Posted by John Hartman on May 10th 2016
Chinese Turquoise Mines have been closed by the Chinese Government - The word throughout the Tucson Gem Show is that the Chinese Government has shut down all of the power and made against the law to mine any more Turquoise in the Chinese Turquoise Mines. The Chinese Government stated that the Turquoise Mines will be closed for at least five years and maybe ten.
There are several reasons for closing the Mines. The environmental impact on the areas around the Turquoise Mines is a total mess and there has been one disaster after another with many deaths and a lot of destruction to the land. The Chinese Government is also very unhappy that the Turquoise from there country is not bringing near enough money for the amount of damage is has done to their countryside.
The Chinese are well aware that the United States made strict mining regulations and they plan to do the same, not only for Turquoise, but, mining in general.
The closing of the Chinese Turquoise Mines has many implications as the world has been making Turquoise Jewelry with Chinese Turquoise for over 25 years now and has become dependent on it. Demand for Turquoise Jewelry has become tremendous worldwide and even the Chinese people are now buying and wearing a lot of Turquoise Jewelry.
It is really up in the air at this point what will happen to the Turquoise Jewelry market in the next couple of years as the Chinese Turquoise resources dry up. It is certain the value of Turquoise will increase dramatically soon.
All prices are in USD