Over-extraction, Chinese slowdown blamed for jade price slump
Industry insiders have blamed an economic slowdown in China, over-extraction in jade mines, and market uncertainty linked to the transition of power to a democratically elected government in Burma. More than 850 licenses have been issued to firms at over 8,000 sites since private companies were given permission to mine in 2007. Conditions for local workers are hazardous: The Hpakant area has been plagued by a string of landslides since late last year, including a collapse on November 21 that killed more than 100 people.
