The "World's Largest Stone Exhibition," the Xiamen Stone Exhibition, is one of the most significant events in the global stone industry. With 166,000 square meters of exhibition space, it attracted over 140,000 merchants and 2,000 companies. Despite the use of outdoor booths to accommodate as many participants as possible, some firms still couldn't secure a display due to limited space.
Shuitou Town in Nanan City, Quanzhou, is known as "China Stone City" and serves as the largest stone production and export base in China and Southeast Asia. It hosts around 1,500 stone-related companies with an annual output value exceeding 30 billion yuan. The town accounts for 60% of the country’s stone processing output and trade volume. However, according to data from the Nanan Foreign Trade and Economic Cooperation Bureau, stone exports dropped by 9.14% in 2013 compared to the previous year, marking the second consecutive year of decline after 2012.
Low profit margins and high inventory levels have become a major challenge for the industry. Liu Liang, vice president of the Nanan Stone Association, noted that nearly all companies face stockpiles that are difficult to sell, even at a discount. When profits fall below 5%, the problem becomes more severe. Many companies have reduced their profit margins, with some operating on less than 3%.
Exports have also seen a sharp decline. Chen Yaodong, a member of the “second generation†of stone entrepreneurs in Shuitou, conducted a survey revealing that there are over 974 stone manufacturing and trading companies in the area, mostly small-scale traders offering only 1–2 types of products. Prices typically range between 159 and 500 yuan per square meter.
Despite the overall decline in profitability, some companies still manage to maintain a 15–20% profit margin. However, many enterprises in Shuitou report inventory levels exceeding 30%. Over the past two years, export orders have decreased, while the import of raw stone blocks has increased.
According to the Nanan Bureau of Foreign Economic Relations, from January to May 2013, stone exports totaled $72.6 million, down 19.06% year-on-year, while imports rose by 24.3% to $189.24 million. Rising costs—due to environmental regulations, labor expenses, and transportation—have put pressure on the industry. Before 2008, gross profit margins could exceed 50%, but today, even top companies struggle to maintain margins above 15%.
One company, Conley Stone, saw its export value drop by 60% in the first half of 2013. High costs have made Chinese stone less competitive, leading some foreign buyers to reject it. In response, some large stone companies have shifted their focus toward domestic markets, adjusting their trade ratios from 7:3 to 5:5, and even 3:7 in some cases.
According to officials from the Nanan Foreign Trade Bureau, the decline in exports is partly due to global economic adjustments. Companies are relocating to central and western regions to reduce costs, while others are processing materials abroad to meet local regulations. Some countries now require stone to be processed locally before export, reducing the need for direct exports from China.
Before 2008, the stone industry was a highly profitable sector, with margins often exceeding 50%. However, the low entry barriers led to a flood of small businesses, while larger firms began controlling upstream resources. Many companies secured long-term agreements with foreign quarries, importing stone blocks regardless of demand. This strategy backfired when international demand declined, leaving companies with excess inventory and struggling to sell.
Chen Yaodong found that less than 12 companies control the high-end market, where prices reach 500 yuan per square meter. Small producers are the hardest hit during this downturn. Meanwhile, Fujian province, rich in stone resources, has faced environmental damage from extensive mining. Over 600 abandoned quarries remain, particularly in coastal areas like Jinjiang, Shishi, Hui’an, and Nanan.
Under government regulations, all open stone mines will be closed by 2015. Jinjiang and Dehua have already exited the industry, and by 2015, Nanan, Hui’an, and Quangang will follow suit. Liu Liang notes that the industry is moving toward a “closer principle,†with transportation costs becoming a major burden. Some companies are setting up processing plants near quarries to reduce shipping costs and improve efficiency.
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