The price of 300,000 kilograms of fine white jade seeds has turned up to 100 times in ten years

The fascination with white jade has reached an almost obsessive level. After the frenzy surrounding stocks, real estate, and speculative investments like "fried garlic," hot money has flowed into the art collection market. As a symbol of prestige since ancient times, white jade has become a favorite among investors. In Beijing’s Antique City, the white jade scene is buzzing. At the second Autumn Antiques Art Fair held from September 24 to 27, a dedicated white jade exhibition was set up. An original stone street from Xinjiang was introduced, and merchants from major processing and mining areas were invited to showcase their finest pieces. This event brought together the largest white jade fair in China, drawing collectors and enthusiasts from across the country. Yang Shi, deputy general manager of Tianya Antiques City, noted that after the financial crisis, the trend of collecting has shifted from individual collectors to a broader market. “A large amount of idle capital is now flowing into the antiques market. For ordinary consumers, white jade has become one of the most popular collectibles,” he said. Many people now wear jade pendants and bracelets, showing how deeply rooted jade culture is in modern society. Historically, the top-grade white jade—known as “seeded material”—was called “white jade” during the Ming and Qing dynasties. It was typically Hetian Baiyu from Xinjiang. Today, the domestic white jade market includes not only Xinjiang Hetian Baiyu but also Qinghai Baiyu and Russian white jade. Due to differences in origin, the price varies significantly. Among them, Xinjiang Hotan white fat jade holds the highest value. Zhu Jingyu, General Manager of Beijing Antique City, explained: “Since the origin, variety, and quality of white jade differ, the price increases are not uniform. In the past decade, the price of common white jade has risen more than tenfold. The price of Xinjiang Hetian jade has gone up over 100 times. Some top-tier white jade seeds have even reached 231 million yuan per kilogram.” It is reported that the price of white jade—including Xinjiang, Russian, and Qinghai varieties—has increased by over 30% annually. Yang Shi added, “In the 1980s, white jade wool cost about 20 yuan per kilogram. After two or three decades of appreciation, its value has multiplied many times. Now, the price of Xinjiang Hetian jade has climbed to several hundred yuan per gram.” Currently, gold costs around 270 yuan per gram, while the finest Hetian jade seed can reach 400–500 yuan per gram. In some cases, it's even more expensive than gold. Zhu Jingyi pointed out, “White jade doesn’t have a fixed standard like gold. Its price varies greatly depending on origin and quality. When buying, it’s essential to consider personal preferences and the market.” Throughout history, white jade has been associated with nobility and virtue. During the Spring and Autumn and Warring States periods, famous jades were considered priceless treasures. Even in ancient times, the Qin state once offered 15 cities in exchange for a piece of jade. The value of such treasures has never diminished. On November 11 this year, an auction of jade and porcelain from London Bangshou will feature a Qianlong-era white jade plaque engraved with the phrase “self-improvement.” Another Qianlong “self-improvement” jade cymbal, owned by a French family, sold for 56.56 million yuan at the Poly Spring Auction in Beijing in 2010. At Sotheby’s 2010 spring auction, a Qing Emperor Qianlong Yubao poem “Jade Emperor” Baiyuyuan fetched 95.86 million Hong Kong dollars. A white jade dragonfly from 2007 had previously sold for 46.25 million Hong Kong dollars, setting a new record. After rising by over 40 million Hong Kong dollars in three years, it topped the jade auction list again. Sotheby’s 2010 autumn auction will also feature a rare Yuchao jade figurine—a Qinglong Longbao Yubao dragon button white jade sculpture marked “Shintian master.” Estimated to be worth between 25 million and 30 million Hong Kong dollars, it promises to be a highlight of the sale. When purchasing Hetian jade, it’s crucial to identify the authenticity. White jade is a type of nephrite, and the traditional material used in Chinese jade comes from Xinjiang. Known for its superior quality, it has been highly valued for centuries. However, due to long-term exploitation, resources have dwindled, leading to a surge in counterfeit products. Qinghai produces a lot of jade with a beautiful appearance and fine texture, but many vendors pass it off as Hetian jade. While Qinghai jade looks good, it tends to be too transparent and lacks the dignified texture of genuine Hetian jade. Similarly, Russia’s Baikal region produces high-quality nephrite that closely resembles Hetian jade. However, Russian jade is often drier and less warm, with a simpler color palette. Despite these differences, it is frequently used to mimic Hetian jade in the market. With current technology, it’s difficult to accurately determine the origin of jade. As a result, many merchants sell Qinghai and Russian jade under the name “Hetian jade,” misleading consumers and selling lower-quality stones at higher prices. Buyers must be cautious and informed when investing in white jade.

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