Urumqi (CNS) -- In a move to regulate the jade trade, top class Hetian jade and seed materials - Hetian jade formed in river - weighing under 200 grams has a new set price of 30,000 yuan (4,730 USD) per gram. The announcement was made on Wednesday by the newly established Hetian Jade Raw Material Exchange Association in northwest China's Xinjiang Uyghur Autonomous Region, the main production area for the precious stone.
The association will keep an eye on Hetian jade exchange markets in Xinjiang, Shanghai, Yangzhou and Beijing, and compile a monthly report on market dynamics.
"The Hetian jade industry has developed to the critical stage where market supervision is urgently called for, as well as an authoritative, legitimate and specific pricing standard", said Deputy Director Xu Ruijun at the Department of Culture of Xinjiang.
The association was jointly established by four gem trade organizations and product quality inspection administrations in Xinjiang. The Hetian jade trade industry also backed the establishment of its regulating body, to facilitate reasonable consumption and promote disciplined business behavior.
