In recent years, as high-end jade has entered a period of high-level consolidation, colorful gemstones and玉石 such as turquoise, southern red agate, amber, and beeswax have gradually become more active in the market. Among these, turquoise is not only favored as a traditional Chinese jade but has also consistently been highly regarded by consumers both domestically and internationally as a material element for jewelry making and inlay work. As a result, the investment market for turquoise has rapidly heated up, and its price has continued to rise—from just over ten yuan per gram to as high as— 800 The yuan is far higher than the price of gold.

So, turquoise. “ Soaring wildly ” What are the underlying reasons behind this? And how much room is there for further appreciation in the future? With the market heating up, how can we distinguish between genuine and counterfeit products amid increasingly blurred lines? Recently, experts including Liu Jinshan, scientific and technological advisor at the Guangzhou Institute of Geological Survey, naturalist, and gemologist, and Li Tongyi, former secretary-general of the Shandong Jewelry and Gemstone Association, told reporters in interviews that turquoise has nearly reached its peak after several rounds of price increases, so collectors and investors need to exercise extreme caution.

Text and images / Guangzhou Daily reporter

Liu Liqin

“ Heavenly Gem ”

Once listed among royal possessions

Turquoise is also known as “ Turquoise ”，1927 In his renowned work, "Shi Ya," China's veteran geologist Zhang Hongzhao explained that... “ Or resembling a pine cone, its color is close to pine green. ” Because turquoise naturally occurs in nodular and spherical forms, with a color reminiscent of pine tree green, it is thus named. “ Turquoise ”。

Turquoise can be considered one of the oldest gemstones; thanks to its stunningly beautiful color, it has been cherished and admired across both Eastern and Western cultures throughout history. In ancient Mexico and ancient Egypt, turquoise was regarded as a mystical treasure, and objects crafted from it were used as amulets and burial offerings. In China, turquoise is ranked alongside Hetian jade, Dushan jade, and Xiuyu jade. “ The Four Famous Jade Stones ”。

Archaeological findings indicate that China’s history of mining and utilizing turquoise dates back to the Neolithic period; turquoise has been discovered at sites belonging to the Yangshao and Banpo cultures. Later, throughout China’s long history... “ Wu Yu ”、 “ Divine Jade ” Throughout history, turquoise has always played an important role. Numerous ritual objects used for worshipping heaven and honoring deities, unearthed at cultural sites such as Hongshan, Longshan, Liangzhu, Daxi, Majiayao, Sanxingdui, and Erlitou, were extensively inlaid with turquoise. During the Spring and Autumn, Warring States, Qin, and Han periods, the use of turquoise became even more widespread—so much so that it was even presented as a national gift during diplomatic alliances. During the Qing Dynasty, turquoise was referred to as... “ Heavenly Gem ” , because of its “ Hue enters the heavens. ” And it was designated as a royal exclusive product and monopolized jewelry. The "Qing Hui Dian Tu Kao" from the Qing Dynasty records: “ For the emperor’s ceremonial beads and miscellaneous ornaments, only the Altar of Heaven uses lapis lazuli, the Altar of Earth uses amber and beeswax, the Altar of the Sun uses coral, and the Altar of the Moon uses turquoise. ”

Mineral studies are best when they are blue.

Modern mineralogical research has revealed that turquoise is a hydrated copper-aluminum phosphate. Liu Jinshan explained that turquoise forms when mineral-bearing solutions—created by the infiltration of surface water into rocks rich in copper, aluminum, and phosphorus—precipitate under specific conditions, giving rise to a variety of colors ranging from blue and green to pale yellow and pale green, thanks to pigmenting metal ions such as copper and iron.

The evaluation and selection of turquoise are based on its color, texture, and size. “ The turquoise color of a gemstone primarily depends on the concentrations of copper and iron: higher copper content results in a bluer hue, while higher iron content produces a greener shade. Among these, blue and deep blue are considered the finest; typically, sky blue and blue-green are regarded as high-quality specimens, followed by green and grayish-green, with pale white being the least desirable. However, artificial coloring can be used to create imitation turquoise stones. After long periods of natural formation, turquoise develops a dazzling array of colors. Yet today, aesthetic preferences tend to emphasize... " Pure " I lean toward a natural aesthetic and favor rarity. ” Liu Jinshan introduced.

In the Chinese arts and crafts community, turquoise is generally categorized into three grades:

First-grade turquoise: It exhibits a vibrant sky-blue color that is pure and evenly distributed, with a strong luster and ranging from semi-transparent to slightly transparent. Its surface has a glassy appearance. The texture is dense, fine, and tough, free of iron lines or other imperfections, and typically comes in large sizes.

Second-grade turquoise: Its color ranges from deep blue, blue-green, to emerald green, with a strong luster and slight transparency. The texture is tough, with few iron lines or other imperfections, and the stone size is medium.

Third-grade turquoise: The color is light blue or bluish-white, light yellowish-green; the luster is relatively poor; the texture is relatively hard; iron lines are prominent, or there are numerous flaws; and the stone sizes vary.

