id	sid	tid	token	lemma	pos
ajtas-3214	1	1	american	american	PROPN
ajtas-3214	1	2	journal	journal	PROPN
ajtas-3214	1	3	of	of	ADP
ajtas-3214	1	4	technology	technology	NOUN
ajtas-3214	1	5	and	and	CCONJ
ajtas-3214	1	6	applied	apply	VERB
ajtas-3214	1	7	sciences	sciences	PROPN
ajtas-3214	1	8	issn	issn	X
ajtas-3214	1	9	(	(	PUNCT
ajtas-3214	1	10	e	e	NOUN
ajtas-3214	1	11	):	):	PUNCT
ajtas-3214	1	12	2832	2832	NUM
ajtas-3214	1	13	-	-	SYM
ajtas-3214	1	14	1766	1766	NUM
ajtas-3214	1	15	volume	volume	NOUN
ajtas-3214	1	16	43	43	NUM
ajtas-3214	1	17	,	,	PUNCT
ajtas-3214	1	18	december	december	PROPN
ajtas-3214	1	19	2025	2025	NUM
ajtas-3214	1	20	p	p	NOUN
ajtas-3214	2	1	a	a	DET
ajtas-3214	2	2	g	g	NOUN
ajtas-3214	2	3	e	e	NOUN
ajtas-3214	2	4	|	|	ADV
ajtas-3214	2	5	37	37	NUM
ajtas-3214	2	6	www.americanjournal.org	www.americanjournal.org	NOUN
ajtas-3214	2	7	investing	invest	VERB
ajtas-3214	2	8	in	in	ADP
ajtas-3214	2	9	precious	precious	ADJ
ajtas-3214	2	10	stones	stone	NOUN
ajtas-3214	2	11	:	:	PUNCT
ajtas-3214	2	12	risks	risk	NOUN
ajtas-3214	2	13	and	and	CCONJ
ajtas-3214	2	14	prospects	prospect	NOUN
ajtas-3214	2	15	edgar	edgar	PROPN
ajtas-3214	2	16	bergamalyan	bergamalyan	ADJ
ajtas-3214	2	17	jewelry	jewelry	NOUN
ajtas-3214	2	18	expert	expert	NOUN
ajtas-3214	2	19	,	,	PUNCT
ajtas-3214	2	20	usa	usa	PROPN
ajtas-3214	2	21	a	a	DET
ajtas-3214	2	22	b	b	PROPN
ajtas-3214	2	23	s	s	ADP
ajtas-3214	2	24	t	t	PROPN
ajtas-3214	2	25	r	r	NOUN
ajtas-3214	2	26	a	a	DET
ajtas-3214	2	27	c	c	NOUN
ajtas-3214	2	28	t	t	NOUN
ajtas-3214	2	29	k	k	X
ajtas-3214	2	30	e	e	PROPN
ajtas-3214	2	31	y	y	PROPN
ajtas-3214	2	32	w	w	NOUN
ajtas-3214	2	33	o	o	NOUN
ajtas-3214	2	34	r	r	NOUN
ajtas-3214	2	35	d	d	PROPN
ajtas-3214	2	36	s	s	VERB
ajtas-3214	2	37	this	this	DET
ajtas-3214	2	38	article	article	NOUN
ajtas-3214	2	39	examines	examine	VERB
ajtas-3214	2	40	the	the	DET
ajtas-3214	2	41	key	key	ADJ
ajtas-3214	2	42	characteristics	characteristic	NOUN
ajtas-3214	2	43	of	of	ADP
ajtas-3214	2	44	the	the	DET
ajtas-3214	2	45	precious	precious	ADJ
ajtas-3214	2	46	stone	stone	NOUN
ajtas-3214	2	47	market	market	NOUN
ajtas-3214	2	48	(	(	PUNCT
ajtas-3214	2	49	diamonds	diamond	NOUN
ajtas-3214	2	50	,	,	PUNCT
ajtas-3214	2	51	rubies	ruby	NOUN
ajtas-3214	2	52	,	,	PUNCT
ajtas-3214	2	53	sapphires	sapphire	NOUN
ajtas-3214	2	54	,	,	PUNCT
ajtas-3214	2	55	emeralds	emerald	NOUN
ajtas-3214	2	56	,	,	PUNCT
ajtas-3214	2	57	etc	etc	X
ajtas-3214	2	58	.	.	X
ajtas-3214	2	59	)	)	PUNCT
ajtas-3214	3	1	as	as	ADP
ajtas-3214	3	2	an	an	DET
ajtas-3214	3	3	asset	asset	NOUN
ajtas-3214	3	4	class	class	NOUN
ajtas-3214	3	5	:	:	PUNCT
ajtas-3214	3	6	liquidity	liquidity	NOUN
ajtas-3214	3	7	,	,	PUNCT
ajtas-3214	3	8	profitability	profitability	NOUN
ajtas-3214	3	9	,	,	PUNCT
ajtas-3214	3	10	pricing	pricing	NOUN
ajtas-3214	3	11	factors	factor	NOUN
ajtas-3214	3	12	,	,	PUNCT
ajtas-3214	3	13	risks	risk	NOUN
ajtas-3214	3	14	(	(	PUNCT
ajtas-3214	3	15	price	price	NOUN
ajtas-3214	3	16	volatility	volatility	NOUN
ajtas-3214	3	17	,	,	PUNCT
ajtas-3214	3	18	counterfeiting	counterfeiting	NOUN
ajtas-3214	3	19	,	,	PUNCT
ajtas-3214	3	20	regulatory	regulatory	ADJ
ajtas-3214	3	21	and	and	CCONJ
ajtas-3214	3	22	reputational	reputational	ADJ
ajtas-3214	3	23	risks	risk	NOUN
ajtas-3214	3	24	)	)	PUNCT
ajtas-3214	3	25	,	,	PUNCT
ajtas-3214	3	26	and	and	CCONJ
ajtas-3214	3	27	prospects	prospect	NOUN
ajtas-3214	3	28	(	(	PUNCT
ajtas-3214	3	29	growing	grow	VERB
ajtas-3214	3	30	demand	demand	NOUN
ajtas-3214	3	31	for	for	ADP
ajtas-3214	3	32	colored	colored	ADJ
ajtas-3214	3	33	stones	stone	NOUN
ajtas-3214	3	34	,	,	PUNCT
ajtas-3214	3	35	the	the	DET
ajtas-3214	3	36	impact	impact	NOUN
ajtas-3214	3	37	of	of	ADP
ajtas-3214	3	38	labgrown	labgrown	ADJ
ajtas-3214	3	39	diamonds	diamond	NOUN
ajtas-3214	3	40	,	,	PUNCT
ajtas-3214	3	41	sustainable	sustainable	ADJ
ajtas-3214	3	42	development	development	NOUN
ajtas-3214	3	43	,	,	PUNCT
ajtas-3214	3	44	and	and	CCONJ
ajtas-3214	3	45	supply	supply	VERB
ajtas-3214	3	46	chain	chain	NOUN
ajtas-3214	3	47	transparency	transparency	NOUN
ajtas-3214	3	48	)	)	PUNCT
ajtas-3214	3	49	.	.	PUNCT
ajtas-3214	4	1	a	a	DET
ajtas-3214	4	2	review	review	NOUN
ajtas-3214	4	3	of	of	ADP
ajtas-3214	4	4	empirical	empirical	ADJ
ajtas-3214	4	5	studies	study	NOUN
ajtas-3214	4	6	on	on	ADP
ajtas-3214	4	7	profitability	profitability	NOUN
ajtas-3214	4	8	and	and	CCONJ
ajtas-3214	4	9	volatility	volatility	NOUN
ajtas-3214	4	10	is	be	AUX
ajtas-3214	4	11	provided	provide	VERB
ajtas-3214	4	12	,	,	PUNCT
ajtas-3214	4	13	along	along	ADP
ajtas-3214	4	14	with	with	ADP
ajtas-3214	4	15	a	a	DET
ajtas-3214	4	16	discussion	discussion	NOUN
ajtas-3214	4	17	of	of	ADP
ajtas-3214	4	18	practical	practical	ADJ
ajtas-3214	4	19	recommendations	recommendation	NOUN
ajtas-3214	4	20	for	for	ADP
ajtas-3214	4	21	investors	investor	NOUN
ajtas-3214	4	22	.	.	PUNCT
ajtas-3214	5	1	gemstone	gemstone	NOUN
ajtas-3214	5	2	investments	investment	NOUN
ajtas-3214	5	3	,	,	PUNCT
ajtas-3214	5	4	alternative	alternative	ADJ
ajtas-3214	5	5	assets	asset	NOUN
ajtas-3214	5	6	,	,	PUNCT
ajtas-3214	5	7	returns	return	NOUN
ajtas-3214	5	8	,	,	PUNCT
ajtas-3214	5	9	risks	risk	NOUN
ajtas-3214	5	10	,	,	PUNCT
ajtas-3214	5	11	liquidity	liquidity	NOUN
ajtas-3214	5	12	,	,	PUNCT
ajtas-3214	5	13	esg	esg	PROPN
ajtas-3214	5	14	,	,	PUNCT
ajtas-3214	5	15	lab	lab	NOUN
ajtas-3214	5	16	-	-	PUNCT
ajtas-3214	5	17	grown	grow	VERB
ajtas-3214	5	18	diamonds	diamond	NOUN
ajtas-3214	5	19	,	,	PUNCT
ajtas-3214	5	20	colored	colored	ADJ
ajtas-3214	5	21	stones	stone	NOUN
ajtas-3214	5	22	.	.	PUNCT
ajtas-3214	6	1	introduction	introduction	NOUN
ajtas-3214	6	2	the	the	DET
ajtas-3214	6	3	scientific	scientific	ADJ
ajtas-3214	6	4	novelty	novelty	NOUN
ajtas-3214	6	5	of	of	ADP
ajtas-3214	6	6	this	this	DET
ajtas-3214	6	7	article	article	NOUN
ajtas-3214	6	8	lies	lie	VERB
ajtas-3214	6	9	in	in	ADP
ajtas-3214	6	10	its	its	PRON
ajtas-3214	6	11	comprehensive	comprehensive	ADJ
ajtas-3214	6	12	study	study	NOUN
ajtas-3214	6	13	of	of	ADP
ajtas-3214	6	14	the	the	DET
ajtas-3214	6	15	investment	investment	NOUN
ajtas-3214	6	16	potential	potential	NOUN
ajtas-3214	6	17	of	of	ADP
ajtas-3214	6	18	the	the	DET
ajtas-3214	6	19	precious	precious	ADJ
ajtas-3214	6	20	stone	stone	NOUN
ajtas-3214	6	21	market	market	NOUN
ajtas-3214	6	22	,	,	PUNCT
ajtas-3214	6	23	taking	take	VERB
ajtas-3214	6	24	into	into	ADP
ajtas-3214	6	25	account	account	NOUN
ajtas-3214	6	26	modern	modern	ADJ
ajtas-3214	6	27	factors	factor	NOUN
ajtas-3214	6	28	:	:	PUNCT
ajtas-3214	6	29	technological	technological	ADJ
ajtas-3214	6	30	advances	advance	NOUN
ajtas-3214	6	31	(	(	PUNCT
ajtas-3214	6	32	the	the	DET
ajtas-3214	6	33	emergence	emergence	NOUN
ajtas-3214	6	34	of	of	ADP
ajtas-3214	6	35	lab	lab	NOUN
ajtas-3214	6	36	-	-	PUNCT
ajtas-3214	6	37	grown	grow	VERB
ajtas-3214	6	38	diamonds	diamond	NOUN
ajtas-3214	6	39	)	)	PUNCT
ajtas-3214	6	40	,	,	PUNCT
ajtas-3214	6	41	esg	esg	PROPN
ajtas-3214	6	42	requirements	requirement	NOUN
ajtas-3214	6	43	,	,	PUNCT
ajtas-3214	6	44	and	and	CCONJ
ajtas-3214	6	45	market	market	NOUN
ajtas-3214	6	46	digitalization	digitalization	NOUN
ajtas-3214	6	47	.	.	PUNCT
ajtas-3214	7	1	unlike	unlike	ADP
ajtas-3214	7	2	existing	exist	VERB
ajtas-3214	7	3	studies	study	NOUN
ajtas-3214	7	4	,	,	PUNCT
ajtas-3214	7	5	this	this	DET
ajtas-3214	7	6	article	article	NOUN
ajtas-3214	7	7	systematizes	systematize	VERB
ajtas-3214	7	8	empirical	empirical	ADJ
ajtas-3214	7	9	data	datum	NOUN
ajtas-3214	7	10	on	on	ADP
ajtas-3214	7	11	the	the	DET
ajtas-3214	7	12	profitability	profitability	NOUN
ajtas-3214	7	13	and	and	CCONJ
ajtas-3214	7	14	liquidity	liquidity	NOUN
ajtas-3214	7	15	of	of	ADP
ajtas-3214	7	16	gemstones	gemstone	NOUN
ajtas-3214	7	17	,	,	PUNCT
ajtas-3214	7	18	conducts	conduct	VERB
ajtas-3214	7	19	a	a	DET
ajtas-3214	7	20	comparative	comparative	ADJ
ajtas-3214	7	21	analysis	analysis	NOUN
ajtas-3214	7	22	of	of	ADP
ajtas-3214	7	23	segments	segment	NOUN
ajtas-3214	7	24	(	(	PUNCT
ajtas-3214	7	25	natural	natural	ADJ
ajtas-3214	7	26	and	and	CCONJ
ajtas-3214	7	27	synthetic	synthetic	ADJ
ajtas-3214	7	28	stones	stone	NOUN
ajtas-3214	7	29	)	)	PUNCT
ajtas-3214	7	30	,	,	PUNCT
ajtas-3214	7	31	and	and	CCONJ
ajtas-3214	7	32	develops	develop	VERB
ajtas-3214	7	33	practical	practical	ADJ
ajtas-3214	7	34	recommendations	recommendation	NOUN
ajtas-3214	7	35	for	for	ADP
ajtas-3214	7	36	investors	investor	NOUN
ajtas-3214	7	37	based	base	VERB
ajtas-3214	7	38	on	on	ADP
ajtas-3214	7	39	current	current	ADJ
ajtas-3214	7	40	market	market	NOUN
ajtas-3214	7	41	and	and	CCONJ
ajtas-3214	7	42	academic	academic	ADJ
ajtas-3214	7	43	sources	source	NOUN
ajtas-3214	7	44	.	.	PUNCT
ajtas-3214	8	1	investing	invest	VERB
ajtas-3214	8	2	in	in	ADP
ajtas-3214	8	3	precious	precious	ADJ
ajtas-3214	8	4	stones	stone	NOUN
ajtas-3214	8	5	represents	represent	VERB
ajtas-3214	8	6	a	a	DET
ajtas-3214	8	7	significant	significant	ADJ
ajtas-3214	8	8	and	and	CCONJ
ajtas-3214	8	9	relevant	relevant	ADJ
ajtas-3214	8	10	segment	segment	NOUN
ajtas-3214	8	11	of	of	ADP
ajtas-3214	8	12	alternative	alternative	ADJ
ajtas-3214	8	13	assets	asset	NOUN
ajtas-3214	8	14	that	that	PRON
ajtas-3214	8	15	requires	require	VERB
ajtas-3214	8	16	in	in	ADP
ajtas-3214	8	17	-	-	PUNCT
ajtas-3214	8	18	depth	depth	NOUN
ajtas-3214	8	19	study	study	NOUN
ajtas-3214	8	20	.	.	PUNCT
ajtas-3214	9	1	the	the	DET
ajtas-3214	9	2	appeal	appeal	NOUN
ajtas-3214	9	3	of	of	ADP
ajtas-3214	9	4	such	such	ADJ
ajtas-3214	9	5	investments	investment	NOUN
ajtas-3214	9	6	is	be	AUX
ajtas-3214	9	7	based	base	VERB
ajtas-3214	9	8	on	on	ADP
ajtas-3214	9	9	their	their	PRON
ajtas-3214	9	10	combined	combine	VERB
ajtas-3214	9	11	aesthetic	aesthetic	ADJ
ajtas-3214	9	12	,	,	PUNCT
ajtas-3214	9	13	cultural	cultural	ADJ
ajtas-3214	9	14	,	,	PUNCT
ajtas-3214	9	15	and	and	CCONJ
ajtas-3214	9	16	economic	economic	ADJ
ajtas-3214	9	17	value	value	NOUN
ajtas-3214	9	18	:	:	PUNCT
ajtas-3214	9	19	the	the	DET
ajtas-3214	9	20	ability	ability	NOUN
ajtas-3214	9	21	to	to	PART
ajtas-3214	9	22	preserve	preserve	VERB
ajtas-3214	9	23	and	and	CCONJ
ajtas-3214	9	24	grow	grow	VERB
ajtas-3214	9	25	capital	capital	NOUN
ajtas-3214	9	26	.	.	PUNCT
ajtas-3214	10	1	however	however	ADV
ajtas-3214	10	2	,	,	PUNCT
ajtas-3214	10	3	the	the	DET
ajtas-3214	10	4	precious	precious	ADJ
ajtas-3214	10	5	and	and	CCONJ
ajtas-3214	10	6	colored	colored	ADJ
ajtas-3214	10	7	stone	stone	NOUN
ajtas-3214	10	8	market	market	NOUN
ajtas-3214	10	9	differs	differ	VERB
ajtas-3214	10	10	significantly	significantly	ADV
ajtas-3214	10	11	from	from	ADP
ajtas-3214	10	12	traditional	traditional	ADJ
ajtas-3214	10	13	financial	financial	ADJ
ajtas-3214	10	14	instruments	instrument	NOUN
ajtas-3214	10	15	(	(	PUNCT
ajtas-3214	10	16	stocks	stock	NOUN
ajtas-3214	10	17	,	,	PUNCT
ajtas-3214	10	18	bonds	bond	NOUN
ajtas-3214	10	19	,	,	PUNCT
ajtas-3214	10	20	real	real	ADJ
ajtas-3214	10	21	estate	estate	NOUN
ajtas-3214	10	22	)	)	PUNCT
ajtas-3214	10	23	in	in	ADP
ajtas-3214	10	24	a	a	DET
ajtas-3214	10	25	number	number	NOUN
ajtas-3214	10	26	of	of	ADP
ajtas-3214	10	27	specific	specific	ADJ
ajtas-3214	10	28	respects	respect	NOUN
ajtas-3214	10	29	,	,	PUNCT
ajtas-3214	10	30	including	include	VERB
ajtas-3214	10	31	liquidity	liquidity	NOUN
ajtas-3214	10	32	,	,	PUNCT
ajtas-3214	10	33	pricing	pricing	NOUN
ajtas-3214	10	34	transparency	transparency	NOUN
ajtas-3214	10	35	,	,	PUNCT
ajtas-3214	10	36	quality	quality	NOUN
ajtas-3214	10	37	standardization	standardization	NOUN
ajtas-3214	10	38	,	,	PUNCT
ajtas-3214	10	39	and	and	CCONJ
ajtas-3214	10	40	certification	certification	NOUN
ajtas-3214	10	41	and	and	CCONJ
ajtas-3214	10	42	provenance	provenance	NOUN
ajtas-3214	10	43	requirements	requirement	NOUN
ajtas-3214	10	44	.	.	PUNCT
ajtas-3214	11	1	the	the	DET
ajtas-3214	11	2	advantages	advantage	NOUN
ajtas-3214	11	3	of	of	ADP
ajtas-3214	11	4	precious	precious	ADJ
ajtas-3214	11	5	stones	stone	NOUN
ajtas-3214	11	6	include	include	VERB
ajtas-3214	11	7	their	their	PRON
ajtas-3214	11	8	compactness	compactness	NOUN
ajtas-3214	11	9	,	,	PUNCT
ajtas-3214	11	10	ease	ease	NOUN
ajtas-3214	11	11	of	of	ADP
ajtas-3214	11	12	transportation	transportation	NOUN
ajtas-3214	11	13	,	,	PUNCT
ajtas-3214	11	14	long	long	ADJ
ajtas-3214	11	15	-	-	PUNCT
ajtas-3214	11	16	term	term	NOUN
ajtas-3214	11	17	storage	storage	NOUN
ajtas-3214	11	18	,	,	PUNCT
ajtas-3214	11	19	and	and	CCONJ
ajtas-3214	11	20	independence	independence	NOUN
ajtas-3214	11	21	from	from	ADP
ajtas-3214	11	22	traditional	traditional	ADJ
ajtas-3214	11	23	monetary	monetary	ADJ
ajtas-3214	11	24	policy	policy	NOUN
ajtas-3214	11	25	or	or	CCONJ
ajtas-3214	11	26	market	market	NOUN
ajtas-3214	11	27	interest	interest	NOUN
ajtas-3214	11	28	rates	rate	NOUN
ajtas-3214	11	29	.	.	PUNCT
ajtas-3214	12	1	they	they	PRON
ajtas-3214	12	2	also	also	ADV
ajtas-3214	12	3	demonstrate	demonstrate	VERB
ajtas-3214	12	4	a	a	DET
ajtas-3214	12	5	weak	weak	ADJ
ajtas-3214	12	6	correlation	correlation	NOUN
ajtas-3214	12	7	with	with	ADP
ajtas-3214	12	8	traditional	traditional	ADJ
ajtas-3214	12	9	assets	asset	NOUN
ajtas-3214	12	10	.	.	PUNCT
ajtas-3214	13	1	experts	expert	NOUN
ajtas-3214	13	2	,	,	PUNCT
ajtas-3214	13	3	for	for	ADP
ajtas-3214	13	4	example	example	NOUN
ajtas-3214	13	5	,	,	PUNCT
ajtas-3214	13	6	note	note	VERB
ajtas-3214	13	7	the	the	DET
