Myanmar Jadeite Rough Supply Tightens Further, High-End Market Prices Reach New Peaks
【Yangon, March 28, 2024】 As global demand for high-quality jadeite continues to grow, coupled with the long-term impact of Myanmar's complex political and economic situation on mining operations and rough stone exports, the jadeite rough market has once again shown a significant upward price trend this month. Particularly noteworthy is the substantial price increase for top-tier jadeite rough, such as 'ice-jade' and 'glass-jade' varieties, further highlighting the value of these scarce high-end resources.
According to Mr. Zhang Ming, a senior industry analyst known as "Jadeite Guru," the overall supply of Myanmar jadeite rough has shown a month-on-month decrease since the second half of 2023, with this trend becoming even more pronounced in the first quarter of this year. Mr. Zhang stated, "We estimate that the current market supply of high-quality jadeite rough has decreased by at least 20% to 30% compared to the same period last year. This is not a short-term phenomenon but a long-term structural issue caused by multiple overlapping factors."
Specifically, the average price of high-quality jadeite rough, including 'ice-jade' and 'glass-jade,' increased by approximately 8% to 12% month-on-month this month, with some exceptional pieces seeing increases of over 15%. For instance, an 'ice-jade' piece with vibrant green weighing around 500 grams has seen its market valuation rise by hundreds of thousands of RMB compared to last month. Meanwhile, prices for mid-to-low-end jadeite rough also saw an increase, but at a more moderate pace, generally between 2% and 5%, indicating a more fervent pursuit of scarce resources in the market.
Supply Side: Multiple Factors Intertwine, Future Outlook Not Optimistic
Myanmar, as the sole origin for over 90% of high-quality jadeite globally, has its internal instability directly impacting the global jadeite supply chain. Mine safety issues, restrictions on mining permits, increased transportation costs, and uncertainties in export policies have all led to a significant reduction in rough stone output. A Myanmar mine owner, who wished to remain anonymous, stated, "The difficulty and risk of mining are much greater now than before, and many mining areas are in a state of stagnation. Even if new rough stones are produced, transporting them to the market incurs higher costs."
Furthermore, some mining areas are experiencing resource depletion or increased mining depths, leading to a year-on-year decline in the yield of high-quality rough, further exacerbating scarcity. This makes already in-demand top-tier jadeite resources even more precious.
Demand Side: Investment and Collection Enthusiasm Undiminished
Despite high prices, global demand for high-quality jadeite has not waned. In major consumer markets such as China and Southeast Asia, jadeite is not only considered a precious ornament but also an investment with potential for value preservation and appreciation. Against the backdrop of increased global economic uncertainty, scarce hard assets like high-quality jadeite are increasingly highlighting their investment value. The pursuit of top-tier jadeite by high-net-worth individuals and professional collectors is a significant driving force behind its continuous price increase.
Market Outlook: Structural Price Increases May Become the Norm
Looking ahead, industry experts generally believe that the tight supply of Myanmar jadeite rough is unlikely to ease in the short term. Mr. Zhang Ming predicts, "In the foreseeable future, prices for high-quality jadeite rough will continue to rise, and may even experience greater fluctuations. The mid-to-low-end market may be affected to some extent, but overall prices will remain firm. For investors and collectors, now is a window period to select high-quality jadeite, but risks need to be carefully assessed."
He advises consumers to pay more attention to quality and origin when purchasing jadeite, choose reputable dealers, and look for authoritative appraisal certificates. With increased market transparency and a deeper understanding of jadeite culture and value among consumers, the future jadeite market will become more rational and professional.
This price surge not only reconfirms the scarcity of jadeite but also signals that the global jadeite market is entering a new phase of structural price increases driven primarily by high quality and rarity.