Title: Jadeite Investment: Navigating the Mist, Discerning Value – Zhang Mingyuan on Jadeite Appraisal and Collection in the New Era

Hello everyone, I am Zhang Mingyuan. Having been immersed in the jade industry for over thirty years, I have witnessed the tumultuous changes in the jadeite market and personally experienced the ebb and flow of countless precious jade pieces. Today, I want to discuss some new perspectives on jadeite appraisal and investment in the new era, hoping to help everyone cut through the fog and better grasp the true value of jadeite.

I. The Interweaving of Traditional Aesthetics and Modern Demands: From "Old Pit Glassy Jade" to "Personalized Customization"

In the past, when we talked about jadeite, we often first thought of "old pit glassy jade" and "imperial green" – these ultimate qualities. They are undoubtedly the pinnacle of jadeite, priceless treasures. However, with the younger demographic of consumers and the diversification of aesthetics, we observe a subtle yet profound shift in market demand for jadeite.

I once met a young collector who wasn't solely pursuing extreme translucency, texture, and color. Instead, he was particularly fond of a piece of black jadeite (mo cui) with average translucency and texture, but exquisite carving and a unique theme. He believed this black jadeite embodied profound cultural heritage and artistic value, better reflecting his personal taste. This made me realize that beyond the traditional appraisal standards of "translucency, texture, color, and craftsmanship," we also need to pay attention to soft values such as "theme," "design," and "cultural connotation."

My view is: future jadeite investment, in addition to considering hard indicators, should focus more on its artistry and uniqueness. A piece of jadeite that can tell a story, carry emotions, and align with modern aesthetics sometimes holds a value that even surpasses works with equivalent hard indicators but lacking soul. This is not to negate tradition, but rather to extend and enrich traditional values.

II. Technology Empowering Appraisal: From "Eyeball Experience" to "Scientific Data"

In the early stages of my career, jadeite appraisal relied more on the "eyesight" and "experience" of masters. A piece of jadeite in hand, by observing its luster, structure, and color distribution, combined with traditional methods like tapping to listen to the sound and feeling its texture, one could roughly determine its authenticity and quality. While this experience is invaluable, it also has certain limitations.

Today, with the advancement of technology, we have more precise and objective appraisal methods. For example, spectrometers can analyze the composition of jadeite to determine if it has undergone B-grade (resin-filled) or C-grade (dyed) treatment; microscopes can observe the internal structure of jadeite to differentiate between natural and artificially enhanced pieces; some institutions are even beginning to utilize big data and artificial intelligence technology to quantitatively assess the value of jadeite.

Personally, I believe that technological appraisal is not meant to replace traditional experience, but rather to complement and enhance it. During the appraisal process, I still first use my experience for preliminary judgment, but for suspicious or high-value jadeite, I will definitely use scientific instruments for verification. This is like a doctor diagnosing a patient: observation, listening, questioning, and palpation are fundamental, but modern medical equipment like X-rays and CT scans can provide a more accurate diagnosis.

Practical Case: A few years ago, a client brought in a "high-ice grade with floating flowers" bangle. It looked beautiful and had excellent translucency and texture. Based on experience, I felt it was "too perfect," but couldn't pinpoint the exact issue. So, I suggested a spectroscopic test. The results showed that this bangle had undergone slight resin infusion, classifying it as B+C grade. Although imperceptible to the naked eye, scientific data revealed the truth. This illustrates that in an increasingly complex market environment, scientific appraisal is an important defense for protecting investors' interests.

III. Shifting Investment Strategies: From "Hoarding for Appreciation" to "Value Discovery"

During the boom years of the jadeite market, many people believed that as long as they bought good jadeite, it would appreciate in value just by holding it. This "hoarding for appreciation" investment strategy might have been effective during certain periods, but in the current market, which is becoming more rational and transparent, it is no longer a foolproof method.

I believe that jadeite investment in the new era should focus more on "value discovery." This includes:

• Discovering Rarity: Truly rare resources, such as top-grade old pit material and art pieces with unique carving, possess value that time cannot diminish.

• Discovering Cultural Significance: Jadeite with profound cultural connotations and historical heritage will see its added value increase over time.

• Discovering Artistry: Jadeite created by renowned jade carving masters or possessing unique aesthetic value will continue to rise in artistic value.

• Discovering Potential: Some jadeite pieces that currently have low market recognition but are of excellent quality and have appreciation potential require a discerning eye to discover.

I advise investors, when purchasing jadeite, to move beyond the misconception of simply pursuing "large, heavy, and green." Instead, they should delve into understanding the cultural background of the jadeite, its carving craftsmanship, and market circulation, and even communicate with designers and carvers, to more comprehensively assess its potential value.

IV. Summary and Recommendations

The jadeite market, like the vast starry sky, has both brilliant stars and deep mist. As investors, we need to continuously learn and update our perspectives to find our own treasures in this starry sky.

My recommendations are:

• Learning is the Foundation: A deep understanding of professional jadeite knowledge, including origin, translucency, texture, color, and enhancement treatments, is a prerequisite for making correct judgments.

• Practice is Key: Observe more, touch more, compare more, accumulate practical experience, and cultivate your own "eyesight" and "feel."

• Technology is an Aid: Make good use of modern technological appraisal methods to provide scientific evidence for your judgments.

• Aesthetics is Elevation: Cultivate unique aesthetic tastes and pay attention to the artistic value and cultural connotations of jadeite.

• Rationality is Assurance: Investment carries risks; do not blindly follow trends. Maintain a clear mind and independent judgment.

• Network is Wealth: Communicate with experienced collectors and professionals, share experiences, and obtain information.

Finally, I want to say that jadeite is not just a mineral; it carries the profound cultural heritage and aesthetic tastes of the Chinese nation. Investing in jadeite is even more a dialogue with beauty and a connection with history. May everyone find their own brilliance and eternity in this dialogue.