拍卖市场无色钻石的价格及投资回报研究  

A Study on the Price and Investment Return of Colourless Diamond in Auction Market

作　　者：孙楠 周琦深[1,2] 赵曼存 徐亚兰 詹昉旻[1,2] SUN Nan;ZHOU Qishen;ZHAO Mancun;XU Yalan;ZHAN Fangmin(Gemmological Institute,China University of Geosciences,Wuhan 430074,China;Hubei Key Research Base of Humanities and Social Sciences-Center for Jewelry Heritage and Innovation,Wuhan 430074,China)

机构地区：[1]中国地质大学(武汉)珠宝学院,湖北武汉430074 [2]湖北省人文社科重点研究基地"珠宝首饰传承与创新发展研究中心",湖北武汉430074

出　　处：《宝石和宝石学杂志(中英文)》2024年第6期92-105,共14页Journal of Gems & Gemmology

基　　金：湖北省人文社会科学重点研究基地“珠宝首饰传承与创新发展研究中心”开放基金项目(项目编号CJHIXM-03-202006);教育部人文社会科学研究一般项目(规划基金项目)(项目编号24YJA790103)。

摘　　要：随着金融体系的风险增加,越来越多的投资者将目光转向了能够作为价值储存手段的另类资产。钻石因其稀缺性、耐久性和便携性等特点,被视为具有投资潜力的商品。为了帮助投资者明晰无色钻石的投资潜力,本文研究了2009年至2022年期间拍卖市场无色钻石的风险回报特征。在研究期内,不同品质无色钻石投资表现具有一定差异,其中高品质、无色钻石的回报最差,在研究期间不是一个很好的投资选择;中等品质无色钻石的回报优于同时期债券和贵金属,可以考虑纳入资产组合。此外,本文运用享乐回归法探讨了影响拍卖市场无色钻石价格的因素,其中“4C”分级和是否来自奢侈品品牌对无色钻石价格的影响尤为显著,该模型能够解释95%以上的无色钻石价格变化。最后,笔者对其他投资资产与拍卖市场无色钻石进行了相关性分析,结果表明无色钻石与其他资产不存在显著的相关性,证明在其他资产的投资组合中加入无色钻石会有一定的分散风险能力。As the financial system risks escalate,an increasing number of investors are turning their attention to alternative assets as a means of value storage.Diamonds,characterized by their scarcity,durability,and portability,are viewed as commodities with investment potential.To elucidate the investment potential of colourless diamonds for investors,this study examines the risk-return characteristics of colourless diamonds in the auction market from 2009 to 2022.Varying performance was observed among different qualities of colourless diamonds,with high-quality ones yielding the poorest returns,indicating they were not a favorable investment option during the studied period.Conversely,medium-quality colourless diamonds outperformed bonds and precious metals during the same period,making them a viable addition to investment portfolios.Furthermore,this study employs hedonic regression analysis to explore factors influencing the prices of colourless diamonds in the auction market.Notably,the"4Cs"grading system and association with luxury brands significantly impact colourless diamond prices,with the model explaining over 95%of price variations.Lastly,a correlation analysis between other investment assets and colourless diamonds in the auction market reveals no significant correlation,demonstrating that incorporating colourless diamonds into portfolios can offer diversification benefits and mitigate risk.

关 键 词：拍卖 钻石 享乐模型 另类投资 

分 类 号：F713.359[经济管理—产业经济] TS93[轻工技术与工程]