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Hard assets: The returns on rare diamonds and gems

The Returns on Rare Diamonds and Gems

descriptionPublicationkeyboard_double_arrow_right Article , Part of book or chapter of book , Research , Other literature type , Preprint 01 Jan 2011 Netherlands Publisher:Elsevier BVJournal:Finance Research Letters, volume 9, pages 220-230 (issn: 1544-6123,

Authors: Renneboog, L.D.R.; Spaenjers, C.;

doi: 10.1016/j.frl.2012.07.003 , 10.1057/9781137537584_11 , 10.2139/ssrn.1845446

Hard assets: The returns on rare diamonds and gems

- Summary
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Abstract

This paper examines the investment performance of diamonds and other gems (sapphires, rubies, and emeralds) over the period 1999-2010, using a novel data set of auction transactions. Between 1999 and 2010, the annualized real USD returns for white and colored diamonds equaled 6.4% and 2.9%, respectively. Since 2003, the returns were 10.0%, 5.5%, and 6.8% for white diamonds, colored diamonds, and other gems, respectively. Both white and colored diamonds outperformed the stock market over our time frame. Nevertheless, gem returns are positively correlated with stock market returns, suggesting the existence of stock market wealth effects.

Country

Netherlands

Related Organizations

University of Colorado Boulder
United States
Tilburg University
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HEC Paris
Qatar
European Corporate Governance Institute
Belgium

Keywords

[SHS.GESTION.FIN] Humanities and Social Sciences/Business administration/domain_shs.gestion.fin, Diamonds, Hedonic regressions, Auctions, Hedonic regression, Alternative investments, Luxury goods, Auctions; Diamonds; Gems; Hedonic regressions; Alternative investments, Gems, Auctions;Diamonds;Gems;Hedonic regressions;Alternative investments, jel: jel:Z11, jel: jel:G12, jel: jel:Q3, jel: jel:G11

Impact byBIP!

	citations This is an alternative to the "Influence" indicator, which also reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).	39
	popularity This indicator reflects the "current" impact/attention (the "hype") of an article in the research community at large, based on the underlying citation network.	Top 10%
	influence This indicator reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).	Top 10%
	impulse This indicator reflects the initial momentum of an article directly after its publication, based on the underlying citation network.	Top 10%