In 2010, the Chinese jade industry experienced an unprecedented boom, particularly in the jadeite market. Throughout the year, the prices of emerald stones—ranging from raw materials to finished products—soared dramatically, especially those sourced from the northern regions of Myanmar. This surge was not just a gradual increase but rather a sharp jump, as noted by Wang Xiaoyan, general manager of East Asian Jewelry at Ruili Jewelry Street. He described the second half of the year as a period where jadeite prices skyrocketed on top of previous gains.
At the Tengchong Lotus Sculpture Center, known as the "First Town of China's Jade," Yin Chunlin, deputy chairperson of the Tengchong Jadeite Association, revealed that the price of jadeite had risen to over 30 million yuan per kilogram. Just days later, Ke Wencong, executive vice president of the Ruili Jewelry & Jade Association, stated that even if someone bid 10 million yuan for a kilogram of glass-grade jadeite, they might still fail to acquire it. According to Ke, jade wool had become a "crazy stone" due to its extreme price volatility.
The source of this jadeite is limited to the Kachin State in northern Myanmar, where extraction is strictly controlled. Miners must submit their finds to the government or military authorities for centralized auction in Yangon. These public auctions, known as "public plates," account for about 70-80% of all jade sold in Myanmar. The government takes a 25% tax, and the remaining 75% is paid to the owners in local currency. Private transactions are prohibited, which adds to the scarcity and exclusivity of the market.
During one such auction, a rare ice-violet jade weighing 6 kilograms fetched nearly 19 million euros, setting a new record for a single piece. This event not only broke previous records but also highlighted the growing frenzy surrounding jadeite. Industry observers noted that despite the lack of significant improvement in quality or quantity compared to past years, the prices continued to climb.
As demand surged, so did the prices across the entire jade industry. Even low-quality jadeite, once considered waste, saw its value double. Lin Li, owner of a jewelry store in Yunnan, reported that bracelets previously priced between 2,500 and 5,000 yuan now commanded bids of up to 40,000 to 50,000 yuan. Top-grade jadeite became increasingly difficult to sell, with many sellers holding back in anticipation of further price increases.
In Tengchong, border smuggling channels brought in large quantities of uncut jade wool, often sold in street markets. A buyer recently purchased over 30 kilograms of raw material at 7,000 yuan per kilogram without haggling, signaling a shift in how jade was being traded. Local artisans, like Zhang Zaihang, mentioned that many processors had turned to cheaper alternatives like Huang Longyu due to rising costs. However, the risk of buying unopened stones remained high.
Yin Chunlin, vice president of the Tengchong Jewelry and Jade Association, emphasized that the scarcity of jadeite, combined with strong demand, made it difficult to reverse the price trend. Ke Wencong acknowledged the presence of a bubble but argued that the shrinking supply and growing demand justified the current prices. He also pointed to the influx of "hot money" from real estate developers, coal magnates, and others seeking alternative investments.
With processing costs rising and labor expenses increasing, the cost of producing jade jewelry also climbed. Wang Chaoyang, a renowned jade engraver, admitted that the soaring prices made it challenging to create high-value pieces. He noted that some artisans were considering selling jade by weight, similar to diamonds and rubies, to manage the financial risks involved.
Overall, 2010 marked a turning point in the jadeite market, driven by scarcity, speculation, and shifting consumer behavior. As the industry continues to evolve, the future of jadeite remains uncertain, but its value shows no signs of slowing down.
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