Turquoise (Qingu Material) Q2 2024 Market Analysis Report

I. Market Overview and Price Data

In the second quarter of 2024, the market for Qingu turquoise generally showed a stable yet upward trend. Influenced by factors such as the scarcity of high-quality raw stones, sustained strong market demand, and increased consumer awareness of premium turquoise, Qingu material prices remained firm. This quarter, overall market transaction volume slightly increased compared to the previous quarter, but the growth in transactions for high-end exquisite pieces was more significant, indicating a strong pursuit of top-tier quality in the market.

Price Range and Average Price:

* High-porcelain, high-blue (Wulanfa, Rapeseed Yellow) exquisite material: 800-2500 RMB/gram, with some extremely rare pieces exceeding 3000 RMB/gram.
* High-porcelain blue, high-porcelain green (no or minimal iron lines) first-grade material: 300-800 RMB/gram.
* Medium-porcelain blue, medium-porcelain green (some iron lines or slight impregnation) second-grade material: 100-300 RMB/gram.
* Ordinary material (average porcelain, more iron lines, or lighter color) third-grade material: 30-100 RMB/gram.

Price Fluctuation:

* Overall price increase: The overall price of Qingu turquoise increased by approximately 3-8% quarter-on-quarter.
* High-end exquisite material increase: Top-tier qualities like high-porcelain, high-blue, and Wulanfa saw more significant increases, reaching 5-12%.
* Mid-to-low end material increase: Prices for mid-to-low end materials remained relatively stable, increasing by about 1-5%.

Trading Volume:

* Total trading volume: Increased by approximately 5-10% quarter-on-quarter.
* High-end exquisite material trading volume: Increased by approximately 10-15% quarter-on-quarter, indicating high market activity.
* Mid-to-low end material trading volume: Increased by approximately 3-7% quarter-on-quarter, with stable demand.

II. Market Trend Analysis and Forecast

  • Scarcity Supports High Prices: As one of the top producing regions for turquoise, Qingu material faces increasing difficulty in mining high-quality raw stones and continuously declining output, leading to tight market supply. This scarcity will continue to be the main factor supporting its high prices, and prices are expected to rise further, especially for high-quality materials.

  • Consumption Upgrade and Aesthetic Enhancement: With the improvement of national economic levels and increased cultural confidence, consumers' aesthetic and quality requirements for jewelry and jade are continuously rising. Qingu turquoise, with its unique porcelain texture, color, and warm feel, is increasingly favored by high-end collectors and general consumers. This consumption upgrade trend will continue to drive demand for exquisite materials.

  • Branding and Traceability Development: There is a growing demand in the market for authenticity, origin, and quality traceability of turquoise. In the future, Qingu material with authoritative appraisal certificates, origin proofs, and brand endorsements will be more competitive in the market, with higher price premiums.

  • Enhanced Investment Attributes: Turquoise is not only an ornament but also increasingly exhibits investment attributes. Against the backdrop of inflation expectations and diversified asset allocation, high-quality turquoise, as a physical asset with cultural value and scarcity, will attract more investor attention.

  • Integration of Online and Offline: Online live streaming, short videos, and other new media channels are playing an increasingly important role in turquoise sales, expanding sales channels and improving market transparency. In the future, the integrated online and offline sales model will become more mature, promoting healthy market development.


Forecast: It is expected that in the second half of 2024, the Qingu turquoise market will continue to maintain a steady growth trend, with high-end exquisite materials still having 5-10% upside potential, while prices for mid-to-low end materials will remain stable or see slight increases.

III. Price Comparison of Different Quality Grades

| Quality Grade | Porcelain and Color Description | Price Range (RMB/gram) | Key Characteristics |
| :----------------- | :-------------------------------------------------------------- | :--------------------- | :------------------------------------------------------ |
| High-porcelain, High-blue | Extremely high porcelain, pure sky blue or rich high blue, no or minimal iron lines, such as Wulanfa, Rapeseed Yellow | 800-2500+ | Rare, collector's grade, strong luster, smooth feel, uniform color |
| High-porcelain Blue/Green | High porcelain, pure blue or green, some fine iron lines | 300-800 | High quality, suitable for wearing and investment, some collection value |
| Medium-porcelain Blue/Green | Medium porcelain, blue or green, with obvious iron lines or slight impregnation | 100-300 | High cost-performance, suitable for daily wear, entry-level collection |
| Ordinary Material | General porcelain, lighter color or more iron lines, may have white spots | 30-100 | Affordable, suitable for mass consumption, strong decorative appeal |

IV. Investment Advice

  • Prioritize High-Quality Exquisite Materials: For turquoise investment, prioritize top-tier Qingu materials such as high-porcelain, high-blue, Wulanfa, and Rapeseed Yellow. These materials are not only highly scarce but also have the strongest value preservation and appreciation potential. Even with market fluctuations, their resilience is far superior to ordinary materials.

  • Focus on Raw Stones and Finished Products: For experienced investors, consider high-quality raw stones. Raw stones may have greater appreciation potential, but the risk is also relatively higher, requiring certain identification skills. For general investors, it is recommended to purchase finished products with authoritative appraisal certificates.

  • Emphasize Appearance and Craftsmanship: In addition to porcelain and color, the appearance of turquoise (e.g., no cracks, no impurities, regular shape) and carving craftsmanship directly affect its value. Exquisite carving craftsmanship can imbue turquoise with higher artistic value and market premium.

  • Beware of Market Risks: The turquoise market carries risks such as counterfeits, inferior products, and enhanced treatments. When purchasing, always choose reputable merchants and request authoritative appraisal certificates. Do not blindly pursue low prices to avoid being deceived.

  • Long-Term Holding Strategy: The value growth of turquoise is a long-term process. Investors are advised to adopt a long-term holding strategy and avoid short-term speculation. Over time and with resource depletion, the value of high-quality turquoise will continue to stand out.

  • Learn Identification Knowledge: Investors should actively learn turquoise identification knowledge, understanding its origin, quality characteristics, and enhancement methods to improve their identification capabilities and reduce investment risks.


Summary: The Qingu turquoise market performed steadily in Q2 2024, with high-end exquisite materials continuing to lead the price increases. Driven by multiple positive factors such as scarcity, consumption upgrades, and enhanced investment attributes, its future market prospects remain broad. Investors should grasp market trends, prioritize high-quality products, and be wary of market risks to achieve asset preservation and appreciation.