ajtas-3214	13	8	growing	grow	VERB
ajtas-3214	13	9	recognition	recognition	NOUN
ajtas-3214	13	10	of	of	ADP
ajtas-3214	13	11	colored	colored	ADJ
ajtas-3214	13	12	stones	stone	NOUN
ajtas-3214	13	13	as	as	ADP
ajtas-3214	13	14	an	an	DET
ajtas-3214	13	15	effective	effective	ADJ
ajtas-3214	13	16	alternative	alternative	ADJ
ajtas-3214	13	17	investment	investment	NOUN
ajtas-3214	13	18	tool	tool	NOUN
ajtas-3214	13	19	capable	capable	ADJ
ajtas-3214	13	20	of	of	ADP
ajtas-3214	13	21	improving	improve	VERB
ajtas-3214	13	22	portfolio	portfolio	NOUN
ajtas-3214	13	23	diversification	diversification	NOUN
ajtas-3214	13	24	[	[	X
ajtas-3214	13	25	1	1	NUM
ajtas-3214	13	26	]	]	PUNCT
ajtas-3214	13	27	.	.	PUNCT
ajtas-3214	14	1	however	however	ADV
ajtas-3214	14	2	,	,	PUNCT
ajtas-3214	14	3	significant	significant	ADJ
ajtas-3214	14	4	complexities	complexity	NOUN
ajtas-3214	14	5	and	and	CCONJ
ajtas-3214	14	6	risks	risk	NOUN
ajtas-3214	14	7	exist	exist	VERB
ajtas-3214	14	8	.	.	PUNCT
ajtas-3214	15	1	a	a	DET
ajtas-3214	15	2	key	key	ADJ
ajtas-3214	15	3	feature	feature	NOUN
ajtas-3214	15	4	is	be	AUX
ajtas-3214	15	5	the	the	DET
ajtas-3214	15	6	high	high	ADJ
ajtas-3214	15	7	degree	degree	NOUN
ajtas-3214	15	8	of	of	ADP
ajtas-3214	15	9	market	market	NOUN
ajtas-3214	15	10	fragmentation	fragmentation	NOUN
ajtas-3214	15	11	:	:	PUNCT
ajtas-3214	15	12	there	there	PRON
ajtas-3214	15	13	is	be	VERB
ajtas-3214	15	14	no	no	DET
ajtas-3214	15	15	single	single	ADJ
ajtas-3214	15	16	public	public	ADJ
ajtas-3214	15	17	index	index	NOUN
ajtas-3214	15	18	,	,	PUNCT
ajtas-3214	15	19	and	and	CCONJ
ajtas-3214	15	20	valuation	valuation	NOUN
ajtas-3214	15	21	standards	standard	NOUN
ajtas-3214	15	22	are	be	AUX
ajtas-3214	15	23	less	less	ADV
ajtas-3214	15	24	unified	unified	ADJ
ajtas-3214	15	25	than	than	ADP
ajtas-3214	15	26	for	for	ADP
ajtas-3214	15	27	stocks	stock	NOUN
ajtas-3214	15	28	or	or	CCONJ
ajtas-3214	15	29	bonds	bond	NOUN
ajtas-3214	15	30	.	.	PUNCT
ajtas-3214	16	1	empirical	empirical	ADJ
ajtas-3214	16	2	data	datum	NOUN
ajtas-3214	16	3	show	show	VERB
ajtas-3214	16	4	that	that	SCONJ
ajtas-3214	16	5	nominal	nominal	ADJ
ajtas-3214	16	6	average	average	ADJ
ajtas-3214	16	7	annual	annual	ADJ
ajtas-3214	16	8	returns	return	NOUN
ajtas-3214	16	9	over	over	ADP
ajtas-3214	16	10	the	the	DET
ajtas-3214	16	11	period	period	NOUN
ajtas-3214	16	12	1999–2012	1999–2012	NUM
ajtas-3214	16	13	were	be	AUX
ajtas-3214	16	14	approximately	approximately	ADV
ajtas-3214	16	15	8.1	8.1	NUM
ajtas-3214	16	16	%	%	NOUN
ajtas-3214	16	17	for	for	ADP
ajtas-3214	16	18	white	white	ADJ
ajtas-3214	16	19	diamonds	diamond	NOUN
ajtas-3214	16	20	and	and	CCONJ
ajtas-3214	16	21	about	about	ADV
ajtas-3214	16	22	4.5	4.5	NUM
ajtas-3214	16	23	%	%	NOUN
ajtas-3214	16	24	for	for	ADP
ajtas-3214	16	25	other	other	ADJ
ajtas-3214	16	26	gemstones	gemstone	NOUN
ajtas-3214	16	27	,	,	PUNCT
ajtas-3214	16	28	with	with	ADP
ajtas-3214	16	29	real	real	ADJ
ajtas-3214	16	30	returns	return	NOUN
ajtas-3214	16	31	,	,	PUNCT
ajtas-3214	16	32	adjusted	adjust	VERB
ajtas-3214	16	33	for	for	ADP
ajtas-3214	16	34	inflation	inflation	NOUN
ajtas-3214	16	35	,	,	PUNCT
ajtas-3214	16	36	being	be	AUX
ajtas-3214	16	37	significantly	significantly	ADV
ajtas-3214	16	38	lower	low	ADJ
ajtas-3214	16	39	[	[	X
ajtas-3214	16	40	2	2	NUM
ajtas-3214	16	41	]	]	PUNCT
ajtas-3214	16	42	.	.	PUNCT
ajtas-3214	17	1	an	an	DET
ajtas-3214	17	2	additional	additional	ADJ
ajtas-3214	17	3	factor	factor	NOUN
ajtas-3214	17	4	complicating	complicate	VERB
ajtas-3214	17	5	forecasting	forecasting	NOUN
ajtas-3214	17	6	is	be	AUX
ajtas-3214	17	7	american	american	ADJ
ajtas-3214	17	8	journal	journal	NOUN
ajtas-3214	17	9	of	of	ADP
ajtas-3214	17	10	technology	technology	NOUN
ajtas-3214	17	11	and	and	CCONJ
ajtas-3214	17	12	applied	apply	VERB
ajtas-3214	17	13	sciences	science	NOUN
ajtas-3214	17	14	43	43	NUM
ajtas-3214	17	15	,	,	PUNCT
ajtas-3214	17	16	december	december	PROPN
ajtas-3214	17	17	2025	2025	NUM
ajtas-3214	18	1	p	p	NOUN
ajtas-3214	18	2	a	a	DET
ajtas-3214	18	3	g	g	NOUN
ajtas-3214	18	4	e	e	NOUN
ajtas-3214	18	5	|	|	ADV
ajtas-3214	18	6	38	38	NUM
ajtas-3214	18	7	www.americanjournal.org	www.americanjournal.org	NOUN
ajtas-3214	18	8	the	the	DET
ajtas-3214	18	9	rarity	rarity	NOUN
ajtas-3214	18	10	and	and	CCONJ
ajtas-3214	18	11	origin	origin	NOUN
ajtas-3214	18	12	of	of	ADP
ajtas-3214	18	13	the	the	DET
ajtas-3214	18	14	stone	stone	NOUN
ajtas-3214	18	15	:	:	PUNCT
ajtas-3214	18	16	all	all	DET
ajtas-3214	18	17	other	other	ADJ
ajtas-3214	18	18	characteristics	characteristic	NOUN
ajtas-3214	18	19	(	(	PUNCT
ajtas-3214	18	20	weight	weight	NOUN
ajtas-3214	18	21	,	,	PUNCT
ajtas-3214	18	22	cut	cut	NOUN
ajtas-3214	18	23	,	,	PUNCT
ajtas-3214	18	24	color	color	NOUN
ajtas-3214	18	25	,	,	PUNCT
ajtas-3214	18	26	clarity	clarity	NOUN
ajtas-3214	18	27	)	)	PUNCT
ajtas-3214	18	28	being	be	AUX
ajtas-3214	18	29	equal	equal	ADJ
ajtas-3214	18	30	,	,	PUNCT
ajtas-3214	18	31	stones	stone	NOUN
ajtas-3214	18	32	from	from	ADP
ajtas-3214	18	33	known	know	VERB
ajtas-3214	18	34	deposits	deposit	NOUN
ajtas-3214	18	35	or	or	CCONJ
ajtas-3214	18	36	untreated	untreated	ADJ
ajtas-3214	18	37	ones	one	NOUN
ajtas-3214	18	38	can	can	AUX
ajtas-3214	18	39	sell	sell	VERB
ajtas-3214	18	40	at	at	ADP
ajtas-3214	18	41	a	a	DET
ajtas-3214	18	42	significant	significant	ADJ
ajtas-3214	18	43	premium	premium	NOUN
ajtas-3214	18	44	[	[	X
ajtas-3214	18	45	3	3	NUM
ajtas-3214	18	46	]	]	PUNCT
ajtas-3214	18	47	.	.	PUNCT
ajtas-3214	19	1	therefore	therefore	ADV
ajtas-3214	19	2	,	,	PUNCT
ajtas-3214	19	3	the	the	DET
ajtas-3214	19	4	goal	goal	NOUN
ajtas-3214	19	5	of	of	ADP
ajtas-3214	19	6	the	the	DET
ajtas-3214	19	7	analysis	analysis	NOUN
ajtas-3214	19	8	is	be	AUX
ajtas-3214	19	9	to	to	PART
ajtas-3214	19	10	comprehensively	comprehensively	ADV
ajtas-3214	19	11	examine	examine	VERB
ajtas-3214	19	12	investing	investing	NOUN
ajtas-3214	19	13	in	in	ADP
ajtas-3214	19	14	precious	precious	ADJ
ajtas-3214	19	15	stones	stone	NOUN
ajtas-3214	19	16	,	,	PUNCT
ajtas-3214	19	17	focusing	focus	VERB
ajtas-3214	19	18	on	on	ADP
ajtas-3214	19	19	assessing	assess	VERB
ajtas-3214	19	20	risks	risk	NOUN
ajtas-3214	19	21	and	and	CCONJ
ajtas-3214	19	22	prospects	prospect	NOUN
ajtas-3214	19	23	.	.	PUNCT
ajtas-3214	20	1	it	it	PRON
ajtas-3214	20	2	is	be	AUX
ajtas-3214	20	3	necessary	necessary	ADJ
ajtas-3214	20	4	to	to	PART
ajtas-3214	20	5	identify	identify	VERB
ajtas-3214	20	6	the	the	DET
ajtas-3214	20	7	key	key	ADJ
ajtas-3214	20	8	factors	factor	NOUN
ajtas-3214	20	9	influencing	influence	VERB
ajtas-3214	20	10	liquidity	liquidity	NOUN
ajtas-3214	20	11	and	and	CCONJ
ajtas-3214	20	12	profitability	profitability	NOUN
ajtas-3214	20	13	,	,	PUNCT
ajtas-3214	20	14	as	as	ADV
ajtas-3214	20	15	well	well	ADV
ajtas-3214	20	16	as	as	ADP
ajtas-3214	20	17	develop	develop	VERB
ajtas-3214	20	18	practical	practical	ADJ
ajtas-3214	20	19	recommendations	recommendation	NOUN
ajtas-3214	20	20	for	for	ADP
ajtas-3214	20	21	investors	investor	NOUN
ajtas-3214	20	22	,	,	PUNCT
ajtas-3214	20	23	taking	take	VERB
ajtas-3214	20	24	into	into	ADP
ajtas-3214	20	25	account	account	NOUN
ajtas-3214	20	26	the	the	DET
ajtas-3214	20	27	unique	unique	ADJ
ajtas-3214	20	28	characteristics	characteristic	NOUN
ajtas-3214	20	29	of	of	ADP
ajtas-3214	20	30	this	this	DET
ajtas-3214	20	31	asset	asset	NOUN
ajtas-3214	20	32	class	class	NOUN
ajtas-3214	20	33	.	.	PUNCT
ajtas-3214	21	1	the	the	DET
ajtas-3214	21	2	relevance	relevance	NOUN
ajtas-3214	21	3	of	of	ADP
ajtas-3214	21	4	this	this	DET
ajtas-3214	21	5	study	study	NOUN
ajtas-3214	21	6	stems	stem	VERB
ajtas-3214	21	7	from	from	ADP
ajtas-3214	21	8	the	the	DET
ajtas-3214	21	9	fact	fact	NOUN
ajtas-3214	21	10	that	that	SCONJ
ajtas-3214	21	11	investments	investment	NOUN
ajtas-3214	21	12	in	in	ADP
ajtas-3214	21	13	precious	precious	ADJ
ajtas-3214	21	14	stones	stone	NOUN
ajtas-3214	21	15	,	,	PUNCT
ajtas-3214	21	16	despite	despite	SCONJ
ajtas-3214	21	17	their	their	PRON
ajtas-3214	21	18	long	long	ADJ
ajtas-3214	21	19	history	history	NOUN
ajtas-3214	21	20	,	,	PUNCT
ajtas-3214	21	21	remain	remain	VERB
ajtas-3214	21	22	understudied	understudied	ADJ
ajtas-3214	21	23	in	in	ADP
ajtas-3214	21	24	both	both	CCONJ
ajtas-3214	21	25	scientific	scientific	ADJ
ajtas-3214	21	26	and	and	CCONJ
ajtas-3214	21	27	practical	practical	ADJ
ajtas-3214	21	28	literature	literature	NOUN
ajtas-3214	21	29	.	.	PUNCT
ajtas-3214	22	1	therefore	therefore	ADV
ajtas-3214	22	2	,	,	PUNCT
ajtas-3214	22	3	it	it	PRON
ajtas-3214	22	4	is	be	AUX
ajtas-3214	22	5	of	of	ADP
ajtas-3214	22	6	interest	interest	NOUN
ajtas-3214	22	7	to	to	PART
ajtas-3214	22	8	analyze	analyze	VERB
ajtas-3214	22	9	existing	exist	VERB
ajtas-3214	22	10	studies	study	NOUN
ajtas-3214	22	11	assessing	assess	VERB
ajtas-3214	22	12	the	the	DET
ajtas-3214	22	13	returns	return	NOUN
ajtas-3214	22	14	and	and	CCONJ
ajtas-3214	22	15	risks	risk	NOUN
ajtas-3214	22	16	of	of	ADP
ajtas-3214	22	17	this	this	DET
ajtas-3214	22	18	type	type	NOUN
ajtas-3214	22	19	of	of	ADP
ajtas-3214	22	20	asset	asset	NOUN
ajtas-3214	22	21	,	,	PUNCT
ajtas-3214	22	22	as	as	ADV
ajtas-3214	22	23	well	well	ADV
ajtas-3214	22	24	as	as	ADP
ajtas-3214	22	25	to	to	PART
ajtas-3214	22	26	identify	identify	VERB
ajtas-3214	22	27	market	market	NOUN
ajtas-3214	22	28	development	development	NOUN
ajtas-3214	22	29	trends	trend	NOUN
ajtas-3214	22	30	.	.	PUNCT
ajtas-3214	23	1	1	1	X
ajtas-3214	23	2	.	.	X
ajtas-3214	23	3	return	return	NOUN
ajtas-3214	23	4	and	and	CCONJ
ajtas-3214	23	5	risk	risk	NOUN
ajtas-3214	23	6	indicators	indicator	NOUN
ajtas-3214	23	7	.	.	PUNCT
ajtas-3214	24	1	the	the	DET
ajtas-3214	24	2	basic	basic	ADJ
ajtas-3214	24	3	research	research	NOUN
ajtas-3214	24	4	in	in	ADP
ajtas-3214	24	5	this	this	DET
ajtas-3214	24	6	area	area	NOUN
ajtas-3214	24	7	is	be	AUX
ajtas-3214	24	8	the	the	DET
ajtas-3214	24	9	work	work	NOUN
ajtas-3214	24	10	of	of	ADP
ajtas-3214	24	11	luc	luc	PROPN
ajtas-3214	24	12	renneboog	renneboog	NOUN
ajtas-3214	24	13	and	and	CCONJ
ajtas-3214	24	14	christophe	christophe	PROPN
ajtas-3214	24	15	spaenjers	spaenjer	NOUN
ajtas-3214	24	16	«	«	PUNCT
ajtas-3214	24	17	hard	hard	ADJ
ajtas-3214	24	18	assets	asset	NOUN
ajtas-3214	24	19	:	:	PUNCT
ajtas-3214	24	20	the	the	DET
ajtas-3214	24	21	returns	return	NOUN
ajtas-3214	24	22	on	on	ADP
ajtas-3214	24	23	rare	rare	ADJ
ajtas-3214	24	24	diamonds	diamond	NOUN
ajtas-3214	24	25	and	and	CCONJ
ajtas-3214	24	26	gems	gem	NOUN
ajtas-3214	24	27	»	»	X
ajtas-3214	24	28	.	.	PUNCT
ajtas-3214	25	1	analyzing	analyze	VERB
ajtas-3214	25	2	auction	auction	NOUN
ajtas-3214	25	3	data	datum	NOUN
ajtas-3214	25	4	for	for	ADP
ajtas-3214	25	5	1999–2010	1999–2010	NUM
ajtas-3214	25	6	,	,	PUNCT
ajtas-3214	25	7	the	the	DET
ajtas-3214	25	8	authors	author	NOUN
ajtas-3214	25	9	determined	determine	VERB
ajtas-3214	25	10	that	that	SCONJ
ajtas-3214	25	11	the	the	DET
ajtas-3214	25	12	average	average	ADJ
ajtas-3214	25	13	annual	annual	ADJ
ajtas-3214	25	14	real	real	ADJ
ajtas-3214	25	15	return	return	NOUN
ajtas-3214	25	16	(	(	PUNCT
ajtas-3214	25	17	in	in	ADP
ajtas-3214	25	18	us	us	PROPN
ajtas-3214	25	19	dollars	dollar	NOUN
ajtas-3214	25	20	)	)	PUNCT
ajtas-3214	25	21	was	be	AUX
ajtas-3214	25	22	approximately	approximately	ADV
ajtas-3214	25	23	6.4	6.4	NUM
ajtas-3214	25	24	%	%	NOUN
ajtas-3214	25	25	for	for	ADP
ajtas-3214	25	26	white	white	ADJ
ajtas-3214	25	27	diamonds	diamond	NOUN
ajtas-3214	25	28	and	and	CCONJ
ajtas-3214	25	29	2.9	2.9	NUM
ajtas-3214	25	30	%	%	NOUN
ajtas-3214	25	31	for	for	ADP
ajtas-3214	25	32	colored	colored	ADJ
ajtas-3214	25	33	diamonds	diamond	NOUN
ajtas-3214	25	34	[	[	X
ajtas-3214	25	35	4	4	NUM
ajtas-3214	25	36	]	]	PUNCT
ajtas-3214	25	37	.	.	PUNCT
ajtas-3214	26	1	in	in	ADP
ajtas-3214	26	2	a	a	DET
ajtas-3214	26	3	later	later	ADJ
ajtas-3214	26	4	publication	publication	NOUN
ajtas-3214	26	5	,	,	PUNCT
ajtas-3214	26	6	luc	luc	PROPN
ajtas-3214	26	7	 	 	SPACE
ajtas-3214	26	8	renneboog	renneboog	NOUN
ajtas-3214	26	9	refined	refine	VERB
ajtas-3214	26	10	the	the	DET
ajtas-3214	26	11	data	datum	NOUN
ajtas-3214	26	12	for	for	ADP
ajtas-3214	26	13	the	the	DET
ajtas-3214	26	14	period	period	NOUN
ajtas-3214	26	15	1999–2012	1999–2012	NUM
ajtas-3214	26	16	:	:	PUNCT
ajtas-3214	26	17	the	the	DET
ajtas-3214	26	18	annual	annual	ADJ
ajtas-3214	26	19	nominal	nominal	ADJ
ajtas-3214	26	20	return	return	NOUN
ajtas-3214	26	21	for	for	ADP
ajtas-3214	26	22	investmentgrade	investmentgrade	ADJ
ajtas-3214	26	23	white	white	ADJ
ajtas-3214	26	24	diamonds	diamond	NOUN
ajtas-3214	26	25	reached	reach	VERB
ajtas-3214	26	26	8.1	8.1	NUM
ajtas-3214	26	27	%	%	NOUN
ajtas-3214	26	28	,	,	PUNCT
ajtas-3214	26	29	w	w	NOUN
ajtas-3214	26	30	hile	hile	NOUN
ajtas-3214	26	31	for	for	ADP
ajtas-3214	26	32	colored	colored	ADJ
ajtas-3214	26	33	diamonds	diamond	NOUN
ajtas-3214	26	34	it	it	PRON
ajtas-3214	26	35	was	be	AUX
ajtas-3214	26	36	7.4	7.4	NUM
ajtas-3214	26	37	%	%	NOUN
ajtas-3214	26	38	.	.	PUNCT
ajtas-3214	27	1	for	for	ADP
ajtas-3214	27	2	other	other	ADJ
ajtas-3214	27	3	gemstones	gemstone	NOUN
ajtas-3214	27	4	(	(	PUNCT
ajtas-3214	27	5	rubies	ruby	NOUN
ajtas-3214	27	6	,	,	PUNCT
ajtas-3214	27	7	sapphires	sapphire	NOUN
ajtas-3214	27	8	,	,	PUNCT
ajtas-3214	27	9	emeralds	emerald	NOUN
ajtas-3214	27	10	)	)	PUNCT
ajtas-3214	27	11	,	,	PUNCT
