March 2026 Gemstone Market Deep Dive: High-End Categories Lead Growth Amidst Structural Adjustments
【Beijing, April 5, 2026】 In March 2026, the Chinese gemstone market exhibited significant vitality, with increased transaction volumes across various categories. High-end gemstone varieties, particularly jadeite and Hetian jade, performed exceptionally well, maintaining strong prices and showing slight upward trends. Market analysts indicate that driven by the dual forces of consumption upgrading and shifts in supply-demand structures, the gemstone industry is undergoing a profound structural adjustment, presenting both opportunities and challenges for future development.
According to internal industry statistics, the total transaction value of gemstones nationwide in March increased by approximately 8.5% month-on-month and about 15% year-on-year. Jadeite rough and finished products dominated the market, accounting for roughly 45% of the total value, with prices for high-end exquisite pieces generally rising by 3%-7%. The Hetian jade market also performed strongly, with prices for quality raw materials (籽料) and finely carved pieces showing steady growth, and some rare categories even seeing increases exceeding 10%. In contrast, while transaction volumes in the mid-to-low-end gemstone market improved, price fluctuations remained relatively stable, with some categories even experiencing slight declines.
“The core driving force of the current gemstone market has shifted from mass consumption to quality consumption and investment collection,” stated Dr. Li Ming, a senior researcher at the Gem & Jewelry Trade Association of China, in an interview. “Consumers' awareness of the cultural, artistic, and scarcity value of gemstones is increasing, directly fueling the price surge in high-end categories. Concurrently, with the sustained development of the domestic economy, the investment demand from high-net-worth individuals for art and collectibles has injected new vitality into the gemstone market.”
From the supply side, the increasing scarcity of high-quality gemstone resources is the fundamental reason supporting price increases. For instance, tighter policies in Myanmar's mining areas and increased extraction difficulties have led to a continuous reduction in the supply of high-quality jadeite rough. In the Hetian jade sector, strict controls on mining in the Xinjiang region have made premium raw materials even more precious. This supply-demand imbalance undoubtedly provides a solid foundation for the value growth of high-end gemstones.
Market data indicates that in March, both customer traffic and average transaction value in high-end gemstone stores in first-tier cities saw significant increases. For example, a renowned jadeite brand's flagship store in Shanghai reported a year-on-year sales growth of over 20% for the month, with a notable increase in the proportion of jadeite bracelets and pendants priced over one million RMB. In the secondary market, some gemstone pieces with historical provenance and master carvings have repeatedly set new auction records, demonstrating strong investment and collection attributes.
However, the market is not without challenges. Dr. Li Ming also pointed out: “The challenges faced by the mid-to-low-end gemstone market cannot be ignored. Under the dual pressures of e-commerce platform impact and intensified homogeneous competition, the profit margins of some businesses are being squeezed. The industry urgently needs to enhance product added value through brand building, cultural empowerment, and technological innovation to avoid falling into a price war.”
Looking ahead, the gemstone market is expected to exhibit a more pronounced two-tiered differentiation. High-end gemstone categories are anticipated to maintain robust growth, with their investment attributes becoming more prominent. The mid-to-low-end market, on the other hand, will need to find new growth points through differentiated competition and cultural creativity. Digital transformation, the establishment of traceability systems, and cross-industry integration with fashion and art will be crucial pathways for the sustainable development of the gemstone industry. It is projected that by the end of 2026, the total size of China's gemstone market is expected to exceed 300 billion RMB, with high-end categories contributing over 60% of the growth.
Expert Advice: Investors entering the gemstone market should thoroughly understand market conditions, choose reputable dealers, and focus on the quality, craftsmanship, and cultural significance of the gemstones. For general consumers, rational consumption and spending within one's means remain the primary principles.