There is a marine species now "more lucrative than abalone" and Queensland's commercial catch has skyrocketed in the past 18 months, prompting authorities to tighten regulations and increase penalties for selling on the black market.

Black Jewfish have become extremely popular in recent years because of their swim bladders, which Department of Agriculture and Fisheries estimate are currently worth between $500 and $900 per kilogram.

The swim bladder, which typically weighs between 200 to 400 grams, is the organ that regulates buoyancy and it grows much larger in Black Jewfish than other species.

It is considered a delicacy and aphrodisiac in Asian markets.

There has been a boom in the sale of the bladders, which are considered an aphrodisiac in China. ( ABC News: Tom Maddocks )

Fisheries Queensland executive director Claire Andersen said authorities are investigating bladders being sold on the black market.

In the past 18 months, the commercial catch has soared from about 20 tonne a year to more than 140 tonnes in 2018.

"An almost ten-fold increase," Ms Andersen said.

It has sparked fears of a stock collapse, which was seen previously in Australia and overseas.

This graph shows the significant increase in commercial catch rates of black jewfish in Queensland. ( Supplied: Department of Agriculture and Fisheries )

"They've got a really significant value associated with them at the moment so it's now more lucrative than abalone," Ms Andersen said.

"It's one of the most significant black marketing species in Australia currently."

The majority of Black Jewfish are caught off Yeppoon and Mackay, in central Queensland.

The State Government in May introduced new offences and penalties including up to three years in jail and $390,000 fines for trafficking in seafood.

Catches were also capped in April to 20 tonne on Queensland's east coast and six tonne for the Gulf of Carpentaria.

Commercial fishing operators Greg and Zan Sichter from Sarina, have labelled the Black Jewfish limit "absolutely ridiculous". ( ABC News: Sophie Meixner )

Once that limit has been reached, it becomes a no-take species for commercial operators until the following year.

This year, the east coast catch was reached within just six weeks.

The bag limit for recreational fishers has also been reduced from two Black Jewfish to one.

Greg and Zan Sichter borrowed $150,000 to pay for a fishing licence and offshore boat to catch Black Jewfish off Mackay shortly before the catch limit was introduced.

Mr Sichter holds a Black Jewfish after a successful day out on the boat. ( Instagram: Aussiefisherman )

The couple diversified from crab fishing to Black Jewfish to help make ends meet during the quiet months.

Mr Sichter said he was not consulted about the changes and believes stocks are flourishing.

"We finally got the news in April and then we had to go hell for leather to try and catch as many as we could because we knew there was only a short amount of time," he said.

"We were pushing ourselves long hours to get our share of the quota ... plus we had two weeks of really rough weather in that time ... it's very disappointing.

"We probably would have never even attempted it if we knew this was in the air."

This fish, caught off the Northern Territory, could fetch over $1,000 for its bladder. ( Supplied: NT Seafood Council )

Mr Sichter said he was happy to report and tag the fish but wanted to continue supplying the public and make a living.

Ms Sichter slammed the quota as "absolutely ridiculous" and a "knee-jerk reaction".

"It's only probably a handful that have done the wrong thing," she said.

"I think the commercial fishermen are unfortunately getting the blame and we're being punished for it which I just don't think is fair at all.

These Black Jewfish were dumped in Palmerston, south of Darwin, in September 2017 ( Supplied: NT Police )

"We're worried all the time," she said.

"How we are going to pay our bills, how we are going to pay our mortgage, how we are going to make payments for this boat?"

Nobody has yet been prosecuted under the new legislation but Fisheries Queensland said it had carried out some searches of premises with its new powers

"Now, our officers can go into facilities which have seafood attached to them, so that might be a fish and chip shop, a seafood processing facility, a retail facility, to see and try and uncover some of the illegal fishing activity that we know is happening in Queensland," Ms Andersen said.

The department is also investigating further changes to better protect the species including tagging of swim bladders and a closure to all forms of fishing around Hay Point and Dalrymple Bay Coal terminals in central Queensland.