ajtas-3214	27	12	the	the	DET
ajtas-3214	27	13	nominal	nominal	ADJ
ajtas-3214	27	14	return	return	NOUN
ajtas-3214	27	15	was	be	AUX
ajtas-3214	27	16	4.5	4.5	NUM
ajtas-3214	27	17	%	%	NOUN
ajtas-3214	27	18	,	,	PUNCT
ajtas-3214	27	19	equivalent	equivalent	ADJ
ajtas-3214	27	20	to	to	ADP
ajtas-3214	27	21	2.1	2.1	NUM
ajtas-3214	27	22	%	%	NOUN
ajtas-3214	27	23	in	in	ADP
ajtas-3214	27	24	real	real	ADJ
ajtas-3214	27	25	terms	term	NOUN
ajtas-3214	27	26	[	[	X
ajtas-3214	27	27	5	5	NUM
ajtas-3214	27	28	]	]	PUNCT
ajtas-3214	27	29	.	.	PUNCT
ajtas-3214	28	1	these	these	DET
ajtas-3214	28	2	results	result	NOUN
ajtas-3214	28	3	demonstrate	demonstrate	VERB
ajtas-3214	28	4	that	that	SCONJ
ajtas-3214	28	5	,	,	PUNCT
ajtas-3214	28	6	although	although	SCONJ
ajtas-3214	28	7	gemstones	gemstone	NOUN
ajtas-3214	28	8	may	may	AUX
ajtas-3214	28	9	have	have	AUX
ajtas-3214	28	10	outperformed	outperform	VERB
ajtas-3214	28	11	traditional	traditional	ADJ
ajtas-3214	28	12	stock	stock	NOUN
ajtas-3214	28	13	and	and	CCONJ
ajtas-3214	28	14	bond	bond	NOUN
ajtas-3214	28	15	markets	market	NOUN
ajtas-3214	28	16	in	in	ADP
ajtas-3214	28	17	certain	certain	ADJ
ajtas-3214	28	18	periods	period	NOUN
ajtas-3214	28	19	,	,	PUNCT
ajtas-3214	28	20	their	their	PRON
ajtas-3214	28	21	returns	return	NOUN
ajtas-3214	28	22	are	be	AUX
ajtas-3214	28	23	not	not	PART
ajtas-3214	28	24	consistently	consistently	ADV
ajtas-3214	28	25	high	high	ADJ
ajtas-3214	28	26	and	and	CCONJ
ajtas-3214	28	27	are	be	AUX
ajtas-3214	28	28	often	often	ADV
ajtas-3214	28	29	accompanied	accompany	VERB
ajtas-3214	28	30	by	by	ADP
ajtas-3214	28	31	significant	significant	ADJ
ajtas-3214	28	32	volatility	volatility	NOUN
ajtas-3214	28	33	.	.	PUNCT
ajtas-3214	29	1	2	2	X
ajtas-3214	29	2	.	.	X
ajtas-3214	29	3	comparative	comparative	ADJ
ajtas-3214	29	4	analysis	analysis	NOUN
ajtas-3214	29	5	and	and	CCONJ
ajtas-3214	29	6	diversification	diversification	NOUN
ajtas-3214	29	7	properties	property	NOUN
ajtas-3214	29	8	.	.	PUNCT
ajtas-3214	30	1	research	research	NOUN
ajtas-3214	30	2	by	by	ADP
ajtas-3214	30	3	robert	robert	PROPN
ajtas-3214	30	4	faff	faff	PROPN
ajtas-3214	30	5	,	,	PUNCT
ajtas-3214	30	6	rand	rand	NOUN
ajtas-3214	30	7	kwong	kwong	PROPN
ajtas-3214	30	8	yew	yew	PROPN
ajtas-3214	30	9	low	low	ADJ
ajtas-3214	30	10	and	and	CCONJ
ajtas-3214	30	11	yiran	yiran	NOUN
ajtas-3214	30	12	yao	yao	NOUN
ajtas-3214	30	13	,	,	PUNCT
ajtas-3214	30	14	«	«	PUNCT
ajtas-3214	30	15	diamonds	diamond	NOUN
ajtas-3214	30	16	vs.	vs.	ADP
ajtas-3214	30	17	precious	precious	ADJ
ajtas-3214	30	18	metals	metal	NOUN
ajtas-3214	30	19	:	:	PUNCT
ajtas-3214	30	20	what	what	PRON
ajtas-3214	30	21	shines	shine	VERB
ajtas-3214	30	22	brightest	brightest	ADV
ajtas-3214	30	23	in	in	ADP
ajtas-3214	30	24	your	your	PRON
ajtas-3214	30	25	investment	investment	NOUN
ajtas-3214	30	26	portfolio	portfolio	NOUN
ajtas-3214	30	27	?	?	PUNCT
ajtas-3214	31	1	»	»	PUNCT
ajtas-3214	31	2	,	,	PUNCT
ajtas-3214	31	3	which	which	PRON
ajtas-3214	31	4	compared	compare	VERB
ajtas-3214	31	5	diamonds	diamond	NOUN
ajtas-3214	31	6	with	with	ADP
ajtas-3214	31	7	precious	precious	ADJ
ajtas-3214	31	8	metals	metal	NOUN
ajtas-3214	31	9	(	(	PUNCT
ajtas-3214	31	10	such	such	ADJ
ajtas-3214	31	11	as	as	ADP
ajtas-3214	31	12	gold	gold	NOUN
ajtas-3214	31	13	)	)	PUNCT
ajtas-3214	31	14	as	as	ADP
ajtas-3214	31	15	hedging	hedging	NOUN
ajtas-3214	31	16	instruments	instrument	NOUN
ajtas-3214	31	17	or	or	CCONJ
ajtas-3214	31	18	«	«	PUNCT
ajtas-3214	31	19	safe	safe	ADJ
ajtas-3214	31	20	havens	haven	NOUN
ajtas-3214	31	21	»	»	VERB
ajtas-3214	31	22	,	,	PUNCT
ajtas-3214	31	23	found	find	VERB
ajtas-3214	31	24	that	that	SCONJ
ajtas-3214	31	25	precious	precious	ADJ
ajtas-3214	31	26	metals	metal	NOUN
ajtas-3214	31	27	generally	generally	ADV
ajtas-3214	31	28	perform	perform	VERB
ajtas-3214	31	29	better	well	ADV
ajtas-3214	31	30	than	than	ADP
ajtas-3214	31	31	diamonds	diamond	NOUN
ajtas-3214	31	32	.	.	PUNCT
ajtas-3214	32	1	it	it	PRON
ajtas-3214	32	2	was	be	AUX
ajtas-3214	32	3	also	also	ADV
ajtas-3214	32	4	emphasized	emphasize	VERB
ajtas-3214	32	5	that	that	SCONJ
ajtas-3214	32	6	direct	direct	ADJ
ajtas-3214	32	7	investment	investment	NOUN
ajtas-3214	32	8	in	in	ADP
ajtas-3214	32	9	physical	physical	ADJ
ajtas-3214	32	10	diamonds	diamond	NOUN
ajtas-3214	32	11	is	be	AUX
ajtas-3214	32	12	preferable	preferable	ADJ
ajtas-3214	32	13	to	to	ADP
ajtas-3214	32	14	investing	invest	VERB
ajtas-3214	32	15	in	in	ADP
ajtas-3214	32	16	diamond	diamond	NOUN
ajtas-3214	32	17	indices	index	NOUN
ajtas-3214	33	1	[	[	X
ajtas-3214	33	2	6	6	NUM
ajtas-3214	33	3	]	]	PUNCT
ajtas-3214	33	4	.	.	PUNCT
ajtas-3214	34	1	in	in	ADP
ajtas-3214	34	2	vera	vera	NOUN
ajtas-3214	34	3	's	's	PART
ajtas-3214	34	4	work	work	NOUN
ajtas-3214	34	5	jotanovic	jotanovic	PROPN
ajtas-3214	34	6	and	and	CCONJ
ajtas-3214	34	7	rita	rita	PROPN
ajtas-3214	34	8	laura	laura	PROPN
ajtas-3214	34	9	d'ecclesia	d'ecclesia	PROPN
ajtas-3214	34	10	,	,	PUNCT
ajtas-3214	34	11	«	«	PUNCT
ajtas-3214	34	12	do	do	AUX
ajtas-3214	34	13	diamond	diamond	NOUN
ajtas-3214	34	14	stocks	stock	NOUN
ajtas-3214	34	15	shine	shine	VERB
ajtas-3214	34	16	brighter	bright	ADJ
ajtas-3214	34	17	than	than	ADP
ajtas-3214	34	18	diamonds	diamond	NOUN
ajtas-3214	34	19	?	?	PUNCT
ajtas-3214	35	1	»	»	NOUN
ajtas-3214	35	2	,	,	PUNCT
ajtas-3214	35	3	the	the	DET
ajtas-3214	35	4	authors	author	NOUN
ajtas-3214	35	5	concluded	conclude	VERB
ajtas-3214	35	6	that	that	SCONJ
ajtas-3214	35	7	diamond	diamond	NOUN
ajtas-3214	35	8	mining	mining	NOUN
ajtas-3214	35	9	stocks	stock	NOUN
ajtas-3214	35	10	do	do	AUX
ajtas-3214	35	11	not	not	PART
ajtas-3214	35	12	fully	fully	ADV
ajtas-3214	35	13	reflect	reflect	VERB
ajtas-3214	35	14	the	the	DET
ajtas-3214	35	15	price	price	NOUN
ajtas-3214	35	16	dynamics	dynamic	NOUN
ajtas-3214	35	17	of	of	ADP
ajtas-3214	35	18	the	the	DET
ajtas-3214	35	19	stones	stone	NOUN
ajtas-3214	35	20	themselves	themselves	PRON
ajtas-3214	35	21	and	and	CCONJ
ajtas-3214	35	22	can	can	AUX
ajtas-3214	35	23	not	not	PART
ajtas-3214	35	24	serve	serve	VERB
ajtas-3214	35	25	as	as	ADP
ajtas-3214	35	26	a	a	DET
ajtas-3214	35	27	full	full	ADV
ajtas-3214	35	28	-	-	PUNCT
ajtas-3214	35	29	fledged	fledged	ADJ
ajtas-3214	35	30	substitute	substitute	NOUN
ajtas-3214	35	31	for	for	ADP
ajtas-3214	35	32	direct	direct	ADJ
ajtas-3214	35	33	investment	investment	NOUN
ajtas-3214	35	34	in	in	ADP
ajtas-3214	35	35	precious	precious	ADJ
ajtas-3214	35	36	stones	stone	NOUN
ajtas-3214	35	37	[	[	X
ajtas-3214	35	38	7	7	NUM
ajtas-3214	35	39	]	]	PUNCT
ajtas-3214	35	40	.	.	PUNCT
ajtas-3214	36	1	thus	thus	ADV
ajtas-3214	36	2	,	,	PUNCT
ajtas-3214	36	3	the	the	DET
ajtas-3214	36	4	scientific	scientific	ADJ
ajtas-3214	36	5	literature	literature	NOUN
ajtas-3214	36	6	recognizes	recognize	VERB
ajtas-3214	36	7	the	the	DET
ajtas-3214	36	8	potential	potential	NOUN
ajtas-3214	36	9	of	of	ADP
ajtas-3214	36	10	precious	precious	ADJ
ajtas-3214	36	11	stones	stone	NOUN
ajtas-3214	36	12	as	as	ADP
ajtas-3214	36	13	a	a	DET
ajtas-3214	36	14	tool	tool	NOUN
ajtas-3214	36	15	for	for	ADP
ajtas-3214	36	16	portfolio	portfolio	NOUN
ajtas-3214	36	17	diversification	diversification	NOUN
ajtas-3214	36	18	,	,	PUNCT
ajtas-3214	36	19	but	but	CCONJ
ajtas-3214	36	20	notes	note	VERB
ajtas-3214	36	21	that	that	SCONJ
ajtas-3214	36	22	they	they	PRON
ajtas-3214	36	23	are	be	AUX
ajtas-3214	36	24	not	not	PART
ajtas-3214	36	25	necessarily	necessarily	ADV
ajtas-3214	36	26	an	an	DET
ajtas-3214	36	27	asset	asset	NOUN
ajtas-3214	36	28	with	with	ADP
ajtas-3214	36	29	superior	superior	ADJ
ajtas-3214	36	30	returns	return	NOUN
ajtas-3214	36	31	and	and	CCONJ
ajtas-3214	36	32	require	require	VERB
ajtas-3214	36	33	a	a	DET
ajtas-3214	36	34	special	special	ADJ
ajtas-3214	36	35	,	,	PUNCT
ajtas-3214	36	36	specific	specific	ADJ
ajtas-3214	36	37	approach	approach	NOUN
ajtas-3214	36	38	.	.	PUNCT
ajtas-3214	37	1	3	3	X
ajtas-3214	37	2	.	.	X
ajtas-3214	37	3	market	market	NOUN
ajtas-3214	37	4	specifics	specific	NOUN
ajtas-3214	37	5	,	,	PUNCT
ajtas-3214	37	6	liquidity	liquidity	NOUN
ajtas-3214	37	7	,	,	PUNCT
ajtas-3214	37	8	and	and	CCONJ
ajtas-3214	37	9	standardization	standardization	NOUN
ajtas-3214	37	10	.	.	PUNCT
ajtas-3214	38	1	the	the	DET
ajtas-3214	38	2	key	key	ADJ
ajtas-3214	38	3	problem	problem	NOUN
ajtas-3214	38	4	with	with	ADP
ajtas-3214	38	5	the	the	DET
ajtas-3214	38	6	precious	precious	ADJ
ajtas-3214	38	7	stone	stone	NOUN
ajtas-3214	38	8	market	market	NOUN
ajtas-3214	38	9	is	be	AUX
ajtas-3214	38	10	its	its	PRON
ajtas-3214	38	11	fragmentation	fragmentation	NOUN
ajtas-3214	38	12	:	:	PUNCT
ajtas-3214	38	13	the	the	DET
ajtas-3214	38	14	lack	lack	NOUN
ajtas-3214	38	15	of	of	ADP
ajtas-3214	38	16	a	a	DET
ajtas-3214	38	17	centralized	centralized	ADJ
ajtas-3214	38	18	exchange	exchange	NOUN
ajtas-3214	38	19	and	and	CCONJ
ajtas-3214	38	20	unified	unified	ADJ
ajtas-3214	38	21	price	price	NOUN
ajtas-3214	38	22	index	index	NOUN
ajtas-3214	38	23	,	,	PUNCT
ajtas-3214	38	24	as	as	ADV
ajtas-3214	38	25	well	well	ADV
ajtas-3214	38	26	as	as	ADP
ajtas-3214	38	27	the	the	DET
ajtas-3214	38	28	uniqueness	uniqueness	NOUN
ajtas-3214	38	29	of	of	ADP
ajtas-3214	38	30	each	each	DET
ajtas-3214	38	31	transaction	transaction	NOUN
ajtas-3214	38	32	(	(	PUNCT
ajtas-3214	38	33	depending	depend	VERB
ajtas-3214	38	34	on	on	ADP
ajtas-3214	38	35	weight	weight	NOUN
ajtas-3214	38	36	,	,	PUNCT
ajtas-3214	38	37	cut	cut	NOUN
ajtas-3214	38	38	,	,	PUNCT
ajtas-3214	38	39	color	color	NOUN
ajtas-3214	38	40	,	,	PUNCT
ajtas-3214	38	41	origin	origin	NOUN
ajtas-3214	38	42	,	,	PUNCT
ajtas-3214	38	43	and	and	CCONJ
ajtas-3214	38	44	certificate	certificate	NOUN
ajtas-3214	38	45	)	)	PUNCT
ajtas-3214	38	46	.	.	PUNCT
ajtas-3214	39	1	research	research	NOUN
ajtas-3214	39	2	materials	material	NOUN
ajtas-3214	39	3	emphasize	emphasize	VERB
ajtas-3214	39	4	that	that	SCONJ
ajtas-3214	39	5	liquidity	liquidity	NOUN
ajtas-3214	39	6	and	and	CCONJ
ajtas-3214	39	7	transparency	transparency	NOUN
ajtas-3214	39	8	of	of	ADP
ajtas-3214	39	9	trading	trading	NOUN
ajtas-3214	39	10	are	be	AUX
ajtas-3214	39	11	significantly	significantly	ADV
ajtas-3214	39	12	lower	low	ADJ
ajtas-3214	39	13	compared	compare	VERB
ajtas-3214	39	14	to	to	ADP
ajtas-3214	39	15	public	public	ADJ
ajtas-3214	39	16	asset	asset	NOUN
ajtas-3214	39	17	classes	class	NOUN
ajtas-3214	39	18	.	.	PUNCT
ajtas-3214	40	1	market	market	NOUN
ajtas-3214	40	2	and	and	CCONJ
ajtas-3214	40	3	technological	technological	ADJ
ajtas-3214	40	4	risks	risk	NOUN
ajtas-3214	40	5	are	be	AUX
ajtas-3214	40	6	also	also	ADV
ajtas-3214	40	7	increasing	increase	VERB
ajtas-3214	40	8	.	.	PUNCT
ajtas-3214	41	1	the	the	DET
ajtas-3214	41	2	study	study	NOUN
ajtas-3214	41	3	"	"	PUNCT
ajtas-3214	41	4	safe	safe	ADJ
ajtas-3214	41	5	haven	haven	NOUN
ajtas-3214	41	6	re	re	PROPN
ajtas-3214	41	7	evaluated	evaluate	VERB
ajtas-3214	41	8	:	:	PUNCT
ajtas-3214	41	9	technological	technological	ADJ
ajtas-3214	41	10	disruption	disruption	NOUN
ajtas-3214	41	11	and	and	CCONJ
ajtas-3214	41	12	the	the	DET
ajtas-3214	41	13	collapse	collapse	NOUN
ajtas-3214	41	14	of	of	ADP
ajtas-3214	41	15	natural	natural	ADJ
ajtas-3214	41	16	and	and	CCONJ
ajtas-3214	41	17	synthetic	synthetic	ADJ
ajtas-3214	41	18	diamond	diamond	NOUN
ajtas-3214	41	19	value	value	NOUN
ajtas-3214	41	20	»	»	PUNCT
ajtas-3214	41	21	points	point	VERB
ajtas-3214	41	22	out	out	ADP
ajtas-3214	41	23	that	that	SCONJ
ajtas-3214	41	24	the	the	DET
ajtas-3214	41	25	growing	grow	VERB
ajtas-3214	41	26	availability	availability	NOUN
ajtas-3214	41	27	of	of	ADP
ajtas-3214	41	28	laboratory	laboratory	NOUN
ajtas-3214	41	29	-	-	PUNCT
ajtas-3214	41	30	grown	grow	VERB
ajtas-3214	41	31	diamonds	diamond	NOUN
ajtas-3214	41	32	(	(	PUNCT
ajtas-3214	41	33	lgds	lgds	NOUN
ajtas-3214	41	34	)	)	PUNCT
ajtas-3214	41	35	creates	create	VERB
ajtas-3214	41	36	a	a	DET
ajtas-3214	41	37	structural	structural	ADJ
ajtas-3214	41	38	risk	risk	NOUN
ajtas-3214	41	39	that	that	PRON
ajtas-3214	41	40	could	could	AUX
ajtas-3214	41	41	undermine	undermine	VERB
ajtas-3214	41	42	the	the	DET
ajtas-3214	41	43	traditional	traditional	ADJ
ajtas-3214	41	44	investment	investment	NOUN
ajtas-3214	41	45	value	value	NOUN
ajtas-3214	41	46	of	of	ADP
ajtas-3214	41	47	natural	natural	ADJ
ajtas-3214	41	48	stones	stone	NOUN
ajtas-3214	41	49	[	[	X
ajtas-3214	41	50	8	8	NUM
ajtas-3214	41	51	]	]	PUNCT
ajtas-3214	41	52	.	.	PUNCT
ajtas-3214	42	1	thus	thus	ADV
ajtas-3214	42	2	,	,	PUNCT
ajtas-3214	42	3	the	the	DET
ajtas-3214	42	4	diamond	diamond	NOUN
ajtas-3214	42	5	market	market	NOUN
ajtas-3214	42	6	is	be	AUX
ajtas-3214	42	7	characterized	characterize	VERB
ajtas-3214	42	8	by	by	ADP
ajtas-3214	42	9	high	high	ADJ
ajtas-3214	42	10	transaction	transaction	NOUN
ajtas-3214	42	11	costs	cost	NOUN
ajtas-3214	42	12	(	(	PUNCT
ajtas-3214	42	13	certification	certification	NOUN
ajtas-3214	42	14	,	,	PUNCT
ajtas-3214	42	15	examination	examination	NOUN
ajtas-3214	42	16	,	,	PUNCT
ajtas-3214	42	17	storage	storage	NOUN
ajtas-3214	42	18	,	,	PUNCT
ajtas-3214	42	19	insurance	insurance	NOUN
ajtas-3214	42	20	)	)	PUNCT
ajtas-3214	42	21	and	and	CCONJ
ajtas-3214	42	22	a	a	DET
ajtas-3214	42	23	high	high	ADJ
ajtas-3214	42	24	degree	degree	NOUN
ajtas-3214	42	25	of	of	ADP
ajtas-3214	42	26	asset	asset	NOUN
