Ancient Chinese loved jade and jade appreciation became a noble hobby. It is said that the stone can ward off evil and that it represents the power, wealth and status of the people who own it.

"The jade culture of China has a history spanning more than 7,000 years, and Chinese people have a long tradition of collecting jadeware," Zhou Nanquan, research fellow with the Palace Museum, says at a seminar on ancient jade collection staged in Beijing.

The dragon, 26 cm in height with the head of a swine and the body of a serpent, coiling like cirrus, was unearthed at the site of Hongshan Culture, inside the Inner Mongolia Autonomous Region of China.

"It is a fundamental and integral part of Chinese culture. Jade artworks, especially well-preserved, ancient jadeware, are equally precious and important as bronze and porcelain items in both museums and private collections."

According to Zhou, owning jadeware was once the exclusive privilege of tribe leaders, kings and emperors. Historically, jade artworks were part of important ceremonies, rituals and burials.

In recent years, more and more Chinese are casting their eyes on this kind of precious stone, either for investment or for personal appreciation. People’s fervor consequently further increases the price of Jade.

In 2007, a piece of raw jade was auctioned off at a record high bid of 1.51 million yuan ($201,500) at the Beijing International Exhibition Center. The pieces came from Hetian, in Northwest China's Xinjiang Uygur Autonomous Region.

Measuring 3.5 centimeters in height, the jade dancer in a kneeling position was unearthed from the western side chamber of the Nanyue King's tomb.