department said in a Facebook post.
Maung Myint, a lawmaker from Hpakant where the accident occured, said the rescue groups with which he had been in contact said 113 bodies have been recovered and 54 injured sent to hospitals.
Footage reportedly from the incident appears to show a wave of water gushing through the pit. In that case, the victims died when a 60-meter (200-foot)-high mountain of earth and waste discarded by several mines tumbled in the middle of the night, enveloping more than 70 huts where miners slept.More news: Two new confirmed cases brings running total to 47
Landslides and other fatal accidents are common in Myanmar's gem stone mines. People working as jade pickers often labor in perilous conditions, scrambling up and down the steep hills of rubble and loose shale.
Hundreds of miners were feared buried as the landslide took place during their work hours, but the exact number of casualties are yet to be known and rescue works are being carried out, a township police official told Xinhua.More news: Powell 'disappointed' at Sevens Series cancellation
In November 2015, a similar accident in the region left at least 116 jade scavengers dead.
Watchdog Global Witness estimated that the industry was worth some $31 billion in 2014, although very little reaches state coffers.
But experts say the true value of the sector, which mainly exports to China, is much larger.More news: NASA releases epic 10-year timelapse of Sun
Journalist Cape Diamond reported from Yangon, CNN's Helen Regan wrote from Hong Kong and Joshua Berlinger contributed to reporting and writing.