ajtas-3214	42	27	individualization	individualization	NOUN
ajtas-3214	42	28	,	,	PUNCT
ajtas-3214	42	29	which	which	PRON
ajtas-3214	42	30	significantly	significantly	ADV
ajtas-3214	42	31	complicates	complicate	VERB
ajtas-3214	42	32	the	the	DET
ajtas-3214	42	33	valuation	valuation	NOUN
ajtas-3214	42	34	and	and	CCONJ
ajtas-3214	42	35	sale	sale	NOUN
ajtas-3214	42	36	process	process	NOUN
ajtas-3214	42	37	.	.	PUNCT
ajtas-3214	43	1	american	american	ADJ
ajtas-3214	43	2	journal	journal	PROPN
ajtas-3214	43	3	of	of	ADP
ajtas-3214	43	4	technology	technology	NOUN
ajtas-3214	43	5	and	and	CCONJ
ajtas-3214	43	6	applied	apply	VERB
ajtas-3214	43	7	sciences	science	NOUN
ajtas-3214	43	8	43	43	NUM
ajtas-3214	43	9	,	,	PUNCT
ajtas-3214	43	10	december	december	PROPN
ajtas-3214	43	11	2025	2025	NUM
ajtas-3214	43	12	p	p	NOUN
ajtas-3214	43	13	a	a	DET
ajtas-3214	43	14	g	g	NOUN
ajtas-3214	43	15	e	e	NOUN
ajtas-3214	43	16	|	|	ADV
ajtas-3214	43	17	39	39	NUM
ajtas-3214	43	18	www.americanjournal.org	www.americanjournal.org	NOUN
ajtas-3214	43	19	a	a	DET
ajtas-3214	43	20	review	review	NOUN
ajtas-3214	43	21	of	of	ADP
ajtas-3214	43	22	the	the	DET
ajtas-3214	43	23	scientific	scientific	ADJ
ajtas-3214	43	24	literature	literature	NOUN
ajtas-3214	43	25	confirms	confirm	VERB
ajtas-3214	43	26	that	that	SCONJ
ajtas-3214	43	27	investing	invest	VERB
ajtas-3214	43	28	in	in	ADP
ajtas-3214	43	29	precious	precious	ADJ
ajtas-3214	43	30	stones	stone	NOUN
ajtas-3214	43	31	is	be	AUX
ajtas-3214	43	32	an	an	DET
ajtas-3214	43	33	attractive	attractive	ADJ
ajtas-3214	43	34	yet	yet	CCONJ
ajtas-3214	43	35	complex	complex	ADJ
ajtas-3214	43	36	segment	segment	NOUN
ajtas-3214	43	37	with	with	ADP
ajtas-3214	43	38	documented	document	VERB
ajtas-3214	43	39	positive	positive	ADJ
ajtas-3214	43	40	returns	return	NOUN
ajtas-3214	43	41	and	and	CCONJ
ajtas-3214	43	42	diversification	diversification	NOUN
ajtas-3214	43	43	potential	potential	NOUN
ajtas-3214	43	44	.	.	PUNCT
ajtas-3214	44	1	however	however	ADV
ajtas-3214	44	2	,	,	PUNCT
ajtas-3214	44	3	this	this	DET
ajtas-3214	44	4	asset	asset	NOUN
ajtas-3214	44	5	class	class	NOUN
ajtas-3214	44	6	is	be	AUX
ajtas-3214	44	7	fraught	fraught	ADJ
ajtas-3214	44	8	with	with	ADP
ajtas-3214	44	9	significant	significant	ADJ
ajtas-3214	44	10	limitations	limitation	NOUN
ajtas-3214	44	11	,	,	PUNCT
ajtas-3214	44	12	including	include	VERB
ajtas-3214	44	13	low	low	ADJ
ajtas-3214	44	14	liquidity	liquidity	NOUN
ajtas-3214	44	15	,	,	PUNCT
ajtas-3214	44	16	lack	lack	NOUN
ajtas-3214	44	17	of	of	ADP
ajtas-3214	44	18	standardization	standardization	NOUN
ajtas-3214	44	19	,	,	PUNCT
ajtas-3214	44	20	high	high	ADJ
ajtas-3214	44	21	transaction	transaction	NOUN
ajtas-3214	44	22	costs	cost	NOUN
ajtas-3214	44	23	,	,	PUNCT
ajtas-3214	44	24	and	and	CCONJ
ajtas-3214	44	25	technological	technological	ADJ
ajtas-3214	44	26	risks	risk	NOUN
ajtas-3214	44	27	.	.	PUNCT
ajtas-3214	45	1	investors	investor	NOUN
ajtas-3214	45	2	must	must	AUX
ajtas-3214	45	3	thoroughly	thoroughly	ADV
ajtas-3214	45	4	understand	understand	VERB
ajtas-3214	45	5	the	the	DET
ajtas-3214	45	6	specifics	specific	NOUN
ajtas-3214	45	7	of	of	ADP
ajtas-3214	45	8	this	this	DET
ajtas-3214	45	9	market	market	NOUN
ajtas-3214	45	10	,	,	PUNCT
ajtas-3214	45	11	carefully	carefully	ADV
ajtas-3214	45	12	select	select	ADJ
ajtas-3214	45	13	stones	stone	NOUN
ajtas-3214	45	14	,	,	PUNCT
ajtas-3214	45	15	and	and	CCONJ
ajtas-3214	45	16	be	be	AUX
ajtas-3214	45	17	aware	aware	ADJ
ajtas-3214	45	18	of	of	ADP
ajtas-3214	45	19	the	the	DET
ajtas-3214	45	20	risks	risk	NOUN
ajtas-3214	45	21	.	.	PUNCT
ajtas-3214	46	1	the	the	DET
ajtas-3214	46	2	gemstone	gemstone	NOUN
ajtas-3214	46	3	market	market	NOUN
ajtas-3214	46	4	is	be	AUX
ajtas-3214	46	5	highly	highly	ADV
ajtas-3214	46	6	specific	specific	ADJ
ajtas-3214	46	7	:	:	PUNCT
ajtas-3214	46	8	high	high	ADJ
ajtas-3214	46	9	fragmentation	fragmentation	NOUN
ajtas-3214	46	10	and	and	CCONJ
ajtas-3214	46	11	illiquidity	illiquidity	NOUN
ajtas-3214	46	12	.	.	PUNCT
ajtas-3214	47	1	there	there	PRON
ajtas-3214	47	2	is	be	VERB
ajtas-3214	47	3	no	no	DET
ajtas-3214	47	4	single	single	ADJ
ajtas-3214	47	5	global	global	ADJ
ajtas-3214	47	6	exchange	exchange	NOUN
ajtas-3214	47	7	or	or	CCONJ
ajtas-3214	47	8	standardized	standardized	ADJ
ajtas-3214	47	9	price	price	NOUN
ajtas-3214	47	10	index	index	NOUN
ajtas-3214	47	11	for	for	ADP
ajtas-3214	47	12	most	most	ADJ
ajtas-3214	47	13	colored	colored	ADJ
ajtas-3214	47	14	stones	stone	NOUN
ajtas-3214	47	15	and	and	CCONJ
ajtas-3214	47	16	a	a	DET
ajtas-3214	47	17	significant	significant	ADJ
ajtas-3214	47	18	portion	portion	NOUN
ajtas-3214	47	19	of	of	ADP
ajtas-3214	47	20	diamonds	diamond	NOUN
ajtas-3214	47	21	.	.	PUNCT
ajtas-3214	48	1	as	as	SCONJ
ajtas-3214	48	2	experts	expert	NOUN
ajtas-3214	48	3	note	note	VERB
ajtas-3214	48	4	,	,	PUNCT
ajtas-3214	48	5	the	the	DET
ajtas-3214	48	6	market	market	NOUN
ajtas-3214	48	7	is	be	AUX
ajtas-3214	48	8	"	"	PUNCT
ajtas-3214	48	9	extremely	extremely	ADV
ajtas-3214	48	10	illiquid	illiquid	ADJ
ajtas-3214	48	11	,	,	PUNCT
ajtas-3214	48	12	meaning	mean	VERB
ajtas-3214	48	13	very	very	ADV
ajtas-3214	48	14	low	low	ADJ
ajtas-3214	48	15	pricing	pricing	NOUN
ajtas-3214	48	16	transparency	transparency	NOUN
ajtas-3214	48	17	"	"	PUNCT
ajtas-3214	48	18	[	[	X
ajtas-3214	48	19	9	9	NUM
ajtas-3214	48	20	]	]	PUNCT
ajtas-3214	48	21	.	.	PUNCT
ajtas-3214	49	1	a	a	DET
ajtas-3214	49	2	variety	variety	NOUN
ajtas-3214	49	3	of	of	ADP
ajtas-3214	49	4	distribution	distribution	NOUN
ajtas-3214	49	5	channels	channel	NOUN
ajtas-3214	49	6	.	.	PUNCT
ajtas-3214	50	1	sales	sale	NOUN
ajtas-3214	50	2	are	be	AUX
ajtas-3214	50	3	carried	carry	VERB
ajtas-3214	50	4	out	out	ADP
ajtas-3214	50	5	through	through	ADP
ajtas-3214	50	6	a	a	DET
ajtas-3214	50	7	complex	complex	ADJ
ajtas-3214	50	8	chain	chain	NOUN
ajtas-3214	50	9	:	:	PUNCT
ajtas-3214	50	10	from	from	ADP
ajtas-3214	50	11	mining	mining	NOUN
ajtas-3214	50	12	and	and	CCONJ
ajtas-3214	50	13	processing	processing	NOUN
ajtas-3214	50	14	to	to	ADP
ajtas-3214	50	15	wholesale	wholesale	ADJ
ajtas-3214	50	16	dealers	dealer	NOUN
ajtas-3214	50	17	,	,	PUNCT
ajtas-3214	50	18	specialized	specialized	ADJ
ajtas-3214	50	19	online	online	ADJ
ajtas-3214	50	20	platforms	platform	NOUN
ajtas-3214	50	21	,	,	PUNCT
ajtas-3214	50	22	and	and	CCONJ
ajtas-3214	50	23	auction	auction	NOUN
ajtas-3214	50	24	houses	house	NOUN
ajtas-3214	50	25	.	.	PUNCT
ajtas-3214	51	1	the	the	DET
ajtas-3214	51	2	predominance	predominance	NOUN
ajtas-3214	51	3	of	of	ADP
ajtas-3214	51	4	jewelry	jewelry	NOUN
ajtas-3214	51	5	demand	demand	NOUN
ajtas-3214	51	6	.	.	PUNCT
ajtas-3214	52	1	a	a	DET
ajtas-3214	52	2	significant	significant	ADJ
ajtas-3214	52	3	portion	portion	NOUN
ajtas-3214	52	4	of	of	ADP
ajtas-3214	52	5	final	final	ADJ
ajtas-3214	52	6	demand	demand	NOUN
ajtas-3214	52	7	is	be	AUX
ajtas-3214	52	8	generated	generate	VERB
ajtas-3214	52	9	not	not	PART
ajtas-3214	52	10	by	by	ADP
ajtas-3214	52	11	investment	investment	NOUN
ajtas-3214	52	12	purchases	purchase	NOUN
ajtas-3214	52	13	,	,	PUNCT
ajtas-3214	52	14	but	but	CCONJ
ajtas-3214	52	15	by	by	ADP
ajtas-3214	52	16	the	the	DET
ajtas-3214	52	17	jewelry	jewelry	NOUN
ajtas-3214	52	18	and	and	CCONJ
ajtas-3214	52	19	luxury	luxury	NOUN
ajtas-3214	52	20	consumption	consumption	NOUN
ajtas-3214	52	21	segments	segment	NOUN
ajtas-3214	52	22	.	.	PUNCT
ajtas-3214	53	1	key	key	ADJ
ajtas-3214	53	2	price	price	NOUN
ajtas-3214	53	3	determinants	determinant	NOUN
ajtas-3214	53	4	.	.	PUNCT
ajtas-3214	54	1	the	the	DET
ajtas-3214	54	2	value	value	NOUN
ajtas-3214	54	3	of	of	ADP
ajtas-3214	54	4	a	a	DET
ajtas-3214	54	5	stone	stone	NOUN
ajtas-3214	54	6	depends	depend	VERB
ajtas-3214	54	7	on	on	ADP
ajtas-3214	54	8	its	its	PRON
ajtas-3214	54	9	origin	origin	NOUN
ajtas-3214	54	10	(	(	PUNCT
ajtas-3214	54	11	deposit	deposit	NOUN
ajtas-3214	54	12	)	)	PUNCT
ajtas-3214	54	13	,	,	PUNCT
ajtas-3214	54	14	quality	quality	NOUN
ajtas-3214	54	15	characteristics	characteristic	NOUN
ajtas-3214	54	16	(	(	PUNCT
ajtas-3214	54	17	weight	weight	NOUN
ajtas-3214	54	18	,	,	PUNCT
ajtas-3214	54	19	cut	cut	NOUN
ajtas-3214	54	20	,	,	PUNCT
ajtas-3214	54	21	color	color	NOUN
ajtas-3214	54	22	,	,	PUNCT
ajtas-3214	54	23	clarity	clarity	NOUN
ajtas-3214	54	24	)	)	PUNCT
ajtas-3214	54	25	,	,	PUNCT
ajtas-3214	54	26	and	and	CCONJ
ajtas-3214	54	27	the	the	DET
ajtas-3214	54	28	presence	presence	NOUN
ajtas-3214	54	29	of	of	ADP
ajtas-3214	54	30	reputable	reputable	ADJ
ajtas-3214	54	31	certification	certification	NOUN
ajtas-3214	54	32	(	(	PUNCT
ajtas-3214	54	33	e.g.	e.g.	ADV
ajtas-3214	54	34	,	,	PUNCT
ajtas-3214	54	35	gia	gia	NOUN
ajtas-3214	54	36	)	)	PUNCT
ajtas-3214	54	37	.	.	PUNCT
ajtas-3214	55	1	the	the	DET
ajtas-3214	55	2	price	price	NOUN
ajtas-3214	55	3	of	of	ADP
ajtas-3214	55	4	a	a	DET
ajtas-3214	55	5	precious	precious	ADJ
ajtas-3214	55	6	stone	stone	NOUN
ajtas-3214	55	7	is	be	AUX
ajtas-3214	55	8	determined	determine	VERB
ajtas-3214	55	9	by	by	ADP
ajtas-3214	55	10	a	a	DET
ajtas-3214	55	11	number	number	NOUN
ajtas-3214	55	12	of	of	ADP
ajtas-3214	55	13	interrelated	interrelated	ADJ
ajtas-3214	55	14	factors	factor	NOUN
ajtas-3214	55	15	:	:	PUNCT
ajtas-3214	55	16	1	1	X
ajtas-3214	55	17	.	.	X
ajtas-3214	55	18	"	"	PUNCT
ajtas-3214	55	19	4	4	NUM
ajtas-3214	55	20	c	c	NOUN
ajtas-3214	55	21	's	's	PART
ajtas-3214	55	22	"	"	PUNCT
ajtas-3214	55	23	(	(	PUNCT
ajtas-3214	55	24	for	for	ADP
ajtas-3214	55	25	diamonds	diamond	NOUN
ajtas-3214	55	26	)	)	PUNCT
ajtas-3214	55	27	.	.	PUNCT
ajtas-3214	56	1	carat	carat	PROPN
ajtas-3214	56	2	weight	weight	PROPN
ajtas-3214	56	3	,	,	PUNCT
ajtas-3214	56	4	cut	cut	NOUN
ajtas-3214	56	5	,	,	PUNCT
ajtas-3214	56	6	color	color	NOUN
ajtas-3214	56	7	,	,	PUNCT
ajtas-3214	56	8	clarity	clarity	NOUN
ajtas-3214	56	9	.	.	PUNCT
ajtas-3214	57	1	2	2	X
ajtas-3214	57	2	.	.	X
ajtas-3214	57	3	origin	origin	NOUN
ajtas-3214	57	4	.	.	PUNCT
ajtas-3214	58	1	stones	stone	NOUN
ajtas-3214	58	2	from	from	ADP
ajtas-3214	58	3	"	"	PUNCT
ajtas-3214	58	4	iconic	iconic	ADJ
ajtas-3214	58	5	"	"	PUNCT
ajtas-3214	58	6	deposits	deposit	NOUN
ajtas-3214	58	7	(	(	PUNCT
ajtas-3214	58	8	for	for	ADP
ajtas-3214	58	9	example	example	NOUN
ajtas-3214	58	10	,	,	PUNCT
ajtas-3214	58	11	kashmir	kashmir	PROPN
ajtas-3214	58	12	sapphires	sapphire	NOUN
ajtas-3214	58	13	)	)	PUNCT
ajtas-3214	58	14	often	often	ADV
ajtas-3214	58	15	command	command	VERB
ajtas-3214	58	16	a	a	DET
ajtas-3214	58	17	significant	significant	ADJ
ajtas-3214	58	18	price	price	NOUN
ajtas-3214	58	19	premium	premium	NOUN
ajtas-3214	58	20	.	.	PUNCT
ajtas-3214	59	1	3	3	X
ajtas-3214	59	2	.	.	X
ajtas-3214	59	3	treatment	treatment	NOUN
ajtas-3214	59	4	.	.	PUNCT
ajtas-3214	60	1	the	the	DET
ajtas-3214	60	2	degree	degree	NOUN
ajtas-3214	60	3	of	of	ADP
ajtas-3214	60	4	heat	heat	NOUN
ajtas-3214	60	5	or	or	CCONJ
ajtas-3214	60	6	chemical	chemical	NOUN
ajtas-3214	60	7	treatment	treatment	NOUN
ajtas-3214	60	8	significantly	significantly	ADV
ajtas-3214	60	9	affects	affect	VERB
ajtas-3214	60	10	the	the	DET
ajtas-3214	60	11	price	price	NOUN
ajtas-3214	60	12	;	;	PUNCT
ajtas-3214	60	13	untreated	untreated	ADJ
ajtas-3214	60	14	stones	stone	NOUN
ajtas-3214	60	15	are	be	AUX
ajtas-3214	60	16	usually	usually	ADV
ajtas-3214	60	17	more	more	ADV
ajtas-3214	60	18	expensive	expensive	ADJ
ajtas-3214	60	19	.	.	PUNCT
ajtas-3214	61	1	it	it	PRON
ajtas-3214	61	2	's	be	AUX
ajtas-3214	61	3	also	also	ADV
ajtas-3214	61	4	important	important	ADJ
ajtas-3214	61	5	to	to	PART
ajtas-3214	61	6	consider	consider	VERB
ajtas-3214	61	7	the	the	DET
ajtas-3214	61	8	availability	availability	NOUN
ajtas-3214	61	9	of	of	ADP
ajtas-3214	61	10	laboratory	laboratory	NOUN
ajtas-3214	61	11	-	-	PUNCT
ajtas-3214	61	12	grown	grow	VERB
ajtas-3214	61	13	(	(	PUNCT
ajtas-3214	61	14	synthetic	synthetic	ADJ
ajtas-3214	61	15	)	)	PUNCT
ajtas-3214	61	16	alternatives	alternative	NOUN
ajtas-3214	61	17	.	.	PUNCT
ajtas-3214	62	1	4	4	X
ajtas-3214	62	2	.	.	X
ajtas-3214	62	3	certification	certification	NOUN
ajtas-3214	62	4	and	and	CCONJ
ajtas-3214	62	5	chain	chain	NOUN
ajtas-3214	62	6	of	of	ADP
ajtas-3214	62	7	custody	custody	NOUN
ajtas-3214	62	8	.	.	PUNCT
ajtas-3214	63	1	a	a	DET
ajtas-3214	63	2	detailed	detailed	ADJ
ajtas-3214	63	3	report	report	NOUN
ajtas-3214	63	4	from	from	ADP
ajtas-3214	63	5	a	a	DET
ajtas-3214	63	6	recognized	recognize	VERB
ajtas-3214	63	7	gemological	gemological	ADJ
ajtas-3214	63	8	laboratory	laboratory	NOUN
ajtas-3214	63	9	and	and	CCONJ
ajtas-3214	63	10	a	a	DET
ajtas-3214	63	11	verified	verified	ADJ
ajtas-3214	63	12	provenance	provenance	NOUN
ajtas-3214	63	13	(	(	PUNCT
ajtas-3214	63	14	chain	chain	NOUN
ajtas-3214	63	15	of	of	ADP
ajtas-3214	63	16	custody	custody	NOUN
ajtas-3214	63	17	)	)	PUNCT
ajtas-3214	63	18	are	be	AUX
ajtas-3214	63	19	important	important	ADJ
ajtas-3214	63	20	for	for	ADP
ajtas-3214	63	21	determining	determine	VERB
ajtas-3214	63	22	the	the	DET
ajtas-3214	63	23	investment	investment	NOUN
ajtas-3214	63	24	price	price	NOUN
ajtas-3214	63	25	.	.	PUNCT
ajtas-3214	64	1	risk	risk	NOUN
ajtas-3214	64	2	«	«	PUNCT
ajtas-3214	64	3	discount	discount	NOUN
ajtas-3214	64	4	»	»	PUNCT
ajtas-3214	64	5	that	that	SCONJ
ajtas-3214	64	6	an	an	DET
ajtas-3214	64	7	investor	investor	NOUN
ajtas-3214	64	8	can	can	AUX
ajtas-3214	64	9	receive	receive	VERB
