Myanmar jade: Art, auctions and mining

Myanmar jade: Art, auctions and mining 

In June at Nay Pyi Taw at the 55th Myanmar Gems Emporium jade of value ‎€15 million was showcased. The auctions were attended by more than 3000 global merchants and jewelry brands from US, Canada, Hong Kong, Taiwan and China. Most precious stones and art auctions in China and Myanmar showcase jade statues, embedded jewelry and jade carvings that are mostly made in low cost stones nephrite. 

Jade can be translucent green or light green and used in jewelry, buttons, bracelets, cups etc. Some low cost varieties are used in plates, spoons, saucers, flower pots etc.  These items can be offered in the range of US$20,000 to US$25,000, whereas, the value of a Bonham jade and diamond necklace (containing high quality jade) with earring and ring, is in the range of US$190,000-260,000.

Jade does not have an international standard for grading and the price is not determined on such standards. One of the auctions in Asia emphasized on the translucency and color of the stone for higher price. To find the real value, one has to get it examined at labs.  

Jade which undergoes treatment or has adulteration is priced significantly lower as compared to pure form, whilst, most natural jades are considered very valuable, especially; the demand is high in middle class and new wealthy buyers in China, who are buying raw stones from Myanmar.

Demand and Mines 
The leading buyers of Jadestones Nicole Kidman and Jessica Chastain – wore the jade jewelry in 2014 Hollywood move premier and this led to rise in demand of the stones.  The traditional Asian buyers are attracted to translucency and western buyer look for cravings and purity.

Myanmar is one of the biggest producers of jade where in 2014 the total jade production was $31billlion. In 2016 one of the largest jade stone was found in Phakant, Myanmar which was basically, the Jadeite of one of the finest quality stone. Earlier one of the largest jade was unearthed from Moe Pin mine in Kachin state in 2010. The stone unearthed in 2016 from the Mat Lin Chaung mine was valued US $7.35 million.

The country earned revenue of US $23 million in Q1 2017-2018 from such trades. Myanmar auctioned raw jade for US$45 million in March and in 2016 11,000 tons of raw jade was exported (Indian and China were the leading buyers) of value US$ 246.7 million.

Historical relevance 

Jade can be found in nephrite and jadeite forms. Nephrite is of inferior quality as compared to jadeite. Value of jade in Myanmar mines is over $31 billion and many such stones are smuggled to China. These are highly admired in China due to antiquity. In 18th century many Chinese traders were going to Burma to acquire these stones and a small number returned. Many perished due to extreme weather and bad roads.   

In 19th century roads were constructed to enable Chinese traders to come to the mines, although the king was unaware of the value and high demand of the stones in China. Mogaung was trade centre for jade and no tax was imposed on trade of such stones mined by the locals, traded in local markets.  

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