According to texture, they are classified into porcelain pine, iron-line porcelain pine, hard pine, and surface pine (also known as bubble pine).

The porcelain pine ore body has a tight texture, fine grain, uniform color, and relatively small block size. After cutting and polishing, it can exhibit the texture and luster of porcelain. The iron-line porcelain pine ore body—and its characteristics after cutting and polishing—are essentially the same as those of porcelain pine, except that the jade contains black or brownish-red patterns known as "iron lines." The finest specimens are those with delicate and clearly defined iron lines. These two types of porcelain pine are extremely rare and highly prized for collecting purposes. On the market, what is more commonly seen is hard pine—a variety whose ore body has a relatively tight bond, a comparatively fine texture, and rich colors, though its block size is uneven. After cutting and polishing, it displays an oily, waxy texture and luster with soft, gentle hues. When selecting finished products, those with unique colors and textures, a softly lustrous surface, and larger block sizes command higher value. As for bubble pine, its ore body has a loose structure, a soft texture, dull colors, and all shades carry a grayish-white undertone. It can even be scratched with a knife or fingernail, and some pieces of bubble pine can actually serve as... “ Chalk ” Write on the blackboard. This turquoise cannot be used to make jewelry; in ancient times, it was often ground into powder and used as a pigment. However, as turquoise becomes increasingly scarce today, many merchants mold it using plastic injection, wax casting, or dyeing techniques, and then turn it into jewelry pieces. High-quality turquoise with even color distribution is primarily used to craft cabochon-shaped ring settings, brooches, earrings, and other similar accessories. Turquoise of average quality, on the other hand, is commonly used to make necklaces, bracelets, and various types of clothing embellishments.

Priced by the gram

There's a suspicion of hype.

Turquoise occurs in association with other minerals, has a low purity level, and often... 10 Only tons of ore can be obtained. 1 Raw turquoise stones weighing around a kilogram typically yield low finished-product rates during processing. Even so, compared to other jade varieties such as Hetian jade and jadeite, turquoise has long been undervalued. It wasn't until recent years—after domestic turquoise mines began closing one after another—that market supply fell short of demand, causing turquoise prices to rise significantly, starting from... 2008 Year, 2009 The price has surged from a few dozen yuan per gram to several hundred yuan per gram—far exceeding the price of gold. In the jade market, taking the American porcelain pine pendant as an example, a high-quality piece fetches around [amount] yuan per gram. 600 Yuan to 800 In the Yuan era, mid-to-high-end products cost about 400 to 500 yuan per gram, while mid-range products cost around... 200 Yuan.

A seasoned collector who has been closely following the turquoise market also complained to our reporter that the price of turquoise has risen a bit too much. “ Collectors find it hard to understand—and even harder to bear. ”： “ A single ring setting weighing two or three grams can cost over 2,000 yuan, with the most expensive ones reaching as high as... 800 A gram of multi-colored material—of course, this type of gemstone is a pure, naturally occurring mineral with a uniform color and a beautiful sky-blue hue, unaltered and unoptimized. With excellent luster and a distinctly blue color, it typically fetches between four to five hundred yuan per gram; ordinary varieties sell for around one to two hundred yuan per gram, while the cheapest ones still cost anywhere from forty to seventy or eighty yuan per gram. I’ve set my sights on a piece that’s under... 10 The turquoise little turtle, standing just a few centimeters tall, surprisingly costs anywhere from forty to fifty thousand yuan. In the past, you could pick up a small carved piece for just one or two thousand yuan; now, even the smallest ones fetch between one hundred and twenty thousand yuan. ”

Analyzing the reasons behind the price increase of turquoise, Li Tongyi believes that not only turquoise but also various other collectibles in the collecting market have been rising rapidly. “ Since major collectibles such as calligraphy and paintings have reached their peak in value, leaving increasingly little room for investment, the market has started speculating on some other items. " Small things "。” Moreover, compared to high-priced collectibles like porcelain, even though some lower-grade jewelry and jade items may be quite expensive per gram, you can still acquire a fine piece for just a couple hundred thousand yuan. “ At this price, you definitely won't be able to buy a high-quality painting. ”。

Liu Jinshan, on the other hand, believes that the growing attention to turquoise in the antique and collectibles market stems fundamentally from its deep cultural connection with Chinese jadeite traditions. At the same time, its vibrant colors have long been a key element in jewelry making and setting. Several international luxury jewelry brands have also significantly enhanced turquoise’s artistic value and luxurious appeal through high-end craftsmanship, gradually boosting its presence and popularity in the jewelry market. However, Liu Jinshan also pointed out that pricing by the gram and such substantial price increases still raise suspicions of market speculation. “ Ruby, sapphire, and diamond—given their rarity, it’s understandable that they’re priced by the gram. But pricing turquoise by the gram is still a form of hype. ” Regarding the concept of resource scarcity that has been hyped by the market, Liu Jinshan refuted it by pointing to the distribution pattern of turquoise resources. “ There are relatively few sources of turquoise. In China, they are concentrated in Hubei, Shaanxi, and Xinjiang. Abroad, major producing regions include the United States, Russia, Egypt, and Iran. Globally speaking, this type of jade has been mined and developed relatively early. Nevertheless, even now, I still don't see any signs of a shortage in turquoise resources. ”

High-level operation

Investing based on trends carries high risks.

