Crazy jade doubling a year (Figure)

In the heart of China's jade trade, a dramatic surge in jadeite prices has sparked widespread attention. According to data from the China Jewellery and Jade Jewelry Industry Association, the average price of jadeite increased by approximately 18% annually between 2000 and 2009. By early to mid-2010, the average price had climbed nearly 30%, signaling an explosive growth in demand. Tengchong, known as the "Jade Capital of China," is home to the Tengchong Lotus Sculpture Center. Yin Chunlin, deputy chairperson of the Tengchong Jadeite Association and head of the sculpture center, shared with reporters that jadeite prices had skyrocketed. A few months ago, the price of over 1 million pieces of jade per kilogram reached up to 300 million yuan per kilogram. Just two days later, even jadeite glass raw materials priced at 10 million yuan per kilogram were hard to find. Emerald wool, once considered a common material, has now become an "extremely valuable stone." The source of high-quality jadeite is limited to the Palankin region in northern Myanmar. Under Burmese regulations, miners must submit their extracted stones to government authorities for centralized auction in Yangon—a process known as the "Yangon bus." This controlled supply chain contributes significantly to the rising costs. As raw material prices soar, the ripple effect has pushed up the entire industry. Lin Lin, owner of Yunnan Ruili Nanya Jewelry Store, noted that even low-quality jadeite, previously considered waste, saw its value more than double last year. With scarcity and uniqueness on the rise, jade has become a highly sought-after investment. Sellers are holding back, unwilling to part with their stock. Yin Chunlin explained that due to the non-renewable nature of jade resources and its unique origin, once prices climb, it’s nearly impossible to reverse the trend. Hot money has also entered the market. Lao Li, a shop owner with annual sales of around 10 million yuan, joked with reporters: "Newcomers are frenzied, veterans follow suit, and everyone is caught in a jade frenzy." He described last year’s jade market as a period of intense speculation, where prices kept climbing in a self-perpetuating cycle. According to forecasts from the China Jewellery and Jade Jewelry Industry Association, jewelry sales in China reached over 200 billion yuan in 2010, with jade jewelry accounting for about 40 billion yuan. Even with conservative estimates, this figure is expected to surpass 100 billion yuan by 2020, further fueling speculation. Investors from various sectors, including coal tycoons from Shanxi, real estate speculators from Wenzhou, and local developers, have all jumped into the jade market. Additionally, rising labor and processing costs have also contributed to the overall price increase in jade products. As the demand continues to outpace supply, the jade market remains a hot topic in both the investment and consumer spheres.

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