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钻石还是那么恒久远吗(上)
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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。
双语精读
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。
词汇预习
economic [高考]
美[ˌiːkəˈnɑːmɪk] | 英[ˌiːkəˈnɒmɪk]
adj. 经济的，经济学的；有利可图的；节约的
property [高考]
美[ˈprɑːpərti] | 英[ˈprɒpəti]
n. 财产；所有物；地产，房地产；性质；道具
investment [高考]
美[ɪnˈvestmənt] | 英[ɪnˈvestmənt]
n. 投资；投资额；投入
enormous [高考]
美[ɪˈnɔːrməs] | 英[ɪˈnɔːməs]
adj. 巨大的；庞大的
scarce [高考]
美[skers] | 英[skeəs]
adj. 缺乏的；不足的；稀少的；罕见的 adv. 勉强
uncertainty [高考]
美[ʌnˈsɜːrtnti] | 英[ʌnˈsɜːtnti]
n. 不确定；不可靠；易变
dominate [高考]
美[ˈdɑːmɪneɪt] | 英[ˈdɒmɪneɪt]
v. 支配；控制；统治；占优势；俯视；高耸于
logic [高考]
美[ˈlɑːdʒɪk] | 英[ˈlɒdʒɪk]
n. 逻辑；逻辑学；条理性；推理
engagement [高考]
美[ɪnˈɡeɪdʒmənt] | 英[ɪnˈɡeɪdʒmənt]
n. 约会；约定；订婚；婚约；雇用；交战；(机器零件等)啮合
boost [高考]
美[buːst] | 英[buːst]
v. 提高；增加；鼓励；举起；为...做宣传 n. 增加；推进；鼓励
demand [高考]
美[dɪˈmænd] | 英[dɪˈmɑːnd]
n. 要求；需求 v. 要求；查问；需要
data [高考]
美[ˈdeɪtə] | 英[ˈdeɪtə]
n. 数据；资料
variety [高考]
美[vəˈraɪəti] | 英[vəˈraɪəti]
n. 多样；种类；多样化 n. 杂耍
appeal [高考]
美[əˈpiːl] | 英[əˈpiːl]
n. 恳求；呼吁；上诉；吸引力 n. (体育比赛中)诉请裁决 v. 呼吁；有吸引力；求助；诉请
rare [高考]
美[rer] | 英[reə(r)]
adj. 罕见的；珍贵的；煎得嫩的
precious [高考]
美[ˈpreʃəs] | 英[ˈpreʃəs]
adj. 宝贵的；珍贵的；矫揉造作的 adv. 极其 n. [口]宝贝，心爱的人
steady [高考]
美[ˈstedi] | 英[ˈstedi]
adj.稳定的；稳固的；坚定的 v.使稳固；使稳定；(变得)稳固；使坚定 adv.稳定地，稳固地 n. 关系固定的情侣 ；固定支架
broad [高考]
美[brɔːd] | 英[brɔːd]
adj. 宽广的；清楚无误的；明显的；胸怀开阔的；粗俗的 n. [俚]女子
diamond [高考]
美[ˈdaɪəmənd] | 英[ˈdaɪəmənd]
n. 钻石；金刚石；菱形；方块牌 adj. 菱形的；金刚钻的 vt.镶钻石于；用钻石装饰
jewellery [高考]
美[ˈdʒuːəlri] | 英[ˈdʒuːəlri]
n. =jewelry （总称）珠宝；首饰
precise [高考]
美[prɪˈsaɪs] | 英[prɪˈsaɪs]
adj. 精确的；恰好的；准确的；严格的
in addition to [高考]
美[ɪn əˈdɪʃn tu] | 英[ɪn əˈdɪʃn tu]
除 ... 之外(还)
means [高考]
美[miːnz] | 英[miːnz]
n. 方法；手段；收入；财产 v. 意思是，意味（动词mean的第三人称单数）
finding [高考]
美[ˈfaɪndɪŋ] | 英[ˈfaɪndɪŋ]
n. 调查(或研究)的结果；[律] 裁决
rival [高考]
美[ˈraɪvl] | 英[ˈraɪvl]
n. 竞争者；对手；同伴 adj. 竞争的 v. 竞争；与 ... 相匹敌
would [高考]
美[wʊd , wəd] | 英[wʊd , wəd]
aux. 将；可能；大概；总会；愿意；will的过去式
prosperity [四级]
美[prɑːˈsperəti] | 英[prɒˈsperəti]
n. 繁荣；兴旺
perfectly [四级]
美[ˈpɜːrfɪktli] | 英[ˈpɜːfɪktli]
adv. 完全地；无瑕疵地；完整地；完美地；圆满地
sparkle [四级]
美[ˈspɑːrkl] | 英[ˈspɑːkl]
n. 闪耀；火花 v. 闪耀；冒火花
investor [四级]
美[ɪnˈvɛstɚ] | 英[ɪnˈvestə(r)]
n. 投资者
commodity [四级]
