Why diamonds are losing their allure

钻石为何失去了魅力

As an investment category, at least

至少作为一种投资类别确实如此

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.

无论是镶嵌在戒指上，还是串在项链上，钻石的魅力都来自于它闪烁的光芒。一颗钻石究竟价值几何，取决于其切割工艺、色泽、大小（以“克拉”衡量）以及是否有瑕疵。越透亮、越重、越接近无色、切工越完美，钻石的价值就越高。

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.