ajtas-3214	64	10	when	when	SCONJ
ajtas-3214	64	11	selling	sell	VERB
ajtas-3214	64	12	quickly	quickly	ADV
ajtas-3214	64	13	.	.	PUNCT
ajtas-3214	65	1	pricing	pricing	NOUN
ajtas-3214	65	2	in	in	ADP
ajtas-3214	65	3	the	the	DET
ajtas-3214	65	4	market	market	NOUN
ajtas-3214	65	5	is	be	AUX
ajtas-3214	65	6	less	less	ADV
ajtas-3214	65	7	standardized	standardized	ADJ
ajtas-3214	65	8	than	than	ADP
ajtas-3214	65	9	in	in	ADP
ajtas-3214	65	10	financial	financial	ADJ
ajtas-3214	65	11	markets	market	NOUN
ajtas-3214	65	12	,	,	PUNCT
ajtas-3214	65	13	resulting	result	VERB
ajtas-3214	65	14	in	in	ADP
ajtas-3214	65	15	significant	significant	ADJ
ajtas-3214	65	16	price	price	NOUN
ajtas-3214	65	17	variations	variation	NOUN
ajtas-3214	65	18	between	between	ADP
ajtas-3214	65	19	different	different	ADJ
ajtas-3214	65	20	dealers	dealer	NOUN
ajtas-3214	65	21	even	even	ADV
ajtas-3214	65	22	for	for	ADP
ajtas-3214	65	23	seemingly	seemingly	ADV
ajtas-3214	65	24	identical	identical	ADJ
ajtas-3214	65	25	stones	stone	NOUN
ajtas-3214	65	26	.	.	PUNCT
ajtas-3214	66	1	when	when	SCONJ
ajtas-3214	66	2	investing	invest	VERB
ajtas-3214	66	3	in	in	ADP
ajtas-3214	66	4	precious	precious	ADJ
ajtas-3214	66	5	stones	stone	NOUN
ajtas-3214	66	6	,	,	PUNCT
ajtas-3214	66	7	it	it	PRON
ajtas-3214	66	8	is	be	AUX
ajtas-3214	66	9	necessary	necessary	ADJ
ajtas-3214	66	10	to	to	PART
ajtas-3214	66	11	consider	consider	VERB
ajtas-3214	66	12	not	not	PART
ajtas-3214	66	13	only	only	ADV
ajtas-3214	66	14	the	the	DET
ajtas-3214	66	15	purchase	purchase	NOUN
ajtas-3214	66	16	price	price	NOUN
ajtas-3214	66	17	but	but	CCONJ
ajtas-3214	66	18	also	also	ADV
ajtas-3214	66	19	the	the	DET
ajtas-3214	66	20	exit	exit	NOUN
ajtas-3214	66	21	potential	potential	NOUN
ajtas-3214	66	22	.	.	PUNCT
ajtas-3214	67	1	investors	investor	NOUN
ajtas-3214	67	2	should	should	AUX
ajtas-3214	67	3	factor	factor	VERB
ajtas-3214	67	4	in	in	ADP
ajtas-3214	67	5	storage	storage	NOUN
ajtas-3214	67	6	costs	cost	NOUN
ajtas-3214	67	7	,	,	PUNCT
ajtas-3214	67	8	insurance	insurance	NOUN
ajtas-3214	67	9	,	,	PUNCT
ajtas-3214	67	10	and	and	CCONJ
ajtas-3214	67	11	regular	regular	ADJ
ajtas-3214	67	12	maintenance	maintenance	NOUN
ajtas-3214	67	13	.	.	PUNCT
ajtas-3214	68	1	recertification	recertification	NOUN
ajtas-3214	68	2	,	,	PUNCT
ajtas-3214	68	3	as	as	ADV
ajtas-3214	68	4	well	well	ADV
ajtas-3214	68	5	as	as	ADP
ajtas-3214	68	6	high	high	ADJ
ajtas-3214	68	7	sales	sale	NOUN
ajtas-3214	68	8	commissions	commission	NOUN
ajtas-3214	68	9	(	(	PUNCT
ajtas-3214	68	10	including	include	VERB
ajtas-3214	68	11	auction	auction	NOUN
ajtas-3214	68	12	fees	fee	NOUN
ajtas-3214	68	13	)	)	PUNCT
ajtas-3214	68	14	.	.	PUNCT
ajtas-3214	69	1	the	the	DET
ajtas-3214	69	2	growth	growth	NOUN
ajtas-3214	69	3	of	of	ADP
ajtas-3214	69	4	the	the	DET
ajtas-3214	69	5	market	market	NOUN
ajtas-3214	69	6	for	for	ADP
ajtas-3214	69	7	lab	lab	NOUN
ajtas-3214	69	8	-	-	PUNCT
ajtas-3214	69	9	grown	grow	VERB
ajtas-3214	69	10	diamonds	diamond	NOUN
ajtas-3214	69	11	and	and	CCONJ
ajtas-3214	69	12	other	other	ADJ
ajtas-3214	69	13	synthetic	synthetic	ADJ
ajtas-3214	69	14	stones	stone	NOUN
ajtas-3214	69	15	may	may	AUX
ajtas-3214	69	16	have	have	VERB
ajtas-3214	69	17	a	a	DET
ajtas-3214	69	18	negative	negative	ADJ
ajtas-3214	69	19	impact	impact	NOUN
ajtas-3214	69	20	on	on	ADP
ajtas-3214	69	21	the	the	DET
ajtas-3214	69	22	price	price	NOUN
ajtas-3214	69	23	dynamics	dynamic	NOUN
ajtas-3214	69	24	of	of	ADP
ajtas-3214	69	25	their	their	PRON
ajtas-3214	69	26	natural	natural	ADJ
ajtas-3214	69	27	counterparts	counterpart	NOUN
ajtas-3214	69	28	in	in	ADP
ajtas-3214	69	29	the	the	DET
ajtas-3214	69	30	long	long	ADJ
ajtas-3214	69	31	term	term	NOUN
ajtas-3214	69	32	.	.	PUNCT
ajtas-3214	70	1	the	the	DET
ajtas-3214	70	2	gemstone	gemstone	NOUN
ajtas-3214	70	3	market	market	NOUN
ajtas-3214	70	4	,	,	PUNCT
ajtas-3214	70	5	particularly	particularly	ADV
ajtas-3214	70	6	in	in	ADP
ajtas-3214	70	7	the	the	DET
ajtas-3214	70	8	rare	rare	ADJ
ajtas-3214	70	9	and	and	CCONJ
ajtas-3214	70	10	premium	premium	ADJ
ajtas-3214	70	11	segment	segment	NOUN
ajtas-3214	70	12	,	,	PUNCT
ajtas-3214	70	13	shows	show	VERB
ajtas-3214	70	14	strong	strong	ADJ
ajtas-3214	70	15	growth	growth	NOUN
ajtas-3214	70	16	prospects	prospect	NOUN
ajtas-3214	70	17	driven	drive	VERB
ajtas-3214	70	18	by	by	ADP
ajtas-3214	70	19	a	a	DET
ajtas-3214	70	20	combination	combination	NOUN
ajtas-3214	70	21	of	of	ADP
ajtas-3214	70	22	macroeconomic	macroeconomic	ADJ
ajtas-3214	70	23	,	,	PUNCT
ajtas-3214	70	24	demographic	demographic	ADJ
ajtas-3214	70	25	and	and	CCONJ
ajtas-3214	70	26	structural	structural	ADJ
ajtas-3214	70	27	factors	factor	NOUN
ajtas-3214	70	28	.	.	PUNCT
ajtas-3214	71	1	1	1	X
ajtas-3214	71	2	.	.	X
ajtas-3214	71	3	priority	priority	NOUN
ajtas-3214	71	4	for	for	ADP
ajtas-3214	71	5	colored	colored	ADJ
ajtas-3214	71	6	stones	stone	NOUN
ajtas-3214	71	7	.	.	PUNCT
ajtas-3214	72	1	the	the	DET
ajtas-3214	72	2	premium	premium	PROPN
ajtas-3214	72	3	ruby	ruby	PROPN
ajtas-3214	72	4	,	,	PUNCT
ajtas-3214	72	5	emerald	emerald	NOUN
ajtas-3214	72	6	,	,	PUNCT
ajtas-3214	72	7	and	and	CCONJ
ajtas-3214	72	8	sapphire	sapphire	NOUN
ajtas-3214	72	9	segment	segment	NOUN
ajtas-3214	72	10	remains	remain	VERB
ajtas-3214	72	11	a	a	DET
ajtas-3214	72	12	key	key	ADJ
ajtas-3214	72	13	growth	growth	NOUN
ajtas-3214	72	14	area	area	NOUN
ajtas-3214	72	15	.	.	PUNCT
ajtas-3214	73	1	reports	report	NOUN
ajtas-3214	73	2	from	from	ADP
ajtas-3214	73	3	major	major	ADJ
ajtas-3214	73	4	mining	mining	NOUN
ajtas-3214	73	5	companies	company	NOUN
ajtas-3214	73	6	such	such	ADJ
ajtas-3214	73	7	as	as	ADP
ajtas-3214	73	8	gemfields	gemfield	NOUN
ajtas-3214	73	9	confirm	confirm	VERB
ajtas-3214	73	10	strong	strong	ADJ
ajtas-3214	73	11	auction	auction	NOUN
ajtas-3214	73	12	demand	demand	NOUN
ajtas-3214	73	13	and	and	CCONJ
ajtas-3214	73	14	rising	rise	VERB
ajtas-3214	73	15	premiums	premium	NOUN
ajtas-3214	73	16	for	for	ADP
ajtas-3214	73	17	exceptional	exceptional	ADJ
ajtas-3214	73	18	lots	lot	NOUN
ajtas-3214	73	19	,	,	PUNCT
ajtas-3214	73	20	signaling	signal	VERB
ajtas-3214	73	21	continued	continued	ADJ
ajtas-3214	73	22	interest	interest	NOUN
ajtas-3214	73	23	from	from	ADP
ajtas-3214	73	24	collectors	collector	NOUN
ajtas-3214	73	25	and	and	CCONJ
ajtas-3214	73	26	investors	investor	NOUN
ajtas-3214	73	27	[	[	X
ajtas-3214	73	28	10	10	NUM
ajtas-3214	73	29	]	]	PUNCT
ajtas-3214	73	30	.	.	PUNCT
ajtas-3214	74	1	2	2	X
ajtas-3214	74	2	.	.	X
ajtas-3214	74	3	the	the	DET
ajtas-3214	74	4	stability	stability	NOUN
ajtas-3214	74	5	of	of	ADP
ajtas-3214	74	6	the	the	DET
ajtas-3214	74	7	jewelry	jewelry	NOUN
ajtas-3214	74	8	segment	segment	NOUN
ajtas-3214	74	9	.	.	PUNCT
ajtas-3214	75	1	jewelry	jewelry	NOUN
ajtas-3214	75	2	remains	remain	VERB
ajtas-3214	75	3	one	one	NUM
ajtas-3214	75	4	of	of	ADP
ajtas-3214	75	5	the	the	DET
ajtas-3214	75	6	most	most	ADV
ajtas-3214	75	7	stable	stable	ADJ
ajtas-3214	75	8	sectors	sector	NOUN
ajtas-3214	75	9	in	in	ADP
ajtas-3214	75	10	the	the	DET
ajtas-3214	75	11	luxury	luxury	NOUN
ajtas-3214	75	12	industry	industry	NOUN
ajtas-3214	75	13	,	,	PUNCT
ajtas-3214	75	14	which	which	PRON
ajtas-3214	75	15	,	,	PUNCT
ajtas-3214	75	16	according	accord	VERB
ajtas-3214	75	17	to	to	ADP
ajtas-3214	75	18	bain	bain	PROPN
ajtas-3214	75	19	&	&	CCONJ
ajtas-3214	75	20	company	company	PROPN
ajtas-3214	75	21	,	,	PUNCT
ajtas-3214	75	22	ensures	ensure	VERB
ajtas-3214	75	23	fundamental	fundamental	ADJ
ajtas-3214	75	24	demand	demand	NOUN
ajtas-3214	75	25	for	for	ADP
ajtas-3214	75	26	precious	precious	ADJ
ajtas-3214	75	27	stones	stone	NOUN
ajtas-3214	75	28	,	,	PUNCT
ajtas-3214	75	29	offsetting	offset	VERB
ajtas-3214	75	30	short	short	ADJ
ajtas-3214	75	31	-	-	PUNCT
ajtas-3214	75	32	term	term	NOUN
ajtas-3214	75	33	downturns	downturn	NOUN
ajtas-3214	75	34	in	in	ADP
ajtas-3214	75	35	the	the	DET
ajtas-3214	75	36	luxury	luxury	NOUN
ajtas-3214	75	37	goods	good	NOUN
ajtas-3214	75	38	market	market	NOUN
ajtas-3214	76	1	[	[	X
ajtas-3214	76	2	11	11	NUM
ajtas-3214	76	3	]	]	PUNCT
ajtas-3214	76	4	.	.	PUNCT
ajtas-3214	77	1	3	3	X
ajtas-3214	77	2	.	.	X
ajtas-3214	77	3	positive	positive	ADJ
ajtas-3214	77	4	compound	compound	NOUN
ajtas-3214	77	5	growth	growth	NOUN
ajtas-3214	77	6	rate	rate	NOUN
ajtas-3214	77	7	(	(	PUNCT
ajtas-3214	77	8	cagr	cagr	NOUN
ajtas-3214	77	9	):	):	PUNCT
ajtas-3214	77	10	global	global	ADJ
ajtas-3214	77	11	gemstone	gemstone	NOUN
ajtas-3214	77	12	market	market	NOUN
ajtas-3214	77	13	,	,	PUNCT
ajtas-3214	77	14	as	as	SCONJ
ajtas-3214	77	15	estimated	estimate	VERB
ajtas-3214	77	16	by	by	ADP
ajtas-3214	77	17	grand	grand	ADJ
ajtas-3214	77	18	view	view	NOUN
ajtas-3214	77	19	research	research	NOUN
ajtas-3214	77	20	estimates	estimate	VERB
ajtas-3214	77	21	the	the	DET
ajtas-3214	77	22	market	market	NOUN
ajtas-3214	77	23	value	value	NOUN
ajtas-3214	77	24	at	at	ADP
ajtas-3214	77	25	~usd	~usd	PROPN
ajtas-3214	77	26	101.7	101.7	NUM
ajtas-3214	77	27	billion	billion	NUM
ajtas-3214	77	28	(	(	PUNCT
ajtas-3214	77	29	2024	2024	NUM
ajtas-3214	77	30	)	)	PUNCT
ajtas-3214	77	31	with	with	ADP
ajtas-3214	77	32	a	a	DET
ajtas-3214	77	33	forecast	forecast	NOUN
ajtas-3214	77	34	to	to	PART
ajtas-3214	77	35	reach	reach	VERB
ajtas-3214	77	36	usd	usd	PROPN
ajtas-3214	77	37	183.17	183.17	NUM
ajtas-3214	77	38	american	american	ADJ
ajtas-3214	77	39	journal	journal	NOUN
ajtas-3214	77	40	of	of	ADP
ajtas-3214	77	41	technology	technology	NOUN
ajtas-3214	77	42	and	and	CCONJ
ajtas-3214	77	43	applied	apply	VERB
ajtas-3214	77	44	sciences	science	NOUN
ajtas-3214	77	45	43	43	NUM
ajtas-3214	77	46	,	,	PUNCT
ajtas-3214	77	47	december	december	PROPN
ajtas-3214	77	48	2025	2025	NUM
ajtas-3214	78	1	p	p	NOUN
ajtas-3214	78	2	a	a	DET
ajtas-3214	78	3	g	g	NOUN
ajtas-3214	78	4	e	e	NOUN
ajtas-3214	78	5	|	|	ADV
ajtas-3214	78	6	40	40	NUM
ajtas-3214	78	7	www.americanjournal.org	www.americanjournal.org	NOUN
ajtas-3214	78	8	billion	billion	NUM
ajtas-3214	78	9	by	by	ADP
ajtas-3214	78	10	2033	2033	NUM
ajtas-3214	78	11	[	[	X
ajtas-3214	78	12	12	12	NUM
ajtas-3214	78	13	]	]	PUNCT
ajtas-3214	78	14	.	.	PUNCT
ajtas-3214	79	1	this	this	PRON
ajtas-3214	79	2	corresponds	correspond	VERB
ajtas-3214	79	3	to	to	ADP
ajtas-3214	79	4	a	a	DET
ajtas-3214	79	5	compound	compound	ADJ
ajtas-3214	79	6	annual	annual	ADJ
ajtas-3214	79	7	growth	growth	NOUN
ajtas-3214	79	8	rate	rate	NOUN
ajtas-3214	79	9	(	(	PUNCT
ajtas-3214	79	10	cagr	cagr	NOUN
ajtas-3214	79	11	)	)	PUNCT
ajtas-3214	79	12	of	of	ADP
ajtas-3214	79	13	approximately	approximately	ADV
ajtas-3214	79	14	7	7	NUM
ajtas-3214	79	15	%	%	NOUN
ajtas-3214	79	16	from	from	ADP
ajtas-3214	79	17	2025	2025	NUM
ajtas-3214	79	18	to	to	ADP
ajtas-3214	79	19	2033	2033	NUM
ajtas-3214	79	20	,	,	PUNCT
ajtas-3214	79	21	which	which	PRON
ajtas-3214	79	22	is	be	AUX
ajtas-3214	79	23	confirmed	confirm	VERB
ajtas-3214	79	24	by	by	ADP
ajtas-3214	79	25	similar	similar	ADJ
ajtas-3214	79	26	forecasts	forecast	NOUN
ajtas-3214	79	27	from	from	ADP
ajtas-3214	79	28	other	other	ADJ
ajtas-3214	79	29	analytical	analytical	ADJ
ajtas-3214	79	30	agencies	agency	NOUN
ajtas-3214	79	31	.	.	PUNCT
ajtas-3214	80	1	4	4	X
ajtas-3214	80	2	.	.	NUM
ajtas-3214	80	3	segmented	segment	VERB
ajtas-3214	80	4	impact	impact	NOUN
ajtas-3214	80	5	of	of	ADP
ajtas-3214	80	6	technology	technology	NOUN
ajtas-3214	80	7	(	(	PUNCT
ajtas-3214	80	8	lgd	lgd	PROPN
ajtas-3214	80	9	)	)	PUNCT
ajtas-3214	80	10	.	.	PUNCT
ajtas-3214	81	1	laboratory	laboratory	NOUN
ajtas-3214	81	2	-	-	PUNCT
ajtas-3214	81	3	grown	grow	VERB
ajtas-3214	81	4	diamonds	diamond	NOUN
ajtas-3214	81	5	(	(	PUNCT
ajtas-3214	81	6	lgd	lgd	X
ajtas-3214	81	7	)	)	PUNCT
ajtas-3214	81	8	have	have	VERB
ajtas-3214	81	9	a	a	DET
ajtas-3214	81	10	two	two	NUM
ajtas-3214	81	11	-	-	PUNCT
ajtas-3214	81	12	way	way	NOUN
ajtas-3214	81	13	effect	effect	NOUN
ajtas-3214	81	14	:	:	PUNCT
ajtas-3214	81	15	they	they	PRON
ajtas-3214	81	16	create	create	VERB
ajtas-3214	81	17	pricing	pricing	NOUN
ajtas-3214	81	18	pressure	pressure	NOUN
ajtas-3214	81	19	and	and	CCONJ
ajtas-3214	81	20	increase	increase	VERB
ajtas-3214	81	21	supply	supply	NOUN
ajtas-3214	81	22	in	in	ADP
ajtas-3214	81	23	the	the	DET
ajtas-3214	81	24	mass	mass	ADJ
ajtas-3214	81	25	-	-	PUNCT
ajtas-3214	81	26	market	market	NOUN
ajtas-3214	81	27	jewelry	jewelry	NOUN
ajtas-3214	81	28	segment	segment	NOUN
ajtas-3214	81	29	.	.	PUNCT
ajtas-3214	82	1	at	at	ADP
ajtas-3214	82	2	the	the	DET
ajtas-3214	82	3	same	same	ADJ
ajtas-3214	82	4	time	time	NOUN
ajtas-3214	82	5	,	,	PUNCT
ajtas-3214	82	6	they	they	PRON
ajtas-3214	82	7	enhance	enhance	VERB
ajtas-3214	82	8	the	the	DET
ajtas-3214	82	9	uniqueness	uniqueness	NOUN
ajtas-3214	82	10	and	and	CCONJ
ajtas-3214	82	11	investment	investment	NOUN
ajtas-3214	82	12	value	value	NOUN
ajtas-3214	82	13	of	of	ADP
ajtas-3214	82	14	rare	rare	ADJ
ajtas-3214	82	15	,	,	PUNCT
ajtas-3214	82	16	premium	premium	ADJ
ajtas-3214	82	17	natural	natural	ADJ
ajtas-3214	82	18	stones	stone	NOUN
ajtas-3214	82	19	,	,	PUNCT
ajtas-3214	82	20	as	as	SCONJ
ajtas-3214	82	21	regularly	regularly	ADV
ajtas-3214	82	22	noted	note	VERB
ajtas-3214	82	23	in	in	ADP
ajtas-3214	82	24	gemological	gemological	ADJ
ajtas-3214	82	25	reviews	review	NOUN
ajtas-3214	82	26	.	.	PUNCT
ajtas-3214	83	1	institute	institute	PROPN
