Crazy jade doubling a year (Figure)

In the jade industry, a remarkable surge in prices has captured the attention of investors and collectors alike. According to data from the China Jewellery and Jade Industry Association, the average price of jadeite increased by approximately 18% annually between 2000 and 2009. By early to mid-2010, this growth accelerated dramatically, with the average jade price rising nearly 30%. This trend has created a frenzy, especially in regions like Tengchong, known as the "Jade Capital of China." Yin Chunlin, deputy chairperson of the Tengchong Jadeite Association and head of the Tengchong Lotus Sculpture Center, shared that the price of jadeite glass—once around 1 million yuan per kilogram—soared to over 300 million yuan per kilogram. Just days later, even jadeite raw materials priced at 10 million yuan per kilogram were difficult to obtain. Emerald wool, once considered a common stone, has now become an "absolute crazy stone" due to its soaring value. The scarcity of high-quality jadeite is another key factor driving up prices. Currently, only a limited area in northern Myanmar, known as Palankin, produces gem-grade jadeite. Under Burmese regulations, all extracted stones must be submitted to government-run auctions in Yangon, a process known as the "Yangon Bus." This centralized control limits supply and increases competition among buyers. As raw material prices skyrocket, the entire jade industry has experienced a significant price increase. Lin Lin, owner of Yunnan Ruili Nanya Jewelry Store, noted that even low-quality jadeite, once considered waste, saw its value more than double last year. Yin Chunlin emphasized that the uniqueness of jade, combined with its non-renewable nature, makes it difficult for prices to decline once they reach such high levels. Hot money has also entered the market, fueling speculation. Lao Li, a shop owner in Pingzhou Jade Street, joked that "novices are frenzied with prices, veterans follow up, and everyone is caught in a jade craze." He described the previous year as a period of intense speculation, where prices kept rising in a self-sustaining cycle. According to forecasts by the China Jewellery and Jade Industry Association, jewelry sales in China reached over 200 billion yuan in 2010, with jade making up about 40 billion yuan of that. Even with conservative estimates, jade sales are expected to surpass 100 billion yuan by 2020. With resources being non-renewable, it's no surprise that speculative funds have flooded into the market. Investors from various sectors, including coal owners from Shanxi, real estate speculators from Wenzhou, and local developers, have all entered the jade market. Additionally, rising processing costs—due to higher labor and operational expenses—have further contributed to the price hikes in finished jade products. The combination of scarcity, speculation, and increasing production costs has turned jade into one of the most sought-after commodities in recent years.

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