In recent months, the price of high-end mahogany raw materials—such as Siamese rosewood and lobular rosewood—has seen a sharp decline in the domestic market, with an average drop of 30% to 40%. This has started to squeeze profit margins for mahogany furniture, especially at the retail level, where the response has been relatively slow. Recently, a professional mahogany furniture store in Dongguan even launched a "no profit" promotion, signaling a shift in the industry's approach.
Industry experts note that while some premium varieties have experienced significant price drops, the prices of common mahogany types remain relatively stable. Therefore, it is advised that consumers should still invest in mahogany furniture but avoid chasing only the most expensive types. The market is currently adjusting, and buyers are encouraged to make informed decisions based on value rather than hype.
The price of precious wood has dropped back to levels seen at the start of last year. According to Ning Xiaofeng, general manager of the Dongcheng United University Redwood Art Center, since May, the price of certain mahogany raw materials has fallen sharply. In the Dongguan market, common red rosewood and Burmese rosewood have both declined by more than 20%.
Dongguan-based businessman Mr. Dong, who has long been involved in the mahogany trade along the Yunnan border, pointed out that the biggest drop has occurred in Siamese rosewood from Laos and Cambodia. Top-grade Siamese rosewood, which was priced above 400,000 yuan per ton at the beginning of the year, now sells for between 250,000 and 280,000 yuan per ton. Similarly, lobular rosewood has also dropped by around 30% to 40%, returning to prices seen in early 2013.
“Most of the expensive mahogany has dropped significantly because speculation was too intense over the past two years,†said Mr. Yao, a local supplier. “With the current economic climate not being very favorable, many speculators are eager to cash out.†He added that there is currently a sufficient stock of mahogany materials in the market, with large manufacturers holding inventory, so the price of raw materials is unlikely to rise in the short term.
Mr. Yao emphasized that the largest price declines have been in premium varieties like Siamese rosewood and lobular rosewood, while ordinary rosewood species have seen only minor price reductions.
Profit margins for redwood furniture have also shrunk by 5% to 8%. According to Ning Xiaofeng, the impact of raw material price fluctuations typically takes three to four months to reach the retail level. As a result, the effects of this price drop are now becoming visible in the sales of finished mahogany products.
“This year, the mahogany market has been in a downturn,†said Ms. Xiao, head of sales at the new Chinese-style mahogany brand “Yangtang.†She noted that reducing prices and accepting lower profit margins is a smart move. “Choosing a private company is about value,†she explained, highlighting the warehouse-style, low-margin management model they’ve adopted.
Since Yangtang primarily uses Burmese rosewood, which has dropped by over 20%, the company launched a 7.8% discount across its entire product range on August 22, with some categories offering a “zero-profit†promotion. This strategy aims to stimulate demand among middle- to high-end consumers.
Mr. Yao, a raw material supplier, analyzed that the price of raw mahogany should at least double once it’s turned into finished furniture. However, the current furniture on sale is largely made from materials that were purchased before the price drop, meaning the finished products won’t see major price reductions. On the other hand, furniture made from ordinary wood species may need to be priced lower to match the current market conditions, especially with premium woods like Siamese rosewood dominating the spotlight.
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