Title: The New Era of Jadeite: From "Color-Centric" to "Texture and Luster-Driven," and the Evolution of Investment Strategies

Hello everyone, I'm Zhang Mingyuan. Having spent over thirty years in the jade industry, I've witnessed the dramatic shifts in the jadeite market. From the "color-centric era" of the 1980s and 90s to today's "texture and luster reign," and potentially a future "cultural added value" era, the criteria for evaluating jadeite's value and its investment logic have been constantly evolving. Today, I'd like to share some of my latest insights on jadeite appraisal and investment, hoping to offer some inspiration.

I. From "Color-Centric" to "Texture and Luster-Driven": A Deeper Return to Aesthetics and Value

In the past, the jadeite market was largely dominated by "color." Imperial green, apple green, spinach green... as long as the color was rich and vibrant, even if the texture and luster were mediocre, it could fetch a high price. However, as the market matures, consumer aesthetic appreciation improves, and information transparency increases, the importance of "texture and luster" (种水 - zhongshui) has become increasingly prominent, even surpassing "color."

Why is this the case? I believe there are several reasons:

• Scarcity Determines Value: The formation conditions for high zhongshui jadeite are extremely stringent, and its yield is far lower than jadeite with good color but poor zhongshui. Old pit glass-like jadeite (laokeng bolizhong) and high-ice jadeite (gaobingzhong), for example, possess a delicate internal structure and tightly arranged crystals, allowing for excellent light penetration. This creates unique aesthetic qualities like "fluorescence" (qi ying) and a "gel-like" appearance (jiao gan). This scarcity is the fundamental support for its value.

• Aesthetic Upgrade: People's appreciation for jadeite is no longer limited to surface color but focuses more on its inherent vibrancy and charm. High zhongshui jadeite, even if its color is light, can exhibit a sophisticated, understated beauty through its warm luster and translucent texture. This kind of beauty stands the test of time.

• Investment Preservation: During market adjustments, high zhongshui jadeite demonstrates significantly better resistance to depreciation than jadeite with good color but poor zhongshui. Its scarcity and intrinsic beauty provide a more stable value foundation.

For instance, I once saw a very intensely colored "bean-grade" (douzhong) jadeite bangle, priced in the tens of thousands of RMB. In contrast, a light-colored but high-ice grade jadeite bangle, even without much green, could easily exceed a million RMB. This clearly illustrates the decisive position of zhongshui in today's market.

II. "Flaws" from a New Perspective: From Avoidance to Judicious Utilization

In traditional jadeite appraisal, "flaws" like cotton (mian), fissures (liu), cracks (lie), and impurities (zang) were often considered negative attributes. However, my view is that for certain "flaws," we should adopt a more dialectical perspective.

• The Art of "Cotton": Not all cotton is a drawback. Some cotton spots are evenly distributed and uniquely shaped, and when cleverly designed and carved, they can become a highlight of the piece, imbuing the jadeite with a unique artistic ambiance. For example, "snowflake cotton" (xuehua mian) in some high-ice jadeite, under the skilled hands of a carver, can be transformed into artistic effects like "snow-capped waterfalls" or "pear blossoms bathed in rain."

• Avoiding and Utilizing "Fissures": Small fissures, if cleverly avoided or concealed through settings, gold wrapping, or other methods, will not affect the overall beauty and wearability of the jadeite. Some carvers even utilize the direction of fissures, incorporating them into the design to create unique textures. Of course, large fissures that affect structural stability must still be avoided.

• Distinguishing "Impurities": Not all "impurities" are flaws. Some are associated minerals within the jadeite, and if properly distributed, they can enhance the jadeite's natural feel and uniqueness. For instance, occasional white specks in some black jadeite (mocui), if not too numerous, can create a "starry sky" effect.

The key is to learn to distinguish which flaws are fatal and which can be mitigated, or even elevated, through design and craftsmanship. This tests the connoisseur's eye and, even more so, the carver's skill.

III. Iteration of Investment Strategies: From "Chasing Highs" to "Value Discovery"

In the realm of jadeite investment, I find that many investors are still in the "chasing highs" phase, rushing into whatever is popular. However, this strategy carries increasing risks in today's market environment. My suggestion is that investors should focus more on "value discovery."

• Focus on Potential Stocks: Beyond those top-tier jadeites already at high prices, we should pay more attention to "sub-top tier" jadeites with potential. For example, some jadeites that reach high-ice or ice-grade but have slightly lighter colors or minor cotton spots. Their current market prices are relatively reasonable, but with the further evolution of aesthetic concepts and the improvement of carving techniques, their value is likely to be re-evaluated.

• Focus on Unique Materials: Some jadeites with unique colors, textures, or origins, even if not traditionally considered "top-tier," may possess high collection value due to their rarity and uniqueness. For example, lavender jadeite (ziluolan feicui), yellow jadeite (huang fei), and red jadeite (hong fei), if their zhongshui reaches a certain level, their value should not be underestimated.

• Focus on Cultural Added Value: In the future jadeite market, cultural added value will become increasingly important. A good jadeite piece, if it incorporates profound cultural connotations or is created by a renowned artist, will have artistic and collection value far exceeding the material itself. Therefore, when choosing jadeite, investors should not only consider the material but also its design, carving, and the cultural stories behind it.

Case Study: I once advised a client to acquire an ice-grade "floating flower" (piaohua) jadeite bangle. At the time, the color was not intense, and the floating flowers were somewhat scattered. But he followed my advice, valuing its zhongshui and the artistic conception of its natural floating flowers. A few years later, as the market's recognition of floating flower jadeite increased, and as the bangle's luster improved with wear, its value multiplied several times over. This is a testament to "value discovery."

Summary and Recommendations:

The jadeite market is like a vast starry sky, full of infinite possibilities. As investors and enthusiasts, we should not stick to old ways but constantly learn and update our perspectives.

• Learning is the Cornerstone: Deeply understand the formation and appraisal knowledge of jadeite. Observe, touch, and compare extensively to cultivate your discerning eye.

• Practice is Key: Visit markets frequently, communicate with experts, and accumulate practical experience.

• Rationality is the Guarantee: When investing in jadeite, avoid blindly following trends. Make rational judgments based on your financial capacity and risk tolerance.

• Aesthetics is Elevation: Cultivate a unique aesthetic appreciation for jadeite, discover its intrinsic beauty, and only then can you truly appreciate the charm of jadeite.

I believe that as long as we maintain our love and reverence for jadeite, and continuously enhance our professional expertise, we can find our own brilliance and value in this new era of jadeite, full of opportunities and challenges. Thank you all!