Priceless?

There is an old saying that "you can put a price on gold, but not one on jade". Some say it means that jade is priceless; others suggest it's valueless because jade isn't traded on a public market like gold or other metals.

Patrons of a jade market in Urumqi sort through pebbles in search of one that could bring them a fortune. [Liu Xin / for China Daily]

Another saying, that "one should collect gold in troubled times, but jade in a flourishing age," applies to the huge price increase for Hetian jade in China's economic boom and period of excess liquidity.

"When the inflation rate remains high and restrictions are put on property investment, collections such as jade articles are some of the few legal investment channels with a promising return," Li said.

Qiu Zhili, a professor in the Gem Testing and Research (Appraisal) Center at Sun Yat-Sen University, offered another reason for the price increase. "We used to evaluate the price of jade just by its material value, while neglecting its social and environmental costs," such as the rising price of labor and stricter environmental protections.

But Qiu said that little room remains for further appreciation because the price has already put the market out of the mainstream and supply remain robust.

According to data from the Xinjiang Gem Association, the entire reserve of nephrite is 220,000 to 280,000 tons. Even though it is not as valued as pebble jade, the supply could last miners 160 more years at an exploitation rate of about 150 tons annually.

But jade dealers like Wang Wenhua remain confident that the price will keep increasing. She said as much while trying to make a sale to a tourist.

"Jade pebbles are non-renewable so they will for sure be more valuable," she said, "so pick one before it's too late.

"Not satisfied? No problem. I've got thousands more for you to choose from."