Photo: China Photos/Getty Images
The slowdown in China has caused the Jade bubble in China’s southwest Yunnan province to burst according to China Daily. The publication reports that jade shop owner Li Jinsuo said his sales volume has fallen 30 per cent this year compared to 2011.
Prices of jade first started rising in 2005, with trade volume in Yunnan going from under 20 billion yuan in 2005, to over 30 billion yuan in 2011.
China Daily reports that for now high-grade Jade prices have held-up, while prices for low and medium-grade jade have declined between 20 – 30 per cent.
China is expected to become the world’s largest luxury goods market by 2015. But with disappointing retail sales growth and news of a deflating Jade bubble there is increasing evidence that the Chinese consumers are choosing to save.
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