文本选自：The Economist（经济学人）
作者：Unknown
原文标题：Why diamonds are losing their allure
原文发布时间：14 Sept. 2023
Why diamonds are losing their allure
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. 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.
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. 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. 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.
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.
为什么钻石正在失去吸引力
精听党背景导读
钻石，自古以来就被西方人称为女人最向往的珠宝，也被后人赋予爱情的永恒印记。但近年来，随着全球经济的不断发展，钻石市场似乎遇到了前所未有的困境。
根据最新资料显示，今年的钻石价格已下跌了近7%，较去年2月份的历史高点更是下跌了近五分之一。2022年，1克拉天然钻石的价格近6800美元，目前已经掉价1500美元。
文本选自：The Economist（经济学人）作者：Unknown原文标题：Why diamonds are losing their allure原文发布时间：14 Sept. 2023关键词：钻石 价格 下跌
精听党带着问题听
1. 钻石的精确价值取决于什么？2. 如何理解段二中的“handsome”？3.“稳定回报”用英语可以如何表达？
精听党选段赏析
标题解读
Why diamonds are losing their allure
为什么钻石正在失去吸引力
allure
n. 魅力，吸引力；1. The allure of the exotic destination drew many travelers. 这个充满异国情调的目的地吸引了许多游客。
段一
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. 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.
appeal n. 吸引力，魅力；1. The appeal of the new product was its innovative design. 这个新产品的吸引力在于其创新的设计。
string vi. 用线穿，串起；使排成一排，把……连在一起；悬挂，系，扎；
sparkle n. 闪耀，闪烁；
precise adj. 精确的，准确的；
carat n. 克拉（宝石重量单位）；1. The diamond weighed 2 carats. 这颗钻石重2克拉。
flaw n. 缺点，瑕疵，错误；1. The vase had a few flaws in its design. 这个花瓶在设计上有一些瑕疵。
given prep. 考虑到；如果，倘若；
opacity n. 不透明，不清楚；
gem n. 宝石，珠宝；
available adj. 可获得的，可利用的；1. Is there a room available for tonight? 今晚有空房吗？
scarce adj. 稀缺的，不足的；1. During the drought, water became scarce in the region. 在干旱期间，该地区的水变得稀缺。
参考译文
钻石的吸引力，不论是作为戒指上的镶嵌还是项链的吊坠，都在于它的闪烁光芒。其精确价值由石头的切割质量、颜色、大小（也称为“克拉”）以及是否有瑕疵来确定。石头越清晰、越重、越接近无色并且切割得越完美，价值越高。对于投资者而言，钻石的吸引力在于，除了赏心悦目外，它历史上一直提供了稳定的投资回报。鉴于市场的不透明性，以及可获得的宝石种类繁多，长期价格数据是稀缺的。
段二
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. 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. 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.
auction n. 拍卖；1. The rare painting was sold at auction for a record price. 这幅罕见的画在拍卖会上以创纪录的价格售出。
rival vt. 竞争，对抗，匹敌；
handsome adj.（金额）可观的，优厚的；（礼品、奖品）贵重的，值钱的；
or so 左右，大约；1. We have about 20 guests or so coming to the party. 大约会有20位左右的客人来参加派对。
enormous adj. 巨大的，庞大的；
volatility n. 波动性，不稳定性；1. The stock market's volatility makes it a risky investment. 股市的波动性使其成为一项风险投资。
consortium n. 联合体，财团；
monopolise vt. 垄断，独占；1. The company tried to monopolise the market by driving out competitors. 这家公司试图通过排挤竞争对手来垄断市场。
iconic adj. 标志性的，代表性的；1. The Eiffel Tower is one of Paris's iconic landmarks. 埃菲尔铁塔是巴黎标志性的地标之一。
参考译文
然而，蒂尔堡大学的卢克·伦内布格在2015年发表的一篇论文分析了每年数千场拍卖会，发现在1999年至2012年期间，钻石的平均回报率媲美股票和房地产。拥有钻石的持有者每年可以赚取大约8%左右的丰厚回报。然而，最近这些稳定的回报率已被巨大的波动所取代。据彭博新闻社报道，长期垄断钻石供应的德比尔斯联合企业已经将2至4克拉的未切割钻石的价格降低了40%，未切割钻石是一种很受欢迎的钻石，因为它们可以制成1到2克拉的订婚戒指。9月13日，该公司宣布将重新推出其标志性的“钻石恒久远”广告活动，以提振需求。
段三
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.
