THE PRICE of jade has steadily
declined in the domestic
market after the period of the
Thingyan New Year celebration,
according to the merchants
in Mandalay Region.
“For the time being, demand for jade here is cooling down because of a lack of Chinese buyers who temporarily return to their country of origin as the gems sales centre closed during the Thingyan holidays,” said a local jade dealer.
In Mandalay, jade sales for the local market are predominantly conducted at jade and gems market in Mahaaungmye Township.
The sale of raw jade in Mandalay’s gems sale centre is said to be good but the demand is exceeding supply due to lack of raw materials imported by Hpakant, Kachin State, the land of jade, which is famous for its high-quality stones.
Although Chinese currency remains stable in the market after the water festival, some jade collectors make money by selling their products to local buyers at a reduced price.
The cooling market is expected to be active again soon, merchants say.