ajtas-3214	83	2	of	of	ADP
ajtas-3214	83	3	america	america	PROPN
ajtas-3214	83	4	(	(	PUNCT
ajtas-3214	83	5	gia	gia	PROPN
ajtas-3214	83	6	)	)	PUNCT
ajtas-3214	84	1	[	[	X
ajtas-3214	84	2	13	13	NUM
ajtas-3214	84	3	]	]	SYM
ajtas-3214	84	4	.	.	PUNCT
ajtas-3214	85	1	5	5	X
ajtas-3214	85	2	.	.	X
ajtas-3214	85	3	esg	esg	NOUN
ajtas-3214	85	4	and	and	CCONJ
ajtas-3214	85	5	traceability	traceability	NOUN
ajtas-3214	85	6	factors	factor	NOUN
ajtas-3214	85	7	.	.	PUNCT
ajtas-3214	86	1	tightening	tighten	VERB
ajtas-3214	86	2	requirements	requirement	NOUN
ajtas-3214	86	3	for	for	ADP
ajtas-3214	86	4	ethical	ethical	ADJ
ajtas-3214	86	5	and	and	CCONJ
ajtas-3214	86	6	traceable	traceable	ADJ
ajtas-3214	86	7	supply	supply	NOUN
ajtas-3214	86	8	chains	chain	NOUN
ajtas-3214	86	9	(	(	PUNCT
ajtas-3214	86	10	including	include	VERB
ajtas-3214	86	11	kimberley	kimberley	PROPN
ajtas-3214	86	12	process	process	NOUN
ajtas-3214	86	13	initiatives	initiative	NOUN
ajtas-3214	86	14	)	)	PUNCT
ajtas-3214	86	15	are	be	AUX
ajtas-3214	86	16	increasing	increase	VERB
ajtas-3214	86	17	demand	demand	NOUN
ajtas-3214	86	18	for	for	ADP
ajtas-3214	86	19	certified	certified	ADJ
ajtas-3214	86	20	,	,	PUNCT
ajtas-3214	86	21	transparently	transparently	ADV
ajtas-3214	86	22	mined	mine	VERB
ajtas-3214	86	23	stones	stone	NOUN
ajtas-3214	86	24	[	[	X
ajtas-3214	86	25	14	14	NUM
ajtas-3214	86	26	]	]	PUNCT
ajtas-3214	86	27	.	.	PUNCT
ajtas-3214	87	1	this	this	DET
ajtas-3214	87	2	trend	trend	NOUN
ajtas-3214	87	3	may	may	AUX
ajtas-3214	87	4	create	create	VERB
ajtas-3214	87	5	an	an	DET
ajtas-3214	87	6	additional	additional	ADJ
ajtas-3214	87	7	premium	premium	NOUN
ajtas-3214	87	8	for	for	ADP
ajtas-3214	87	9	samples	sample	NOUN
ajtas-3214	87	10	with	with	ADP
ajtas-3214	87	11	impeccable	impeccable	ADJ
ajtas-3214	87	12	provenance	provenance	NOUN
ajtas-3214	87	13	,	,	PUNCT
ajtas-3214	87	14	especially	especially	ADV
ajtas-3214	87	15	among	among	ADP
ajtas-3214	87	16	institutional	institutional	ADJ
ajtas-3214	87	17	and	and	CCONJ
ajtas-3214	87	18	younger	young	ADJ
ajtas-3214	87	19	consumers	consumer	NOUN
ajtas-3214	87	20	.	.	PUNCT
ajtas-3214	88	1	analyzed	analyze	VERB
ajtas-3214	88	2	scientific	scientific	ADJ
ajtas-3214	88	3	data	datum	NOUN
ajtas-3214	88	4	and	and	CCONJ
ajtas-3214	88	5	current	current	ADJ
ajtas-3214	88	6	market	market	NOUN
ajtas-3214	88	7	reports	report	NOUN
ajtas-3214	88	8	allow	allow	VERB
ajtas-3214	88	9	us	we	PRON
ajtas-3214	88	10	to	to	PART
ajtas-3214	88	11	identify	identify	VERB
ajtas-3214	88	12	six	six	NUM
ajtas-3214	88	13	key	key	ADJ
ajtas-3214	88	14	factors	factor	NOUN
ajtas-3214	88	15	that	that	PRON
ajtas-3214	88	16	will	will	AUX
ajtas-3214	88	17	determine	determine	VERB
ajtas-3214	88	18	the	the	DET
ajtas-3214	88	19	growth	growth	NOUN
ajtas-3214	88	20	and	and	CCONJ
ajtas-3214	88	21	investment	investment	NOUN
ajtas-3214	88	22	attractiveness	attractiveness	NOUN
ajtas-3214	88	23	of	of	ADP
ajtas-3214	88	24	the	the	DET
ajtas-3214	88	25	precious	precious	ADJ
ajtas-3214	88	26	stones	stone	NOUN
ajtas-3214	88	27	market	market	NOUN
ajtas-3214	88	28	in	in	ADP
ajtas-3214	88	29	the	the	DET
ajtas-3214	88	30	near	near	ADJ
ajtas-3214	88	31	and	and	CCONJ
ajtas-3214	88	32	medium	medium	ADJ
ajtas-3214	88	33	term	term	NOUN
ajtas-3214	88	34	.	.	PUNCT
ajtas-3214	89	1	these	these	DET
ajtas-3214	89	2	drivers	driver	NOUN
ajtas-3214	89	3	encompass	encompass	VERB
ajtas-3214	89	4	macroeconomic	macroeconomic	ADJ
ajtas-3214	89	5	trends	trend	NOUN
ajtas-3214	89	6	,	,	PUNCT
ajtas-3214	89	7	changes	change	NOUN
ajtas-3214	89	8	in	in	ADP
ajtas-3214	89	9	consumer	consumer	NOUN
ajtas-3214	89	10	behavior	behavior	NOUN
ajtas-3214	89	11	,	,	PUNCT
ajtas-3214	89	12	technological	technological	ADJ
ajtas-3214	89	13	development	development	NOUN
ajtas-3214	89	14	,	,	PUNCT
ajtas-3214	89	15	and	and	CCONJ
ajtas-3214	89	16	tightening	tighten	VERB
ajtas-3214	89	17	regulatory	regulatory	ADJ
ajtas-3214	89	18	requirements	requirement	NOUN
ajtas-3214	89	19	.	.	PUNCT
ajtas-3214	90	1	a	a	DET
ajtas-3214	90	2	detailed	detailed	ADJ
ajtas-3214	90	3	analysis	analysis	NOUN
ajtas-3214	90	4	of	of	ADP
ajtas-3214	90	5	the	the	DET
ajtas-3214	90	6	mechanisms	mechanism	NOUN
ajtas-3214	90	7	underlying	underlie	VERB
ajtas-3214	90	8	each	each	PRON
ajtas-3214	90	9	of	of	ADP
ajtas-3214	90	10	these	these	DET
ajtas-3214	90	11	factors	factor	NOUN
ajtas-3214	90	12	is	be	AUX
ajtas-3214	90	13	presented	present	VERB
ajtas-3214	90	14	in	in	ADP
ajtas-3214	90	15	table	table	NOUN
ajtas-3214	90	16	1	1	NUM
ajtas-3214	90	17	.	.	PUNCT
ajtas-3214	90	18	table	table	NOUN
ajtas-3214	90	19	1	1	NUM
ajtas-3214	90	20	key	key	ADJ
ajtas-3214	90	21	drivers	driver	NOUN
ajtas-3214	90	22	of	of	ADP
ajtas-3214	90	23	gemstone	gemstone	NOUN
ajtas-3214	90	24	market	market	NOUN
ajtas-3214	90	25	growth	growth	NOUN
ajtas-3214	90	26	growth	growth	NOUN
ajtas-3214	90	27	driver	driver	NOUN
ajtas-3214	90	28	mechanism	mechanism	NOUN
ajtas-3214	90	29	of	of	ADP
ajtas-3214	90	30	influence	influence	NOUN
ajtas-3214	90	31	on	on	ADP
ajtas-3214	90	32	the	the	DET
ajtas-3214	90	33	market	market	NOUN
ajtas-3214	90	34	shift	shift	NOUN
ajtas-3214	90	35	in	in	ADP
ajtas-3214	90	36	demand	demand	NOUN
ajtas-3214	90	37	towards	towards	ADP
ajtas-3214	90	38	rarity	rarity	NOUN
ajtas-3214	90	39	and	and	CCONJ
ajtas-3214	90	40	uniqueness	uniqueness	NOUN
ajtas-3214	90	41	investors	investor	NOUN
ajtas-3214	90	42	and	and	CCONJ
ajtas-3214	90	43	collectors	collector	NOUN
ajtas-3214	90	44	are	be	AUX
ajtas-3214	90	45	willing	willing	ADJ
ajtas-3214	90	46	to	to	PART
ajtas-3214	90	47	pay	pay	VERB
ajtas-3214	90	48	a	a	DET
ajtas-3214	90	49	high	high	ADJ
ajtas-3214	90	50	premium	premium	NOUN
ajtas-3214	90	51	for	for	ADP
ajtas-3214	90	52	historically	historically	ADV
ajtas-3214	90	53	,	,	PUNCT
ajtas-3214	90	54	geographically	geographically	ADV
ajtas-3214	90	55	,	,	PUNCT
ajtas-3214	90	56	or	or	CCONJ
ajtas-3214	90	57	qualitatively	qualitatively	ADV
ajtas-3214	90	58	unique	unique	ADJ
ajtas-3214	90	59	specimens	specimen	NOUN
ajtas-3214	90	60	(	(	PUNCT
ajtas-3214	90	61	for	for	ADP
ajtas-3214	90	62	example	example	NOUN
ajtas-3214	90	63	,	,	PUNCT
ajtas-3214	90	64	burmese	burmese	ADJ
ajtas-3214	90	65	rubies	ruby	NOUN
ajtas-3214	90	66	)	)	PUNCT
ajtas-3214	90	67	.	.	PUNCT
ajtas-3214	91	1	this	this	DET
ajtas-3214	91	2	trend	trend	NOUN
ajtas-3214	91	3	is	be	AUX
ajtas-3214	91	4	driving	drive	VERB
ajtas-3214	91	5	up	up	ADP
ajtas-3214	91	6	prices	price	NOUN
ajtas-3214	91	7	in	in	ADP
ajtas-3214	91	8	the	the	DET
ajtas-3214	91	9	investment	investment	NOUN
ajtas-3214	91	10	gem	gem	NOUN
ajtas-3214	91	11	niche	niche	NOUN
ajtas-3214	91	12	,	,	PUNCT
ajtas-3214	91	13	which	which	PRON
ajtas-3214	91	14	is	be	AUX
ajtas-3214	91	15	not	not	PART
ajtas-3214	91	16	subject	subject	ADJ
ajtas-3214	91	17	to	to	ADP
ajtas-3214	91	18	the	the	DET
ajtas-3214	91	19	pressures	pressure	NOUN
ajtas-3214	91	20	of	of	ADP
ajtas-3214	91	21	the	the	DET
ajtas-3214	91	22	mass	mass	NOUN
ajtas-3214	91	23	market	market	NOUN
ajtas-3214	91	24	.	.	PUNCT
ajtas-3214	92	1	stability	stability	NOUN
ajtas-3214	92	2	of	of	ADP
ajtas-3214	92	3	the	the	DET
ajtas-3214	92	4	jewelry	jewelry	NOUN
ajtas-3214	92	5	segment	segment	NOUN
ajtas-3214	92	6	jewelry	jewelry	NOUN
ajtas-3214	92	7	has	have	AUX
ajtas-3214	92	8	demonstrated	demonstrate	VERB
ajtas-3214	92	9	the	the	DET
ajtas-3214	92	10	greatest	great	ADJ
ajtas-3214	92	11	resilience	resilience	NOUN
ajtas-3214	92	12	among	among	ADP
ajtas-3214	92	13	personal	personal	ADJ
ajtas-3214	92	14	luxury	luxury	NOUN
ajtas-3214	92	15	goods	good	NOUN
ajtas-3214	92	16	,	,	PUNCT
ajtas-3214	92	17	providing	provide	VERB
ajtas-3214	92	18	a	a	DET
ajtas-3214	92	19	stable	stable	ADJ
ajtas-3214	92	20	base	base	NOUN
ajtas-3214	92	21	of	of	ADP
ajtas-3214	92	22	demand	demand	NOUN
ajtas-3214	92	23	for	for	ADP
ajtas-3214	92	24	raw	raw	ADJ
ajtas-3214	92	25	materials	material	NOUN
ajtas-3214	92	26	that	that	PRON
ajtas-3214	92	27	supports	support	VERB
ajtas-3214	92	28	the	the	DET
ajtas-3214	92	29	long	long	ADJ
ajtas-3214	92	30	-	-	PUNCT
ajtas-3214	92	31	term	term	NOUN
ajtas-3214	92	32	outlook	outlook	NOUN
ajtas-3214	92	33	of	of	ADP
ajtas-3214	92	34	the	the	DET
ajtas-3214	92	35	market	market	NOUN
ajtas-3214	92	36	.	.	PUNCT
ajtas-3214	93	1	macroeconomic	macroeconomic	ADJ
ajtas-3214	93	2	factors	factor	NOUN
ajtas-3214	93	3	and	and	CCONJ
ajtas-3214	93	4	geographic	geographic	ADJ
ajtas-3214	93	5	diversification	diversification	NOUN
ajtas-3214	93	6	rising	rise	VERB
ajtas-3214	93	7	disposable	disposable	ADJ
ajtas-3214	93	8	income	income	NOUN
ajtas-3214	93	9	and	and	CCONJ
ajtas-3214	93	10	recovering	recover	VERB
ajtas-3214	93	11	consumer	consumer	NOUN
ajtas-3214	93	12	spending	spending	NOUN
ajtas-3214	93	13	(	(	PUNCT
ajtas-3214	93	14	particularly	particularly	ADV
ajtas-3214	93	15	in	in	ADP
ajtas-3214	93	16	asia	asia	PROPN
ajtas-3214	93	17	pacific	pacific	PROPN
ajtas-3214	93	18	,	,	PUNCT
ajtas-3214	93	19	north	north	PROPN
ajtas-3214	93	20	america	america	PROPN
ajtas-3214	93	21	and	and	CCONJ
ajtas-3214	93	22	india	india	PROPN
ajtas-3214	93	23	)	)	PUNCT
ajtas-3214	93	24	are	be	AUX
ajtas-3214	93	25	increasing	increase	VERB
ajtas-3214	93	26	the	the	DET
ajtas-3214	93	27	overall	overall	ADJ
ajtas-3214	93	28	market	market	NOUN
ajtas-3214	93	29	size	size	NOUN
ajtas-3214	93	30	and	and	CCONJ
ajtas-3214	93	31	reducing	reduce	VERB
ajtas-3214	93	32	the	the	DET
ajtas-3214	93	33	risks	risk	NOUN
ajtas-3214	93	34	associated	associate	VERB
ajtas-3214	93	35	with	with	ADP
ajtas-3214	93	36	demand	demand	NOUN
ajtas-3214	93	37	concentration	concentration	NOUN
ajtas-3214	93	38	.	.	PUNCT
ajtas-3214	94	1	technological	technological	ADJ
ajtas-3214	94	2	differentiation	differentiation	NOUN
ajtas-3214	94	3	(	(	PUNCT
ajtas-3214	94	4	td	td	NOUN
ajtas-3214	94	5	)	)	PUNCT
ajtas-3214	94	6	diamond	diamond	NOUN
ajtas-3214	94	7	diamonds	diamond	NOUN
ajtas-3214	94	8	are	be	AUX
ajtas-3214	94	9	saturating	saturate	VERB
ajtas-3214	94	10	the	the	DET
ajtas-3214	94	11	mass	mass	NOUN
ajtas-3214	94	12	market	market	NOUN
ajtas-3214	94	13	,	,	PUNCT
ajtas-3214	94	14	leading	lead	VERB
ajtas-3214	94	15	to	to	ADP
ajtas-3214	94	16	a	a	DET
ajtas-3214	94	17	decline	decline	NOUN
ajtas-3214	94	18	in	in	ADP
ajtas-3214	94	19	prices	price	NOUN
ajtas-3214	94	20	for	for	ADP
ajtas-3214	94	21	conventional	conventional	ADJ
ajtas-3214	94	22	diamonds	diamond	NOUN
ajtas-3214	94	23	.	.	PUNCT
ajtas-3214	95	1	this	this	DET
ajtas-3214	95	2	process	process	NOUN
ajtas-3214	95	3	,	,	PUNCT
ajtas-3214	95	4	however	however	ADV
ajtas-3214	95	5	,	,	PUNCT
ajtas-3214	95	6	enhances	enhance	VERB
ajtas-3214	95	7	the	the	DET
ajtas-3214	95	8	value	value	NOUN
ajtas-3214	95	9	and	and	CCONJ
ajtas-3214	95	10	uniqueness	uniqueness	NOUN
ajtas-3214	95	11	of	of	ADP
ajtas-3214	95	12	natural	natural	ADJ
ajtas-3214	95	13	,	,	PUNCT
ajtas-3214	95	14	rare	rare	ADJ
ajtas-3214	95	15	stones	stone	NOUN
ajtas-3214	95	16	as	as	ADP
ajtas-3214	95	17	investment	investment	NOUN
ajtas-3214	95	18	assets	asset	NOUN
ajtas-3214	95	19	.	.	PUNCT
ajtas-3214	96	1	esg	esg	PROPN
ajtas-3214	96	2	,	,	PUNCT
ajtas-3214	96	3	traceability	traceability	NOUN
ajtas-3214	96	4	and	and	CCONJ
ajtas-3214	96	5	regulations	regulation	NOUN
ajtas-3214	96	6	strengthening	strengthen	VERB
ajtas-3214	96	7	ethical	ethical	ADJ
ajtas-3214	96	8	and	and	CCONJ
ajtas-3214	96	9	transparency	transparency	NOUN
ajtas-3214	96	10	standards	standard	NOUN
ajtas-3214	96	11	(	(	PUNCT
ajtas-3214	96	12	such	such	ADJ
ajtas-3214	96	13	as	as	ADP
ajtas-3214	96	14	the	the	DET
ajtas-3214	96	15	kimberley	kimberley	PROPN
ajtas-3214	96	16	process	process	NOUN
ajtas-3214	96	17	)	)	PUNCT
ajtas-3214	96	18	creates	create	VERB
ajtas-3214	96	19	a	a	DET
ajtas-3214	96	20	premium	premium	NOUN
ajtas-3214	96	21	for	for	ADP
ajtas-3214	96	22	stones	stone	NOUN
ajtas-3214	96	23	with	with	ADP
ajtas-3214	96	24	confirmed	confirm	VERB
ajtas-3214	96	25	,	,	PUNCT
ajtas-3214	96	26	"	"	PUNCT
ajtas-3214	96	27	pure	pure	ADJ
ajtas-3214	96	28	"	"	PUNCT
ajtas-3214	96	29	origins	origin	NOUN
ajtas-3214	96	30	.	.	PUNCT
ajtas-3214	97	1	this	this	PRON
ajtas-3214	97	2	attracts	attract	VERB
ajtas-3214	97	3	institutional	institutional	ADJ
ajtas-3214	97	4	investors	investor	NOUN
ajtas-3214	97	5	and	and	CCONJ
ajtas-3214	97	6	a	a	DET
ajtas-3214	97	7	new	new	ADJ
ajtas-3214	97	8	generation	generation	NOUN
ajtas-3214	97	9	of	of	ADP
ajtas-3214	97	10	consumers	consumer	NOUN
ajtas-3214	97	11	.	.	PUNCT
ajtas-3214	98	1	limiting	limit	VERB
ajtas-3214	98	2	factors	factor	NOUN
ajtas-3214	98	3	(	(	PUNCT
ajtas-3214	98	4	risks	risk	NOUN
ajtas-3214	98	5	)	)	PUNCT
ajtas-3214	98	6	macroeconomic	macroeconomic	ADJ
ajtas-3214	98	7	shocks	shock	NOUN
ajtas-3214	98	8	,	,	PUNCT
ajtas-3214	98	9	declining	decline	VERB
ajtas-3214	98	10	demand	demand	NOUN
ajtas-3214	98	11	in	in	ADP
ajtas-3214	98	12	key	key	ADJ
ajtas-3214	98	13	regions	region	NOUN
ajtas-3214	98	14	(	(	PUNCT
ajtas-3214	98	15	such	such	ADJ
ajtas-3214	98	16	as	as	ADP
ajtas-3214	98	17	china	china	PROPN
ajtas-3214	98	18	)	)	PUNCT
ajtas-3214	98	19	,	,	PUNCT
ajtas-3214	98	20	and	and	CCONJ
ajtas-3214	98	21	oversupply	oversupply	ADV
ajtas-3214	98	22	in	in	ADP
ajtas-3214	98	23	the	the	DET
ajtas-3214	98	24	diamond	diamond	NOUN
ajtas-3214	98	25	segment	segment	NOUN