stable adj. 稳定的；1. A stable economy is essential for growth and development. 稳定的经济对于增长和发展至关重要。
partly adv. 部分地，在一定程度上；1. The success of the project was partly due to teamwork. 这个项目的成功在一定程度上要归功于团队合作。
bring about 引起，导致，促成；
commodity n. 商品，货物；
参考译文
在过去，稳定的回报部分是由稳定的需求带来的。与黄金的投资情况类似，黄金是另一种稀有而珍贵的大宗商品，在经济不确定时期，持有钻石的逻辑往往是最强的。
精听党每日单词
allure
/əˈlʊr/ n. 魅力，吸引力；
appeal
/əˈpiːl/ n. 吸引力，魅力；
string
/strɪŋ/ vi. 用线穿，串起；使排成一排，把……连在一起；悬挂，系，扎；
sparkle
/ˈspɑːrk(ə)l/ n. 闪耀，闪烁；
precise
/prɪˈsaɪs/ adj. 精确的，准确的；
carat
/ˈkærət/ n. 克拉（宝石重量单位）；
flaw
/flɔː/ n. 缺点，瑕疵，错误；
given
/ˈɡɪv(ə)n/ prep. 考虑到；如果，倘若；
opacity
/oʊˈpæsəti/ n. 不透明，不清楚；
gem
/dʒem/ n. 宝石，珠宝；
available
/əˈveɪləb(ə)l/ adj. 可获得的，可利用的；
scarce
/skers/ adj. 稀缺的，不足的；
auction
/ˈɔːkʃn/ n. 拍卖；
rival
/ˈraɪv(ə)l/ vt. 竞争，对抗，匹敌；
handsome
/ˈhænsəm/ adj.（金额）可观的，优厚的；（礼品、奖品）贵重的，值钱的；
or so
左右，大约；
enormous
/ɪˈnɔːrməs/ adj. 巨大的，庞大的；
volatility
/ˌvɑːləˈtɪləti/ n. 波动性，不稳定性；
consortium
/kənˈsɔːrʃiəm/ n. 联合体，财团；
monopolise
/məˈnɑːpəlaɪz/ vt. 垄断，独占；
iconic
/aɪˈkɑːnɪk/ adj. 标志性的，代表性的；
stable
/ˈsteɪb(ə)l/ adj. 稳定的；
partly
/ˈpɑːrtli/ adv. 部分地，在一定程度上；
bring about
引起，导致，促成；
commodity
/kəˈmɑːdəti/ n. 商品，货物；
精听党文化拓展
钻石价格受哪些因素影响？
市场供需关系：市场供需关系是影响钻石价格的第一要素。近年来，全球钻石市场逐渐趋于饱和，世界钻石产量的增长速度减缓。随着资源的枯竭，新矿产的发现速度也逐渐减慢。而市场上消费者对钻石的需求则呈现出不断减弱的趋势。这主要是因为经济形势的不确定性、金融危机的影响以及消费者对钻石价格的敏感性等因素。
人工合成钻石的崛起：近年来，人工合成钻石逐渐在市场上崛起，与天然钻石竞争。由于人工钻石制作工艺的日益成熟，相较于天然钻石，人工钻石在价格上具有显著优势。而且，人工钻石的品质更容易控制，甚至有些超过天然钻石。这无疑对天然钻石市场造成了很大冲击。
政策因素：政策因素同样会对钻石价格产生较大影响。例如，关税政策、货币政策等。比如，印度、南非等国家为了保护本国钻石产业，分别对钻石进口征收了高额的关税。这无疑会增加钻石的成本，从而影响钻石的价格。
品质、种类和产地：钻石的品质、种类和产地也是影响其价格的重要因素。同样一颗克拉数的钻石，品质、颜色、净度、切割等品质因素的不同，会让价格产生较大差异。
此外，不同产地的钻石价格也有所不同，例如，非洲钻石的价格相较于其他产地钻石要稍高一些。
精听党每日美句
"Success is not in what you have, but who you are." - Bo Bennett
“成功并不取决于你拥有什么，而在于你是谁。”——博·贝内特