Compared to past prices, turquoise is now trading at a relatively high level. So, how much room is there for further price appreciation in the future? A merchant revealed that although the price of turquoise has surged dramatically, the number of buyers seeking larger, ornamental stones has significantly declined. However, the number of buyers purchasing jewelry and smaller decorative items has increased, resulting in overall sales volume remaining stable—or even rising—rather than falling. That said, he also acknowledged that it will still take time for turquoise’s current high prices to gain widespread consumer acceptance.

In response, Liu Jinshan stated, In people’s perception, only precious gems such as white jade, jadeite, ruby and sapphire, emerald, and cat’s eye are truly valuable. Speculating on and investing in turquoise based on market trends carries risks. “ Just go ahead and buy the variety you like. If you can’t afford the expensive ones, you can buy fewer of them or opt for mid-range options. ” Liu Jinshan was heavily hyped by the market in earlier years. “ Yellow Dragon Jade ” For example, those who are considering entering the turquoise collecting hobby are advised to be vigilant and discerning. “ Previously, someone spent twenty to thirty million yuan to buy... " Yellow Dragon Jade " At the time, I wasn’t very optimistic, because from a geological perspective, " Yellow Dragon Jade " It is a hydrated form of silica, and silicon is one of the most abundant elements on Earth. In the future, we will certainly find similar—or even better—deposits in more locations. As the saying goes, "Things are valuable precisely because they are rare." Whether a resource is truly rare is the key factor in its evaluation. ”

Moreover, the scarcity of turquoise is relative. Currently, turquoise in the mid- and low-end segments of the market doesn't exhibit particularly high scarcity. Once you acquire such turquoise, you’ll face the pressure of difficulty in appreciating its value and in converting it into cash. What’s truly scarce, however, is natural, raw-cave turquoise—being a non-renewable resource, the number of high-quality turquoise specimens is steadily declining.

In Li Tongyi’s view, turquoise was not particularly valuable even in ancient times; like agarwood and beeswax, it once had very affordable prices. Nowadays... “ After several rounds of price increases, it has reached its peak. ” , able to “ Catch a bargain ” The chances are extremely slim, and he also advises collectors to observe more carefully, hone their eye for quality, proceed with caution, and pinpoint the right investment opportunity.

Collection Guide: To Assess Quality, Look Closely at the Iron Lines.

Currently, most turquoise on the market that is not naturally occurring raw ore has undergone... “ Optimize ” Handling. Liu Jinshan introduced that, although turquoise is not yet widely recognized in research and the market, A 、 B 、 C The term used for the goods, but in fact it has already emerged alongside jade. A 、 B 、 C Goods: Those that remain natural and unprocessed can be referred to as... A Goods; those that have undergone manual optimization are B Goods; if, based on optimization, colors are manually enhanced to make them vivid and uniform, that’s it. C The goods are genuine; artificially synthesized ones can only be called fakes. Li Tongyi also revealed that in antique and collectibles markets across the country, inexpensive... “ Turquoise ” They can be found everywhere—some have been injection-molded, filled with glue, and dyed, while others are mere imitations. Genuine turquoise isn't even worth a single Chengdu yuan.

How can you tell whether turquoise has been artificially treated? Experts suggest that a technique easily mastered by ordinary consumers is to examine the color. “ Theoretically, natural turquoise has a dense structure, high density, great hardness, and relatively heavy weight. However, this characteristic is not easy to apply in practical operations. The best method for distinguishing between natural and synthetic turquoise is color: synthetically produced and optimized turquoise tends to have a uniform and vivid color, whereas natural turquoise often exhibits uneven coloring. Turquoise that achieves relative uniformity over a small area is typically cut into cabochons and commands the highest price. Most natural turquoise, on the other hand, features mottled colors, blemishes, and "iron lines." ”

In addition to color assessment, another method for judging the quality and authenticity of turquoise is to examine the iron lines on its surface. These iron lines in turquoise are formed by goethite. In natural turquoise, the boundary between the dark brown iron lines and the blue or green hues is typically sharp and well-defined, with fine, intricate, and continuous patterns. By contrast, synthetic or counterfeit iron lines tend to be less fine, often featuring blurry textures and indistinct boundaries. The finer and fewer the iron lines, the higher the quality of the turquoise; conversely, the thicker, more numerous, and denser the iron lines, the lower the grade of the stone.

In addition, because turquoise has numerous pores, it should be kept away from pollutants during wear and avoided contact with oils, rust, acids, and other substances that could seep into the pores and cause discoloration. Turquoise is also sensitive to high temperatures; it must not be exposed directly to fire or direct sunlight. Prolonged exposure to sunlight can cause turquoise to crack and fade due to moisture loss, while baking at excessively high temperatures can make the stone brittle and prone to breakage.