ajtas-3214	98	26	create	create	VERB
ajtas-3214	98	27	risks	risk	NOUN
ajtas-3214	98	28	of	of	ADP
ajtas-3214	98	29	volatility	volatility	NOUN
ajtas-3214	98	30	and	and	CCONJ
ajtas-3214	98	31	cyclical	cyclical	ADJ
ajtas-3214	98	32	price	price	NOUN
ajtas-3214	98	33	declines	decline	NOUN
ajtas-3214	98	34	,	,	PUNCT
ajtas-3214	98	35	especially	especially	ADV
ajtas-3214	98	36	for	for	ADP
ajtas-3214	98	37	mass	mass	NOUN
ajtas-3214	98	38	-	-	PUNCT
ajtas-3214	98	39	produced	produce	VERB
ajtas-3214	98	40	diamonds	diamond	NOUN
ajtas-3214	98	41	.	.	PUNCT
ajtas-3214	99	1	an	an	DET
ajtas-3214	99	2	analysis	analysis	NOUN
ajtas-3214	99	3	of	of	ADP
ajtas-3214	99	4	market	market	NOUN
ajtas-3214	99	5	prospects	prospect	NOUN
ajtas-3214	99	6	shows	show	VERB
ajtas-3214	99	7	that	that	SCONJ
ajtas-3214	99	8	the	the	DET
ajtas-3214	99	9	investment	investment	NOUN
ajtas-3214	99	10	attractiveness	attractiveness	NOUN
ajtas-3214	99	11	of	of	ADP
ajtas-3214	99	12	precious	precious	ADJ
ajtas-3214	99	13	stones	stone	NOUN
ajtas-3214	99	14	will	will	AUX
ajtas-3214	99	15	increase	increase	VERB
ajtas-3214	99	16	,	,	PUNCT
ajtas-3214	99	17	but	but	CCONJ
ajtas-3214	99	18	unevenly	unevenly	ADV
ajtas-3214	99	19	,	,	PUNCT
ajtas-3214	99	20	requiring	require	VERB
ajtas-3214	99	21	a	a	DET
ajtas-3214	99	22	selective	selective	ADJ
ajtas-3214	99	23	approach	approach	NOUN
ajtas-3214	99	24	from	from	ADP
ajtas-3214	99	25	investors	investor	NOUN
ajtas-3214	99	26	:	:	PUNCT
ajtas-3214	99	27	1	1	X
ajtas-3214	99	28	.	.	PUNCT
ajtas-3214	99	29	prioritize	prioritize	VERB
ajtas-3214	99	30	rarity	rarity	NOUN
ajtas-3214	99	31	and	and	CCONJ
ajtas-3214	99	32	quality	quality	NOUN
ajtas-3214	99	33	.	.	PUNCT
ajtas-3214	100	1	rare	rare	ADJ
ajtas-3214	100	2	colored	colored	ADJ
ajtas-3214	100	3	and	and	CCONJ
ajtas-3214	100	4	collectible	collectible	ADJ
ajtas-3214	100	5	stones	stone	NOUN
ajtas-3214	100	6	,	,	PUNCT
ajtas-3214	100	7	as	as	ADV
ajtas-3214	100	8	well	well	ADV
ajtas-3214	100	9	as	as	ADP
ajtas-3214	100	10	specimens	specimen	NOUN
ajtas-3214	100	11	with	with	ADP
ajtas-3214	100	12	impeccable	impeccable	ADJ
ajtas-3214	100	13	certification	certification	NOUN
ajtas-3214	100	14	and	and	CCONJ
ajtas-3214	100	15	a	a	DET
ajtas-3214	100	16	transparent	transparent	ADJ
ajtas-3214	100	17	supply	supply	NOUN
ajtas-3214	100	18	chain	chain	NOUN
ajtas-3214	100	19	,	,	PUNCT
ajtas-3214	100	20	will	will	AUX
ajtas-3214	100	21	demonstrate	demonstrate	VERB
ajtas-3214	100	22	the	the	DET
ajtas-3214	100	23	highest	high	ADJ
ajtas-3214	100	24	investment	investment	NOUN
ajtas-3214	100	25	value	value	NOUN
ajtas-3214	100	26	and	and	CCONJ
ajtas-3214	100	27	sustainability	sustainability	NOUN
ajtas-3214	100	28	in	in	ADP
ajtas-3214	100	29	the	the	DET
ajtas-3214	100	30	medium	medium	ADJ
ajtas-3214	100	31	and	and	CCONJ
ajtas-3214	100	32	long	long	ADJ
ajtas-3214	100	33	term	term	NOUN
ajtas-3214	100	34	.	.	PUNCT
ajtas-3214	101	1	american	american	ADJ
ajtas-3214	101	2	journal	journal	PROPN
ajtas-3214	101	3	of	of	ADP
ajtas-3214	101	4	technology	technology	NOUN
ajtas-3214	101	5	and	and	CCONJ
ajtas-3214	101	6	applied	apply	VERB
ajtas-3214	101	7	sciences	science	NOUN
ajtas-3214	101	8	43	43	NUM
ajtas-3214	101	9	,	,	PUNCT
ajtas-3214	101	10	december	december	PROPN
ajtas-3214	101	11	2025	2025	NUM
ajtas-3214	101	12	p	p	NOUN
ajtas-3214	101	13	a	a	DET
ajtas-3214	101	14	g	g	NOUN
ajtas-3214	101	15	e	e	NOUN
ajtas-3214	102	1	|	|	ADV
ajtas-3214	102	2	41	41	NUM
ajtas-3214	102	3	www.americanjournal.org	www.americanjournal.org	PROPN
ajtas-3214	102	4	2	2	NUM
ajtas-3214	102	5	.	.	PUNCT
ajtas-3214	102	6	differentiation	differentiation	NOUN
ajtas-3214	102	7	of	of	ADP
ajtas-3214	102	8	the	the	DET
ajtas-3214	102	9	diamond	diamond	NOUN
ajtas-3214	102	10	segment	segment	NOUN
ajtas-3214	102	11	.	.	PUNCT
ajtas-3214	103	1	the	the	DET
ajtas-3214	103	2	mass	mass	ADJ
ajtas-3214	103	3	diamond	diamond	NOUN
ajtas-3214	103	4	market	market	NOUN
ajtas-3214	103	5	will	will	AUX
ajtas-3214	103	6	experience	experience	VERB
ajtas-3214	103	7	increasing	increase	VERB
ajtas-3214	103	8	pricing	pricing	NOUN
ajtas-3214	103	9	pressure	pressure	NOUN
ajtas-3214	103	10	from	from	ADP
ajtas-3214	103	11	the	the	DET
ajtas-3214	103	12	lgd	lgd	PROPN
ajtas-3214	103	13	.	.	PUNCT
ajtas-3214	104	1	investors	investor	NOUN
ajtas-3214	104	2	need	need	VERB
ajtas-3214	104	3	to	to	PART
ajtas-3214	104	4	differentiate	differentiate	VERB
ajtas-3214	104	5	premium	premium	ADJ
ajtas-3214	104	6	natural	natural	ADJ
ajtas-3214	104	7	stones	stone	NOUN
ajtas-3214	104	8	from	from	ADP
ajtas-3214	104	9	massproduced	massproduced	ADJ
ajtas-3214	104	10	diamonds	diamond	NOUN
ajtas-3214	104	11	,	,	PUNCT
ajtas-3214	104	12	as	as	SCONJ
ajtas-3214	104	13	they	they	PRON
ajtas-3214	104	14	are	be	AUX
ajtas-3214	104	15	no	no	ADV
ajtas-3214	104	16	longer	long	ADV
ajtas-3214	104	17	a	a	DET
ajtas-3214	104	18	homogeneous	homogeneous	ADJ
ajtas-3214	104	19	investment	investment	NOUN
ajtas-3214	104	20	asset	asset	NOUN
ajtas-3214	104	21	.	.	PUNCT
ajtas-3214	105	1	3	3	X
ajtas-3214	105	2	.	.	X
ajtas-3214	105	3	selective	selective	ADJ
ajtas-3214	105	4	strategy	strategy	NOUN
ajtas-3214	105	5	.	.	PUNCT
ajtas-3214	106	1	overall	overall	ADJ
ajtas-3214	106	2	market	market	NOUN
ajtas-3214	106	3	forecasts	forecast	NOUN
ajtas-3214	106	4	point	point	VERB
ajtas-3214	106	5	to	to	ADP
ajtas-3214	106	6	robust	robust	ADJ
ajtas-3214	106	7	market	market	NOUN
ajtas-3214	106	8	growth	growth	NOUN
ajtas-3214	106	9	(	(	PUNCT
ajtas-3214	106	10	cagr	cagr	NOUN
ajtas-3214	106	11	of	of	ADP
ajtas-3214	106	12	approximately	approximately	ADV
ajtas-3214	106	13	7	7	NUM
ajtas-3214	106	14	%	%	NOUN
ajtas-3214	106	15	)	)	PUNCT
ajtas-3214	106	16	,	,	PUNCT
ajtas-3214	106	17	but	but	CCONJ
ajtas-3214	106	18	this	this	DET
ajtas-3214	106	19	growth	growth	NOUN
ajtas-3214	106	20	will	will	AUX
ajtas-3214	106	21	be	be	AUX
ajtas-3214	106	22	concentrated	concentrate	VERB
ajtas-3214	106	23	in	in	ADP
ajtas-3214	106	24	specific	specific	ADJ
ajtas-3214	106	25	niches	niche	NOUN
ajtas-3214	106	26	and	and	CCONJ
ajtas-3214	106	27	geographic	geographic	ADJ
ajtas-3214	106	28	regions	region	NOUN
ajtas-3214	106	29	.	.	PUNCT
ajtas-3214	107	1	investment	investment	NOUN
ajtas-3214	107	2	success	success	NOUN
ajtas-3214	107	3	will	will	AUX
ajtas-3214	107	4	depend	depend	VERB
ajtas-3214	107	5	on	on	ADP
ajtas-3214	107	6	a	a	DET
ajtas-3214	107	7	selective	selective	ADJ
ajtas-3214	107	8	strategy	strategy	NOUN
ajtas-3214	107	9	focused	focus	VERB
ajtas-3214	107	10	on	on	ADP
ajtas-3214	107	11	high	high	ADJ
ajtas-3214	107	12	quality	quality	NOUN
ajtas-3214	107	13	,	,	PUNCT
ajtas-3214	107	14	provenance	provenance	NOUN
ajtas-3214	107	15	,	,	PUNCT
ajtas-3214	107	16	and	and	CCONJ
ajtas-3214	107	17	esg	esg	NOUN
ajtas-3214	107	18	compliance	compliance	NOUN
ajtas-3214	107	19	.	.	PUNCT
ajtas-3214	108	1	investing	invest	VERB
ajtas-3214	108	2	in	in	ADP
ajtas-3214	108	3	precious	precious	ADJ
ajtas-3214	108	4	stones	stone	NOUN
ajtas-3214	108	5	is	be	AUX
ajtas-3214	108	6	a	a	DET
ajtas-3214	108	7	niche	niche	NOUN
ajtas-3214	108	8	but	but	CCONJ
ajtas-3214	108	9	potentially	potentially	ADV
ajtas-3214	108	10	highly	highly	ADV
ajtas-3214	108	11	profitable	profitable	ADJ
ajtas-3214	108	12	alternative	alternative	ADJ
ajtas-3214	108	13	investment	investment	NOUN
ajtas-3214	108	14	.	.	PUNCT
ajtas-3214	109	1	to	to	PART
ajtas-3214	109	2	achieve	achieve	VERB
ajtas-3214	109	3	sustainable	sustainable	ADJ
ajtas-3214	109	4	results	result	NOUN
ajtas-3214	109	5	,	,	PUNCT
ajtas-3214	109	6	investors	investor	NOUN
ajtas-3214	109	7	must	must	AUX
ajtas-3214	109	8	consider	consider	VERB
ajtas-3214	109	9	the	the	DET
ajtas-3214	109	10	specifics	specific	NOUN
ajtas-3214	109	11	of	of	ADP
ajtas-3214	109	12	the	the	DET
ajtas-3214	109	13	market	market	NOUN
ajtas-3214	109	14	,	,	PUNCT
ajtas-3214	109	15	including	include	VERB
ajtas-3214	109	16	pricing	pricing	NOUN
ajtas-3214	109	17	,	,	PUNCT
ajtas-3214	109	18	low	low	ADJ
ajtas-3214	109	19	liquidity	liquidity	NOUN
ajtas-3214	109	20	,	,	PUNCT
ajtas-3214	109	21	and	and	CCONJ
ajtas-3214	109	22	stringent	stringent	ADJ
ajtas-3214	109	23	certification	certification	NOUN
ajtas-3214	109	24	and	and	CCONJ
ajtas-3214	109	25	traceability	traceability	NOUN
ajtas-3214	109	26	requirements	requirement	NOUN
ajtas-3214	109	27	.	.	PUNCT
ajtas-3214	110	1	to	to	PART
ajtas-3214	110	2	minimize	minimize	VERB
ajtas-3214	110	3	risks	risk	NOUN
ajtas-3214	110	4	and	and	CCONJ
ajtas-3214	110	5	maximize	maximize	VERB
ajtas-3214	110	6	potential	potential	ADJ
ajtas-3214	110	7	returns	return	NOUN
ajtas-3214	110	8	,	,	PUNCT
ajtas-3214	110	9	it	it	PRON
ajtas-3214	110	10	is	be	AUX
ajtas-3214	110	11	recommended	recommend	VERB
ajtas-3214	110	12	:	:	PUNCT
ajtas-3214	110	13	1	1	X
ajtas-3214	110	14	.	.	X
ajtas-3214	110	15	focus	focus	VERB
ajtas-3214	110	16	on	on	ADP
ajtas-3214	110	17	uniqueness	uniqueness	NOUN
ajtas-3214	110	18	and	and	CCONJ
ajtas-3214	110	19	rarity	rarity	NOUN
ajtas-3214	110	20	.	.	PUNCT
ajtas-3214	111	1	priority	priority	NOUN
ajtas-3214	111	2	should	should	AUX
ajtas-3214	111	3	be	be	AUX
ajtas-3214	111	4	given	give	VERB
ajtas-3214	111	5	to	to	ADP
ajtas-3214	111	6	rare	rare	ADJ
ajtas-3214	111	7	colored	colored	ADJ
ajtas-3214	111	8	stones	stone	NOUN
ajtas-3214	111	9	(	(	PUNCT
ajtas-3214	111	10	rubies	ruby	NOUN
ajtas-3214	111	11	,	,	PUNCT
ajtas-3214	111	12	sapphires	sapphire	NOUN
ajtas-3214	111	13	,	,	PUNCT
ajtas-3214	111	14	emeralds	emerald	NOUN
ajtas-3214	111	15	)	)	PUNCT
ajtas-3214	111	16	and	and	CCONJ
ajtas-3214	111	17	collectible	collectible	ADJ
ajtas-3214	111	18	specimens	specimen	NOUN
ajtas-3214	111	19	,	,	PUNCT
ajtas-3214	111	20	rather	rather	ADV
ajtas-3214	111	21	than	than	ADP
ajtas-3214	111	22	mass	mass	ADV
ajtas-3214	111	23	-	-	PUNCT
ajtas-3214	111	24	produced	produce	VERB
ajtas-3214	111	25	diamonds	diamond	NOUN
ajtas-3214	111	26	.	.	PUNCT
ajtas-3214	112	1	2	2	X
ajtas-3214	112	2	.	.	X
ajtas-3214	112	3	diversification	diversification	NOUN
ajtas-3214	112	4	.	.	PUNCT
ajtas-3214	113	1	it	it	PRON
ajtas-3214	113	2	is	be	AUX
ajtas-3214	113	3	essential	essential	ADJ
ajtas-3214	113	4	to	to	PART
ajtas-3214	113	5	diversify	diversify	VERB
ajtas-3214	113	6	your	your	PRON
ajtas-3214	113	7	investment	investment	NOUN
ajtas-3214	113	8	portfolio	portfolio	NOUN
ajtas-3214	113	9	by	by	ADP
ajtas-3214	113	10	both	both	DET
ajtas-3214	113	11	stone	stone	NOUN
ajtas-3214	113	12	types	type	NOUN
ajtas-3214	113	13	and	and	CCONJ
ajtas-3214	113	14	geographic	geographic	ADJ
ajtas-3214	113	15	origin	origin	NOUN
ajtas-3214	113	16	.	.	PUNCT
ajtas-3214	114	1	for	for	ADP
ajtas-3214	114	2	example	example	NOUN
ajtas-3214	114	3	,	,	PUNCT
ajtas-3214	114	4	stones	stone	NOUN
ajtas-3214	114	5	from	from	ADP
ajtas-3214	114	6	iconic	iconic	ADJ
ajtas-3214	114	7	deposits	deposit	NOUN
ajtas-3214	114	8	(	(	PUNCT
ajtas-3214	114	9	kashmir	kashmir	PROPN
ajtas-3214	114	10	sapphires	sapphires	PROPN
ajtas-3214	114	11	,	,	PUNCT
ajtas-3214	114	12	burmese	burmese	ADJ
ajtas-3214	114	13	rubies	ruby	NOUN
ajtas-3214	114	14	)	)	PUNCT
ajtas-3214	114	15	often	often	ADV
ajtas-3214	114	16	achieve	achieve	VERB
ajtas-3214	114	17	higher	high	ADJ
ajtas-3214	114	18	returns	return	NOUN
ajtas-3214	114	19	than	than	ADP
ajtas-3214	114	20	the	the	DET
ajtas-3214	114	21	market	market	NOUN
ajtas-3214	114	22	average	average	NOUN
ajtas-3214	114	23	at	at	ADP
ajtas-3214	114	24	auction	auction	NOUN
ajtas-3214	114	25	.	.	PUNCT
ajtas-3214	115	1	3	3	X
ajtas-3214	115	2	.	.	X
ajtas-3214	115	3	long	long	ADJ
ajtas-3214	115	4	-	-	PUNCT
ajtas-3214	115	5	term	term	NOUN
ajtas-3214	115	6	horizon	horizon	NOUN
ajtas-3214	115	7	.	.	PUNCT
ajtas-3214	116	1	investing	invest	VERB
ajtas-3214	116	2	in	in	ADP
ajtas-3214	116	3	precious	precious	ADJ
ajtas-3214	116	4	stones	stone	NOUN
ajtas-3214	116	5	is	be	AUX
ajtas-3214	116	6	a	a	DET
ajtas-3214	116	7	long	long	ADJ
ajtas-3214	116	8	-	-	PUNCT
ajtas-3214	116	9	term	term	NOUN
ajtas-3214	116	10	endeavor	endeavor	NOUN
ajtas-3214	116	11	.	.	PUNCT
ajtas-3214	117	1	due	due	ADP
ajtas-3214	117	2	to	to	ADP
ajtas-3214	117	3	the	the	DET
ajtas-3214	117	4	low	low	ADJ
ajtas-3214	117	5	liquidity	liquidity	NOUN
ajtas-3214	117	6	of	of	ADP
ajtas-3214	117	7	the	the	DET
ajtas-3214	117	8	market	market	NOUN
ajtas-3214	117	9	,	,	PUNCT
ajtas-3214	117	10	significant	significant	ADJ
ajtas-3214	117	11	returns	return	NOUN
ajtas-3214	117	12	are	be	AUX
ajtas-3214	117	13	typically	typically	ADV
ajtas-3214	117	14	realized	realize	VERB
ajtas-3214	117	15	with	with	ADP
ajtas-3214	117	16	a	a	DET
ajtas-3214	117	17	holding	hold	VERB
ajtas-3214	117	18	period	period	NOUN
ajtas-3214	117	19	of	of	ADP
ajtas-3214	117	20	5	5	NUM
ajtas-3214	117	21	to	to	PART
ajtas-3214	117	22	10	10	NUM
ajtas-3214	117	23	years	year	NOUN
ajtas-3214	117	24	or	or	CCONJ
ajtas-3214	117	25	more	more	ADJ
ajtas-3214	117	26	.	.	PUNCT
ajtas-3214	118	1	important	important	ADJ
ajtas-3214	118	2	steps	step	NOUN
ajtas-3214	118	3	to	to	PART
ajtas-3214	118	4	protect	protect	VERB
ajtas-3214	118	5	capital	capital	NOUN
ajtas-3214	118	6	include	include	VERB
ajtas-3214	118	7	:	:	PUNCT
ajtas-3214	118	8	1	1	X
ajtas-3214	118	9	.	.	PUNCT
ajtas-3214	118	10	mandatory	mandatory	ADJ
ajtas-3214	118	11	certification	certification	NOUN
ajtas-3214	118	12	.	.	PUNCT
