Diamond investments – Is the market free from multiple price bubbles?
本研究运用ADF、SADF和GSADF检验，发现钻石市场存在多个价格泡沫时期，与戴比尔斯市场地位变化、2008年金融危机、欧债危机及俄乌冲突相关，且泡沫持续时间短，先影响毛坯钻石市场。
The following study aims to investigate whether multiple price bubbles, in which the quoted market price of diamonds significantly deviates from their fundamental value, exist in the diamond market. It was conducted using ADF, SADF and GSADF tests, with the latter found to be an optimal form of evaluating the analysed issue. The presented results support the conclusion that the diamond market is not free from periods defined as price bubbles. The study revealed price bubbles related to the leading, albeit declining in recent years, position of De Beers within the market and its activities, the financial crisis of 2008, the subsequent European debt crisis, and the crisis caused by the aggression of the Russian Federation against Ukraine in 2022. However, the identified periods of speculative bubbles in the diamond market are short and tend to affect the rough diamond segment earlier than the broader diamond market.