If you’ve recently taken a stroll through the jade and gemstone market in Ruili, especially around the stalls selling bead strings and small ornaments, you’ve probably noticed that lapis lazuli isn’t as prominent as it used to be in recent years. Back in the day, you could see several large raw pieces displayed right at the entrance, shining a vivid blue that really caught your eye. Now? There are still some scattered pieces, but it just doesn’t have that “leading star” vibe anymore.

Let me tell you, the lapis lazuli market has changed quite a bit over the past few years. When I first entered the industry, lapis lazuli was still a hot commodity, especially high-quality Afghan material, which was in real demand. Back then, many young girls just starting out with livestream sales loved to sell lapis lazuli because of its beautiful color and relatively affordable price, which made it sell quickly. Now, if you check those livestream rooms, the exposure of lapis lazuli has clearly dropped, and many have switched to other products.

Is Lapis Lazuli Still Valuable Now?

If you ask me whether the price trend of lapis lazuli has been rising or falling recently, to be honest, it’s generally trending downward. If you saw a piece in the Ruili market last year priced around three to four thousand yuan, now you might be able to get it for just over two thousand, or even less. Of course, this is the general situation. Those top-tier old mine materials with no white or gold inclusions, pure blue color, and excellent oiliness are still hard currency; their prices remain firm and have even seen slight increases. But such materials are naturally rare and not common.

I recall about three or four years ago, lapis lazuli prices were somewhat inflated. Especially after the concept of “Imperial Blue” came out, many merchants started hyping it up, pushing some ordinary materials under this label, which misled many beginners. At that time, a small, average-quality lapis lazuli bead bracelet could easily cost several hundred to over a thousand yuan. I felt something was off back then; the prices seemed artificially driven up by capital. Sure enough, the market has returned to rationality over the past few years, and those hyped prices have naturally dropped.

Why the decline? I think there are several reasons:



    • Aesthetic fatigue: The hype was too intense a few years ago, so people got tired of it and lost the novelty.

    • Many substitutes: There are plenty of attractive blue gemstones on the market, like amazonite and dumortierite, which are also cheaper.

    • Production issues: You know the situation in Afghanistan. Although it has some impact, the overall production remains relatively stable, unlike some jade resources that are extremely scarce.

    • Capital shift: Many speculative funds have moved toward more traditional jade like Hetian jade and jadeite. After all, lapis lazuli’s value ceiling is still limited.

Some Small Trends I’ve Noticed

Although the overall market is a bit sluggish, I’ve observed some interesting small trends:



    • High-end and niche: Truly top-quality lapis lazuli carvings or plaques with exquisite craftsmanship are starting to attract collectors’ attention. They no longer pursue “big and comprehensive” but rather “refined and rare.” I believe this segment still has potential going forward.

    • Enhanced cultural play value: Lapis lazuli used to be mainly for jewelry, but now many people treat it as a collectible or cultural plaything. Experienced players pay particular attention to the stone’s oiliness and patina, giving high-quality lapis bead strings new value points.

    • Stronger design sense: Many designers are combining lapis lazuli with other gemstones and metals to create more personalized jewelry. This mixed-style approach has given lapis lazuli new vitality. After all, young people nowadays want not just good material but also good design.

I have an old client who used to love collecting lapis lazuli. He told me that nowadays, when buying lapis lazuli, you either buy the better quality pieces as collectibles or very cheap ones as everyday accessories. He said he rarely touches the mid-range pieces anymore because “they’re neither here nor there and hard to sell.” I think he made a very valid point.

Is Now a Good Time to Buy Lapis Lazuli?

If you ask me whether now is a good time to buy lapis lazuli, my view is: it depends on what you want to buy.

If you want to buy some ordinary, average-quality lapis lazuli bead strings or small items as daily accessories, then now is indeed a good time. Prices have dropped, so you can get the same quality for less money, and maybe even find some bargains. But you should be aware that these items have limited appreciation potential; it’s mostly about personal enjoyment.

If you want to invest or collect, I suggest you raise your standards and only consider genuine top-tier old mine materials with no white or gold inclusions, pure blue color, and excellent oiliness. Such pieces are rare in the market now. Although prices remain firm, compared to the bubble years, this might be a relatively reasonable entry point. However, these require a keen eye, and beginners should not buy blindly, or they might lose money.

When I first entered the industry, I also suffered losses with lapis lazuli. I didn’t know much back then and was easily fooled by the term “Imperial Blue,” thinking it was good stuff. I spent a lot on a piece only to find out later it was ordinary material with quite a few white spots. So, look more, buy less, and ask experts if you don’t understand—this is the golden rule.

For those interested in buying lapis lazuli, here are a few tips I summarize:



    • Don’t blindly trust the origin: Although Afghan material is generally better, not all Afghan lapis is good. Quality is key.

    • Check the blue color: The bluer, the better. The blue should be pure, not grayish or blackish.

    • Check for white and gold inclusions: The fewer, the better. Ideally, no white or gold inclusions. But perfect pieces are rare; a bit of gold (“gold sand”) is normal.

    • Check the oiliness: Good lapis lazuli feels oily and smooth, not dry.

    • Price must be reasonable: Compare prices from several sellers and don’t be fooled. If the price is significantly higher than the market, there’s likely a problem.

Overall, the lapis lazuli market isn’t as hot as it was a few years ago, and prices have returned to rational levels. But good pieces will always have value. The key is your mindset and what grade of material you buy. What do you think? Have you encountered similar situations?