美[kəˈmɑːdəti] | 英[kəˈmɒdəti]
n. 商品；日用品；有价值之物
historically [四级]
美[hɪsˈtɔrɪklɪ] | 英[hɪ'stɒrɪklɪ]
adv. 历史上地
scarcity [四级]
美[ˈskersəti] | 英[ˈskeəsəti]
n. 缺乏；不足；缺少
consortium [四级]
美[kənˈsɔrtiəm] | 英[kənˈsɔ:tiəm]
n. 财团；联合；合伙
look at [四级]
美[lʊk æt] | 英[lʊk æt]
（仔细地）看；着眼，考虑
advertising [四级]
美[ˈædvərtaɪzɪŋ] | 英[ˈædvətaɪzɪŋ]
n. 广告；广告业
determined [四级]
美[dɪˈtɜːrmɪnd] | 英[dɪˈtɜːmɪnd]
adj. 坚定的；坚决的；果断的；确定的，既定的
or so [六级]
美[ɔːr soʊ] | 英[ɔː(r) səʊ]
大约;左右;把
allure [六级]
美[əˈlʊr] | 英[əˈlʊə(r)]
v. 诱惑；吸引 n. 诱惑力；吸引力
according [专四]
美[ə'kɔrdɪŋ] | 英[ə'kɔːdɪŋ]
adj. 相符的；相应的；一致的 v. 给予；符合，一致；正式协议（accord的现在分词）
volatility [专八]
美[ˌvɑləˈtɪləti] | 英[ˌvɒləˈtɪlɪti]
n. 挥发性；挥发度；轻快；(性格)反复无常
speculation [考研]
美[ˌspekjuˈleɪʃn] | 英[ˌspekjuˈleɪʃn]
n. 推测；投机；沉思
noted [托福]
美[ˈnoʊtɪd] | 英[ˈnəʊtɪd]
adj. 著名的；有声望的
重点讲解
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
sparkle v. & n.
1. 作动词
（1）闪烁；闪闪发光
【例】The sea sparkled in the sun.
阳光下大海碧波闪耀。
（2）生气勃勃；神采飞扬
【例】He always sparkles at parties.
在各种聚会上，他总是光芒四射。
2. 作名词
（1）闪耀，闪光
【例】the sparkle of the diamonds 钻石的光芒
（2）生动新颖；亮点
【例】The performance lacked sparkle.
这场演出缺少亮点。
rest on
1. 基于；以…为基础
【例】The whole argument rests on a false assumption.
全部论证都是基于一个错误的假设。
2. 依靠；依赖
【例】All our hopes now rest on you.
现在所有的希望都寄托在你的身上。
3. 凝视；凝望
【例】Her eyes rested on the piece of paper in my hand.
她的目光落在我手里的一张纸上。
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。
sparkle v. & n.
1. 作动词
（1）闪烁；闪闪发光
【例】The sea sparkled in the sun.
阳光下大海碧波闪耀。
（2）生气勃勃；神采飞扬
【例】He always sparkles at parties.
在各种聚会上，他总是光芒四射。
2. 作名词
（1）闪耀，闪光
【例】the sparkle of the diamonds 钻石的光芒
（2）生动新颖；亮点
【例】The performance lacked sparkle.
这场演出缺少亮点。
rest on
1. 基于；以…为基础
【例】The whole argument rests on a false assumption.
全部论证都是基于一个错误的假设。
2. 依靠；依赖
【例】All our hopes now rest on you.
现在所有的希望都寄托在你的身上。
3. 凝视；凝望
【例】Her eyes rested on the piece of paper in my hand.
她的目光落在我手里的一张纸上。
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。
in addition 除…以外
【例】In addition to these arrangements, extra ambulances will be on duty until midnight.
除了这些安排以外，另增救护车值班至午夜。
【例】There is, in addition, one further point to make.
此外，还有一点要说。
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。
rival n. & a. & v.
1. 作名词：竞争对手
【例】The two teams have always been rivals.
