March 2026 Gemstone Market Insight: High-End Categories Lead, Structural Divergence Intensifies
[Beijing, April 5, 2026] In March 2026, the Chinese gemstone market exhibited a significant structural divergence, with overall trading activity showing an uptick compared to the beginning of the year. Data indicates that rare, high-end categories, represented by top-quality jadeite and mutton-fat white Hetian jade, saw their price indices continue to climb. In contrast, the mid-to-low-end market faced certain inventory reduction pressures, with relatively stable price fluctuations. Industry experts point out that the confluence of consumption upgrading trends and supply-side scarcity is profoundly reshaping the value landscape of the gemstone market.
According to the latest data released by market monitoring agency “Huaxia Jewelry Index,” the average transaction price for high-end jadeite (specifically referring to ice-grade or above, with rich color or rare floating flowers) in March increased by approximately 3.5% month-on-month, and a significant 12.8% year-on-year compared to the same period last year. Concurrently, the average price of premium mutton-fat jade (over 30 grams, excellent fineness and oiliness) also recorded a monthly increase of 2.9%. In contrast, while the transaction volume for ordinary mountain-material Hetian jade and mid-to-low-grade jadeite saw a slight increase, price growth was limited, with some categories even experiencing a marginal decline.
“This polarizing trend is not a short-term phenomenon but an inevitable outcome of the gemstone market's evolution in recent years,” stated Professor Li Ming (pseudonym), a senior analyst at the China Gemstone and Jewelry Trade Association, in an interview with our reporter. “On one hand, under global economic downward pressure, high-net-worth individuals have an increasingly strong demand for asset allocation that offers scarcity and value preservation. Gemstones, as carriers of traditional Eastern culture combined with hard currency attributes, naturally become a preferred choice. On the other hand, the increasing depletion of high-quality gemstone resources, especially the growing difficulty and cost of mining in renowned areas like Myanmar jadeite and Xinjiang Hetian jade, has led to a continuous shrinkage in supply, further pushing up prices for rare items.”
Market data shows that the total scale of China's gemstone and jewelry market exceeded 800 billion RMB in 2025, with an expected growth rate of 5%-8% in 2026. Among this, the sales share of high-end gemstones is projected to increase from 15% in 2025 to over 18%, becoming the primary driver of market growth.
Notably, beyond traditional collection channels, the improvement of live-streaming e-commerce and digital traceability systems has also provided new growth points for the circulation of high-end gemstones. According to incomplete statistics, high-end gemstone products transacted through leading live-streaming platforms in March accounted for nearly 40% of the category's online sales. Consumers' demand for transparency regarding gemstone origin, appraisal certificates, and carving craftsmanship is prompting the industry to accelerate the construction of a more robust trust mechanism.
However, the mid-to-low-end gemstone market faces more severe challenges. With the improvement of consumer aesthetic standards and the popularization of rational consumption concepts, products that previously relied on “story marketing” and “concept hype” are gradually losing their appeal. Inventory backlog and price wars are particularly prominent in the mid-to-low-end market. Professor Li Ming suggested: “Mid-to-low-end gemstone enterprises need to re-evaluate their product positioning, strengthen design innovation, enhance cultural added value, or shift towards the mass consumer market, attracting younger consumers with more competitive prices and differentiated services.”
Looking ahead, the gemstone market will continue to develop in the direction of refinement, branding, and transparency. The investment value of high-end gemstones will be further highlighted, while the mid-to-low-end market will need to find new growth opportunities through innovation and transformation. It is anticipated that by 2027, the Chinese gemstone market will form a clearer pyramid structure, with rare treasures dominating the apex, unique and exquisitely crafted artworks supporting the middle, and mass-market decorative items and cultural creative products forming the base. For investors and consumers alike, a deep understanding of market dynamics and discerning product value will be key to future gemstone transactions.