The millionaires who want to emigrate are seeking a better standard of living, educational opportunities for their children and a healthier environment.
While they not be buying precious stones, the general population with more discretionary income just may. Another point---precious stones (like gold and silver) are more apt to increase in value as inflation takes place in China. As a storehouse of value it is easily accessible and disposable. Jade reports their "inventory" on the "lower of cost or market" guideline....hence if Jade's inventory is increasing it must be due to a greater quantity...leading me to suspect that their inventory and net worth is probably significantly undervalued.
Again, Jade needs to offset the negative impact of the DD, but if they keep growing that may happen over time. Still see the investment value here. I checked the Nasdaq for the latest institutional holdings numbers but they still show September 30 numbers.