这两个队一直是竞争对手。
2. 作形容词：相互竞争的；对抗的
【例】fighting between rival groups 对立团体间的争斗
3. 作动词：与…相匹敌；比得上
【例】The college’s facilities rival those of Harvard and Yale.
这所学院的设施比得上哈佛和耶鲁。
handsome a.
1. 英俊的；漂亮的
【例】He's the most handsome man I've ever met.
他是我见过的最俊美的男子。
2. 数量大的；（钱）可观的，丰厚的
【例】a handsome profit 一大笔利润
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%。
give way
1. 屈服，让步；让…先行
【例】He refused to give way on any of the points.
他拒绝在任何一点上让步。
2. 让自己陷于（某种情绪等）
【例】Flinging herself on the bed, she gave way to helpless misery.
她一头扑倒在床上，痛苦不堪。
3. 被…代替
【例】The storm gave way to bright sunshine.
暴风雨过后阳光灿烂。
monopolize v.
1. 独占；垄断
【例】The company has monopolized the soft drinks market.
该公司垄断了软饮料市场。
2. 占用（某人大量时间或注意力）
【例】Virtually all her time and energy is now monopolized by the children.
现在她几乎所有的时间和精力都被孩子们占去了。
【拓展】monopolistic a. 垄断的；独占的
【例】The company wants to maintain its monopolistic position.
公司想继续维持它的垄断地位。
engagement n.
1. 订婚，订婚期间
【例】Their engagement was announced in the local paper.
他们订婚的消息已在当地报纸上公布。
2. （正式的或与工作有关的）约定，约会
【例】I had to refuse because of a prior engagement.
我因为已经有预约只好拒绝了。
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。
logic n.
1. 逻辑；思维方式
【例】I fail to see the logic behind his argument.
我不明白支持他论据的是什么逻辑。
2. （做某事的）道理，合乎情理的原因
【例】There is a certain logic in their choice of architect.
他们对建筑师的选择是有一定道理的。
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。
logic n.
1. 逻辑；思维方式
【例】I fail to see the logic behind his argument.
我不明白支持他论据的是什么逻辑。
2. （做某事的）道理，合乎情理的原因
【例】There is a certain logic in their choice of architect.
他们对建筑师的选择是有一定道理的。
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。
stockpile v. & n.
1. 作动词：大量储备
【例】An enormous volume of explosives was stockpiled inside one of the buildings.
其中一栋大楼内贮存了大量的炸药。
2. 作名词：（物资的大量）储备
【例】the world's stockpile of nuclear weapons 全世界的核武器储备
speculation n.
1. 推测；猜测
【例】There is speculation that the president is ill.
有人猜测总统病了。
2. 投机买卖，投机生意
【例】property speculation 房地产投机买卖
eat into
1. 消耗，耗费（金钱或时间）
【例】John’s university fees have been eating into our savings.
约翰的大学学费一点点花掉了我们的积蓄。
2. 腐蚀；逐渐损毁
【例】Acid eats into the metal, damaging its surface.
酸腐蚀金属，损坏其表面。
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。
stockpile v. & n.
1. 作动词：大量储备
【例】An enormous volume of explosives was stockpiled inside one of the buildings.
其中一栋大楼内贮存了大量的炸药。
2. 作名词：（物资的大量）储备
【例】the world's stockpile of nuclear weapons 全世界的核武器储备
speculation n.
1. 推测；猜测
【例】There is speculation that the president is ill.
有人猜测总统病了。
2. 投机买卖，投机生意
【例】property speculation 房地产投机买卖
eat into
1. 消耗，耗费（金钱或时间）
【例】John’s university fees have been eating into our savings.
约翰的大学学费一点点花掉了我们的积蓄。
2. 腐蚀；逐渐损毁
【例】Acid eats into the metal, damaging its surface.
酸腐蚀金属，损坏其表面。
课后练习
The attraction of diamonds for investors is that ____.
A. they are widely used in making jewelry
B. they are the most valuable type of gems
C. their long-run prices remain stable
D. their average return is considerable
Recently the value of diamonds ____.
A. has gone up slightly
B. has been in decline
C. remains unchanged
D. becomes unpredictable
Diamonds offered stable returns in the past because ____.
A. they were more valuable than gold
B. they were immune from economic uncertainty
C. they were utilized in multiple ways
D. they were in limited supply
The price change of diamonds is caused by ____.
A. the scarcity of supplies
B. the speculative activities
C. the supply by competitors
D. the monopoly of De Beers