Myanmar Jadeite Rough Supply Tightens Further, High-End Market Prices Reach New Peaks

Myanmar Jadeite Rough Supply Tightens Further, High-End Market Prices Reach New Peaks

[Yangon/Shenzhen] The global jadeite market has once again focused on Myanmar recently, as the sustained tightness in rough stone supply from its core mining areas is profoundly influencing price trends across the entire industry chain. According to market data obtained by our reporter from multiple authoritative sources, in March, the overall price of Myanmar jadeite rough showed a significant upward trend, with particularly remarkable increases in the high-end quality segment.

For a long time, Myanmar, as the sole origin for over 90% of high-quality jadeite globally, has seen its internal mining policies, geopolitical factors, and natural resource depletion consistently act as key drivers of international jadeite market fluctuations. Since the beginning of 2024, this supply-side pressure has not eased; instead, it has shown a tendency to intensify further.

“Based on our monitored data, in the first quarter of this year, the total volume of Myanmar jadeite rough entering the Chinese market decreased by approximately 15% year-on-year,” stated Dr. Li Ming, a senior jewelry and jade analyst and special consultant to the Shenzhen Jewelry Association, in an interview with our publication. “Among these, the decline in high-quality materials such as 'ice-kind' (bingzhong) and 'glass-kind' (bolizhong) was even more pronounced, directly leading to a severe imbalance in market supply and demand.”

Dr. Li further explained that the current market exhibits a clear polarization. High-end jadeite rough, especially those with collectible value like ice-kind and glass-kind, and those featuring rare colors such as imperial green or vibrant green, have seen price increases exceeding 10%, with some premium pieces even rising by over 20%. He predicts that if this supply tightness continues, prices for high-end jadeite will still have room for further growth, potentially reaching a cumulative annual increase of 25%-30%.

In contrast to the booming high-end market, prices for mid-to-low-end jadeite rough have remained relatively stable. Although overall market sentiment has been buoyed by the high-end price hikes, due to the relatively larger inventory of mid-to-low-end rough and consumers' greater emphasis on cost-effectiveness, price fluctuations in this segment have been minor, generally maintaining increases of 2%-5%, with some categories even experiencing slight declines.

“This reflects the market’s pursuit of scarce resources,” said Chen Gang, a veteran jade merchant and president of the Ruili Jadeite Chamber of Commerce in Yunnan. “Against a backdrop of increasing economic uncertainty, the investment attributes of high-quality jadeite are becoming increasingly prominent. It is not just a luxury item but is also regarded as a hard currency and an asset for value preservation and appreciation.”

Chen Gang also mentioned that in addition to supply-side factors, policy adjustments within Myanmar have also impacted rough stone exports. For instance, the recent tightening of mining permits and adjustments to rough stone export taxes have indirectly pushed up procurement costs. Furthermore, rising logistics costs post-pandemic have further exacerbated upward pressure on final prices.

Looking ahead, the trajectory of the jadeite market remains challenging. On one hand, the structural shortage of Myanmar rough will be a long-term trend, and the scarcity of high-quality jadeite will continue to support its high price levels. On the other hand, with the sustained recovery of the Chinese economy and the increasing consumption power of the middle class, demand for high-end jadeite is expected to continue growing. However, the market also needs to be wary of risks brought by excessive speculation, as well as the impact of substitutes or synthetic materials on the mid-to-low-end market.

Dr. Li Ming advises investors and collectors to focus more on the jadeite's 'kind' (zhong), color, craftsmanship, and cultural connotations, rather than blindly chasing short-term price fluctuations. For merchants, the key to future competition will be how to meet market demand through exquisite carving techniques and enhanced brand value, given limited raw material resources.

Overall, the March jadeite rough market once again confirmed the truth that “rarity commands value.” The investment value of high-end jadeite is being re-evaluated, and the entire industry faces opportunities and challenges for transformation and upgrading.