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All that sparkles: Diamonds are forever. Their allure to investors might not be.
钻石钻石亮晶晶：钻石恒久远，但其投资价值可能并非如此
The appeal of a diamond, for a ring on a finger or to string on a necklace, rests on its sparkle. Its precise value is determined by how well the stone is cut, its colour, its size (also called its "carat") and whether it contains flaws. The clearer, heavier, closer to colourless and more perfectly cut the rock, the better.
对于手指上的戒指，或脖子上的项链，钻石的魅力在于它的耀眼光彩。钻石的确切价值取决于切割工艺、颜色、大小(也称为"克拉")以及是否有瑕疵。钻石颜色越清透、越重、越接近无色、切割得越完美，价值就越高。
The appeal of a diamond for an investor is that, in addition to being nice to look at, it has historically offered a steady return on investment. Given the opacity of the market, and the broad variety of gems that are available, long-run price data are scarce.
对于投资者，钻石的吸引力在于，除了看起来赏心悦目，钻石一直以来还提供了稳定的投资回报。由于市场不透明，以及市面上的宝石种类繁多，长期价格数据很稀缺。
But a paper by Luc Renneboog of Tilburg University, which was published in 2015, analysed thousands of auctions each year, finding that the average return between 1999 and 2012 rivalled those of stocks and property. Holders of diamonds would have earned a handsome 8% or so a year.
但蒂尔堡大学的吕克·伦尼博格于2015年发表的一篇论文分析了每年数千次的拍卖，发现1999年至2012年的钻石平均回报率与股票和房地产的回报率不相上下。钻石持有者一年的利润率可以达到可观的8%左右。
Recently, though, these steady returns have given way to enormous volatility. De Beers, a consortium that has long monopolised the supply of diamonds, has reduced the price of two-to-four carat uncut stones-a popular category because they can be made into one-to-two carat engagement rings-by 40%, according to Bloomberg, a news service.
然而，最近这些稳定的回报已经被巨大的不稳定性代替。据彭博社报道，长期垄断钻石供应的戴比尔斯财团已经将2至4克拉的未切割钻石原石（一种很受欢迎的钻石，因为这种钻石可以制成1至2克拉的订婚戒指）降价40%。
On September 13th the company announced that it would re-run its iconic "a diamond is forever" advertising campaign in an attempt to boost demand.
9月13日，该公司宣布将重新启动其标志性的广告"钻石恒久远，一颗永流传"来尝试刺激需求。
Stable returns in the past were partly brought about by steady demand. Just as with the investment case for gold, another rare and precious commodity, the logic for holding diamonds tends to be strongest during periods of economic uncertainty.
过去，钻石的稳定回报在一定程度上是由稳定的需求带来的。就像投资黄金（另一种稀有且珍贵的商品）一样，在经济不确定时期，持有钻石的理由往往最强。
At the same time, the main use of diamonds is in jewellery, which means that prices have tended to do well during periods of prosperity, too.
与此同时，钻石的主要用途是珠宝，这意味着在经济繁荣时期，钻石的价格往往也会更高。
But the most important factor was monopolistic supply. For more than a century De Beers managed to dominate the production of gems. This market structure facilitated steady price increases in two ways, as Mr Renneboog has noted.
但最重要的因素是垄断性的供应。一个多世纪以来，戴比尔斯一直控制着钻石的生产。正如伦尼博格指出的，这种市场结构从两个方面促进了钻石价格的稳步上涨。
First, by stockpiling supplies De Beers created scarcity. Second, the firm curbed speculation, and the volatility it brings.
首先，通过囤货，戴比尔斯制造了稀缺性。其次，该公司遏制了投机行为及其带来的波动性。
Although De Beers controlled some 80% of the global supply of diamonds in the 1980s, since then its share has been eaten into by competitors, which include Alrosa, a Russian rival. The company now produces just a third of supply.
虽然戴比尔斯在20世纪80年代控制了全球约80%的钻石供应，但从那之后，这一份额就被竞争对手蚕食了，其中包括来自俄罗斯的竞争对手阿尔罗萨。戴比尔斯现在的产量仅占供应量的三分之一。