ajtas-3214	119	1	you	you	PRON
ajtas-3214	119	2	should	should	AUX
ajtas-3214	119	3	only	only	ADV
ajtas-3214	119	4	purchase	purchase	VERB
ajtas-3214	119	5	stones	stone	NOUN
ajtas-3214	119	6	that	that	PRON
ajtas-3214	119	7	have	have	VERB
ajtas-3214	119	8	reports	report	NOUN
ajtas-3214	119	9	from	from	ADP
ajtas-3214	119	10	world	world	NOUN
ajtas-3214	119	11	-	-	PUNCT
ajtas-3214	119	12	renowned	renowne	VERB
ajtas-3214	119	13	gemological	gemological	ADJ
ajtas-3214	119	14	laboratories	laboratory	NOUN
ajtas-3214	119	15	,	,	PUNCT
ajtas-3214	119	16	such	such	ADJ
ajtas-3214	119	17	as	as	ADP
ajtas-3214	119	18	gia	gia	NOUN
ajtas-3214	119	19	(	(	PUNCT
ajtas-3214	119	20	gemological	gemological	ADJ
ajtas-3214	119	21	institute	institute	NOUN
ajtas-3214	119	22	)	)	PUNCT
ajtas-3214	119	23	.	.	PUNCT
ajtas-3214	120	1	institute	institute	PROPN
ajtas-3214	120	2	of	of	ADP
ajtas-3214	120	3	america	america	PROPN
ajtas-3214	120	4	)	)	PUNCT
ajtas-3214	120	5	,	,	PUNCT
ajtas-3214	120	6	hrd	hrd	PROPN
ajtas-3214	120	7	antwerp	antwerp	NOUN
ajtas-3214	120	8	or	or	CCONJ
ajtas-3214	120	9	igi	igi	PROPN
ajtas-3214	120	10	(	(	PUNCT
ajtas-3214	120	11	international	international	ADJ
ajtas-3214	120	12	gemological	gemological	NOUN
ajtas-3214	120	13	having	have	VERB
ajtas-3214	120	14	a	a	DET
ajtas-3214	120	15	certificate	certificate	NOUN
ajtas-3214	120	16	increases	increase	VERB
ajtas-3214	120	17	liquidity	liquidity	NOUN
ajtas-3214	120	18	and	and	CCONJ
ajtas-3214	120	19	eliminates	eliminate	VERB
ajtas-3214	120	20	the	the	DET
ajtas-3214	120	21	risk	risk	NOUN
ajtas-3214	120	22	of	of	ADP
ajtas-3214	120	23	purchasing	purchase	VERB
ajtas-3214	120	24	a	a	DET
ajtas-3214	120	25	synthetic	synthetic	NOUN
ajtas-3214	120	26	or	or	CCONJ
ajtas-3214	120	27	mispriced	misprice	VERB
ajtas-3214	120	28	stone	stone	NOUN
ajtas-3214	120	29	.	.	PUNCT
ajtas-3214	121	1	2	2	X
ajtas-3214	121	2	.	.	X
ajtas-3214	121	3	origin	origin	NOUN
ajtas-3214	121	4	verification	verification	NOUN
ajtas-3214	121	5	(	(	PUNCT
ajtas-3214	121	6	esg	esg	NOUN
ajtas-3214	121	7	factor	factor	NOUN
ajtas-3214	121	8	)	)	PUNCT
ajtas-3214	121	9	.	.	PUNCT
ajtas-3214	122	1	in	in	ADP
ajtas-3214	122	2	light	light	NOUN
ajtas-3214	122	3	of	of	ADP
ajtas-3214	122	4	sustainable	sustainable	ADJ
ajtas-3214	122	5	development	development	NOUN
ajtas-3214	122	6	trends	trend	NOUN
ajtas-3214	122	7	(	(	PUNCT
ajtas-3214	122	8	esg	esg	NOUN
ajtas-3214	122	9	)	)	PUNCT
ajtas-3214	122	10	and	and	CCONJ
ajtas-3214	122	11	regulations	regulation	NOUN
ajtas-3214	122	12	(	(	PUNCT
ajtas-3214	122	13	kimberley	kimberley	PROPN
ajtas-3214	122	14	process	process	NOUN
ajtas-3214	122	15	)	)	PUNCT
ajtas-3214	122	16	,	,	PUNCT
ajtas-3214	122	17	stones	stone	NOUN
ajtas-3214	122	18	with	with	ADP
ajtas-3214	122	19	a	a	DET
ajtas-3214	122	20	transparent	transparent	ADJ
ajtas-3214	122	21	and	and	CCONJ
ajtas-3214	122	22	verified	verified	ADJ
ajtas-3214	122	23	supply	supply	NOUN
ajtas-3214	122	24	chain	chain	NOUN
ajtas-3214	122	25	can	can	AUX
ajtas-3214	122	26	command	command	VERB
ajtas-3214	122	27	a	a	DET
ajtas-3214	122	28	resale	resale	NOUN
ajtas-3214	122	29	premium	premium	NOUN
ajtas-3214	122	30	of	of	ADP
ajtas-3214	122	31	up	up	ADP
ajtas-3214	122	32	to	to	PART
ajtas-3214	122	33	15	15	NUM
ajtas-3214	122	34	%	%	NOUN
ajtas-3214	122	35	.	.	PUNCT
ajtas-3214	123	1	origin	origin	NOUN
ajtas-3214	123	2	verification	verification	NOUN
ajtas-3214	123	3	is	be	AUX
ajtas-3214	123	4	a	a	DET
ajtas-3214	123	5	key	key	ADJ
ajtas-3214	123	6	factor	factor	NOUN
ajtas-3214	123	7	in	in	ADP
ajtas-3214	123	8	preserving	preserve	VERB
ajtas-3214	123	9	investment	investment	NOUN
ajtas-3214	123	10	value	value	NOUN
ajtas-3214	123	11	.	.	PUNCT
ajtas-3214	124	1	3	3	X
ajtas-3214	124	2	.	.	X
ajtas-3214	124	3	defining	define	VERB
ajtas-3214	124	4	an	an	DET
ajtas-3214	124	5	exit	exit	NOUN
ajtas-3214	124	6	strategy	strategy	NOUN
ajtas-3214	124	7	.	.	PUNCT
ajtas-3214	125	1	investors	investor	NOUN
ajtas-3214	125	2	should	should	AUX
ajtas-3214	125	3	plan	plan	VERB
ajtas-3214	125	4	their	their	PRON
ajtas-3214	125	5	asset	asset	NOUN
ajtas-3214	125	6	sale	sale	NOUN
ajtas-3214	125	7	channel	channel	NOUN
ajtas-3214	125	8	in	in	ADP
ajtas-3214	125	9	advance	advance	NOUN
ajtas-3214	125	10	.	.	PUNCT
ajtas-3214	126	1	auction	auction	NOUN
ajtas-3214	126	2	sales	sale	NOUN
ajtas-3214	126	3	can	can	AUX
ajtas-3214	126	4	be	be	AUX
ajtas-3214	126	5	time	time	NOUN
ajtas-3214	126	6	-	-	PUNCT
ajtas-3214	126	7	consuming	consume	VERB
ajtas-3214	126	8	and	and	CCONJ
ajtas-3214	126	9	involve	involve	VERB
ajtas-3214	126	10	high	high	ADJ
ajtas-3214	126	11	commissions	commission	NOUN
ajtas-3214	126	12	(	(	PUNCT
ajtas-3214	126	13	10	10	NUM
ajtas-3214	126	14	to	to	PART
ajtas-3214	126	15	20	20	NUM
ajtas-3214	126	16	%	%	NOUN
ajtas-3214	126	17	)	)	PUNCT
ajtas-3214	126	18	.	.	PUNCT
ajtas-3214	127	1	it	it	PRON
ajtas-3214	127	2	's	be	AUX
ajtas-3214	127	3	important	important	ADJ
ajtas-3214	127	4	to	to	PART
ajtas-3214	127	5	establish	establish	VERB
ajtas-3214	127	6	contacts	contact	NOUN
ajtas-3214	127	7	with	with	ADP
ajtas-3214	127	8	private	private	ADJ
ajtas-3214	127	9	dealers	dealer	NOUN
ajtas-3214	127	10	,	,	PUNCT
ajtas-3214	127	11	specialized	specialized	ADJ
ajtas-3214	127	12	funds	fund	NOUN
ajtas-3214	127	13	,	,	PUNCT
ajtas-3214	127	14	or	or	CCONJ
ajtas-3214	127	15	use	use	VERB
ajtas-3214	127	16	new	new	ADJ
ajtas-3214	127	17	digital	digital	ADJ
ajtas-3214	127	18	platforms	platform	NOUN
ajtas-3214	127	19	.	.	PUNCT
ajtas-3214	128	1	it	it	PRON
ajtas-3214	128	2	is	be	AUX
ajtas-3214	128	3	necessary	necessary	ADJ
ajtas-3214	128	4	to	to	PART
ajtas-3214	128	5	take	take	VERB
ajtas-3214	128	6	into	into	ADP
ajtas-3214	128	7	account	account	NOUN
ajtas-3214	128	8	all	all	DET
ajtas-3214	128	9	associated	associated	ADJ
ajtas-3214	128	10	costs	cost	NOUN
ajtas-3214	128	11	and	and	CCONJ
ajtas-3214	128	12	the	the	DET
ajtas-3214	128	13	positioning	positioning	NOUN
ajtas-3214	128	14	of	of	ADP
ajtas-3214	128	15	the	the	DET
ajtas-3214	128	16	asset	asset	NOUN
ajtas-3214	128	17	in	in	ADP
ajtas-3214	128	18	the	the	DET
ajtas-3214	128	19	overall	overall	ADJ
ajtas-3214	128	20	portfolio	portfolio	NOUN
ajtas-3214	128	21	:	:	PUNCT
ajtas-3214	129	1	1	1	X
ajtas-3214	129	2	.	.	X
ajtas-3214	129	3	accounting	account	VERB
ajtas-3214	129	4	for	for	ADP
ajtas-3214	129	5	operating	operating	NOUN
ajtas-3214	129	6	expenses	expense	NOUN
ajtas-3214	129	7	.	.	PUNCT
ajtas-3214	130	1	the	the	DET
ajtas-3214	130	2	investor	investor	NOUN
ajtas-3214	130	3	must	must	AUX
ajtas-3214	130	4	factor	factor	VERB
ajtas-3214	130	5	hidden	hidden	ADJ
ajtas-3214	130	6	costs	cost	NOUN
ajtas-3214	130	7	into	into	ADP
ajtas-3214	130	8	the	the	DET
ajtas-3214	130	9	financial	financial	ADJ
ajtas-3214	130	10	model	model	NOUN
ajtas-3214	130	11	:	:	PUNCT
ajtas-3214	130	12	annual	annual	ADJ
ajtas-3214	130	13	insurance	insurance	NOUN
ajtas-3214	130	14	,	,	PUNCT
ajtas-3214	130	15	specialized	specialized	ADJ
ajtas-3214	130	16	storage	storage	NOUN
ajtas-3214	130	17	,	,	PUNCT
ajtas-3214	130	18	as	as	ADV
ajtas-3214	130	19	well	well	ADV
ajtas-3214	130	20	as	as	ADP
ajtas-3214	130	21	possible	possible	ADJ
ajtas-3214	130	22	transportation	transportation	NOUN
ajtas-3214	130	23	and	and	CCONJ
ajtas-3214	130	24	recertification	recertification	NOUN
ajtas-3214	130	25	costs	cost	NOUN
ajtas-3214	130	26	.	.	PUNCT
ajtas-3214	131	1	these	these	DET
ajtas-3214	131	2	operating	operating	NOUN
ajtas-3214	131	3	expenses	expense	NOUN
ajtas-3214	131	4	can	can	AUX
ajtas-3214	131	5	amount	amount	VERB
ajtas-3214	131	6	to	to	ADP
ajtas-3214	131	7	5	5	NUM
ajtas-3214	131	8	-	-	SYM
ajtas-3214	131	9	7	7	NUM
ajtas-3214	131	10	%	%	NOUN
ajtas-3214	131	11	of	of	ADP
ajtas-3214	131	12	the	the	DET
ajtas-3214	131	13	asset	asset	NOUN
ajtas-3214	131	14	's	's	PART
ajtas-3214	131	15	value	value	NOUN
ajtas-3214	131	16	annually	annually	ADV
ajtas-3214	131	17	.	.	PUNCT
ajtas-3214	132	1	2	2	X
ajtas-3214	132	2	.	.	X
ajtas-3214	132	3	portfolio	portfolio	NOUN
ajtas-3214	132	4	allocation	allocation	NOUN
ajtas-3214	132	5	.	.	PUNCT
ajtas-3214	133	1	according	accord	VERB
ajtas-3214	133	2	to	to	ADP
ajtas-3214	133	3	alternative	alternative	ADJ
ajtas-3214	133	4	investment	investment	NOUN
ajtas-3214	133	5	guidelines	guideline	NOUN
ajtas-3214	133	6	(	(	PUNCT
ajtas-3214	133	7	deloitte	deloitte	PROPN
ajtas-3214	133	8	)	)	PUNCT
ajtas-3214	133	9	,	,	PUNCT
ajtas-3214	133	10	the	the	DET
ajtas-3214	133	11	share	share	NOUN
ajtas-3214	133	12	of	of	ADP
ajtas-3214	133	13	precious	precious	ADJ
ajtas-3214	133	14	stones	stone	NOUN
ajtas-3214	133	15	in	in	ADP
ajtas-3214	133	16	the	the	DET
ajtas-3214	133	17	overall	overall	ADJ
ajtas-3214	133	18	investment	investment	NOUN
ajtas-3214	133	19	portfolio	portfolio	NOUN
ajtas-3214	133	20	should	should	AUX
ajtas-3214	133	21	not	not	PART
ajtas-3214	133	22	exceed	exceed	VERB
ajtas-3214	133	23	5	5	NUM
ajtas-3214	133	24	-	-	SYM
ajtas-3214	133	25	10	10	NUM
ajtas-3214	133	26	%	%	NOUN
ajtas-3214	133	27	of	of	ADP
ajtas-3214	133	28	capital	capital	NOUN
ajtas-3214	133	29	,	,	PUNCT
ajtas-3214	133	30	reflecting	reflect	VERB
ajtas-3214	133	31	their	their	PRON
ajtas-3214	133	32	niche	niche	NOUN
ajtas-3214	133	33	nature	nature	NOUN
ajtas-3214	133	34	and	and	CCONJ
ajtas-3214	133	35	low	low	ADJ
ajtas-3214	133	36	liquidity	liquidity	NOUN
ajtas-3214	133	37	.	.	PUNCT
ajtas-3214	134	1	3	3	X
ajtas-3214	134	2	.	.	X
ajtas-3214	134	3	consider	consider	VERB
ajtas-3214	134	4	digital	digital	ADJ
ajtas-3214	134	5	instruments	instrument	NOUN
ajtas-3214	134	6	.	.	PUNCT
ajtas-3214	135	1	to	to	PART
ajtas-3214	135	2	lower	lower	VERB
ajtas-3214	135	3	the	the	DET
ajtas-3214	135	4	barrier	barrier	NOUN
ajtas-3214	135	5	to	to	ADP
ajtas-3214	135	6	entry	entry	NOUN
ajtas-3214	135	7	and	and	CCONJ
ajtas-3214	135	8	increase	increase	VERB
ajtas-3214	135	9	liquidity	liquidity	NOUN
ajtas-3214	135	10	,	,	PUNCT
ajtas-3214	135	11	consider	consider	VERB
ajtas-3214	135	12	exploring	explore	VERB
ajtas-3214	135	13	the	the	DET
ajtas-3214	135	14	potential	potential	NOUN
ajtas-3214	135	15	of	of	ADP
ajtas-3214	135	16	specialized	specialized	ADJ
ajtas-3214	135	17	digital	digital	ADJ
ajtas-3214	135	18	platforms	platform	NOUN
ajtas-3214	135	19	and	and	CCONJ
ajtas-3214	135	20	funds	fund	NOUN
ajtas-3214	135	21	offering	offer	VERB
ajtas-3214	135	22	tokenized	tokenized	ADJ
ajtas-3214	135	23	shares	share	NOUN
ajtas-3214	135	24	in	in	ADP
ajtas-3214	135	25	high	high	ADJ
ajtas-3214	135	26	-	-	PUNCT
ajtas-3214	135	27	quality	quality	NOUN
ajtas-3214	135	28	stones	stone	NOUN
ajtas-3214	135	29	.	.	PUNCT
ajtas-3214	136	1	thus	thus	ADV
ajtas-3214	136	2	,	,	PUNCT
ajtas-3214	136	3	investing	invest	VERB
ajtas-3214	136	4	in	in	ADP
ajtas-3214	136	5	precious	precious	ADJ
ajtas-3214	136	6	stones	stone	NOUN
ajtas-3214	136	7	represents	represent	VERB
ajtas-3214	136	8	a	a	DET
ajtas-3214	136	9	potentially	potentially	ADV
ajtas-3214	136	10	attractive	attractive	ADJ
ajtas-3214	136	11	hard	hard	ADJ
ajtas-3214	136	12	asset	asset	NOUN
ajtas-3214	136	13	class	class	NOUN
ajtas-3214	136	14	,	,	PUNCT
ajtas-3214	136	15	but	but	CCONJ
ajtas-3214	136	16	its	its	PRON
ajtas-3214	136	17	success	success	NOUN
ajtas-3214	136	18	requires	require	VERB
ajtas-3214	136	19	expert	expert	ADJ
ajtas-3214	136	20	selection	selection	NOUN
ajtas-3214	136	21	,	,	PUNCT
ajtas-3214	136	22	rigorous	rigorous	ADJ
ajtas-3214	136	23	certification	certification	NOUN
ajtas-3214	136	24	,	,	PUNCT
ajtas-3214	136	25	and	and	CCONJ
ajtas-3214	136	26	an	an	DET
ajtas-3214	136	27	understanding	understanding	NOUN
ajtas-3214	136	28	of	of	ADP
ajtas-3214	136	29	long	long	ADJ
ajtas-3214	136	30	-	-	PUNCT
ajtas-3214	136	31	term	term	NOUN
ajtas-3214	136	32	holding	hold	VERB
ajtas-3214	136	33	horizons	horizon	NOUN
ajtas-3214	136	34	.	.	PUNCT
ajtas-3214	137	1	the	the	DET
ajtas-3214	137	2	main	main	ADJ
ajtas-3214	137	3	risks	risk	NOUN
ajtas-3214	137	4	include	include	VERB
ajtas-3214	137	5	low	low	ADJ
ajtas-3214	137	6	liquidity	liquidity	NOUN
ajtas-3214	137	7	,	,	PUNCT
ajtas-3214	137	8	the	the	DET
ajtas-3214	137	9	possibility	possibility	NOUN
ajtas-3214	137	10	of	of	ADP
ajtas-3214	137	11	counterfeiting	counterfeiting	NOUN
ajtas-3214	137	12	,	,	PUNCT
ajtas-3214	137	13	the	the	DET
ajtas-3214	137	14	need	need	NOUN
ajtas-3214	137	15	to	to	PART
ajtas-3214	137	16	comply	comply	VERB
ajtas-3214	137	17	with	with	ADP
ajtas-3214	137	18	esg	esg	NOUN
ajtas-3214	137	19	requirements	requirement	NOUN
ajtas-3214	137	20	,	,	PUNCT
ajtas-3214	137	21	and	and	CCONJ
ajtas-3214	137	22	the	the	DET
ajtas-3214	137	23	impact	impact	NOUN
ajtas-3214	137	24	of	of	ADP
ajtas-3214	137	25	technological	technological	ADJ
ajtas-3214	137	26	changes	change	NOUN
ajtas-3214	137	27	,	,	PUNCT
ajtas-3214	137	28	such	such	ADJ
ajtas-3214	137	29	as	as	ADP
ajtas-3214	137	30	the	the	DET
ajtas-3214	137	31	proliferation	proliferation	NOUN
ajtas-3214	137	32	of	of	ADP
ajtas-3214	137	33	lab	lab	NOUN
ajtas-3214	137	34	-	-	PUNCT
ajtas-3214	137	35	grown	grow	VERB
ajtas-3214	137	36	american	american	ADJ
ajtas-3214	137	37	journal	journal	NOUN
ajtas-3214	137	38	of	of	ADP
ajtas-3214	137	39	technology	technology	NOUN
ajtas-3214	137	40	and	and	CCONJ
ajtas-3214	137	41	applied	apply	VERB
ajtas-3214	137	42	sciences	science	NOUN
ajtas-3214	137	43	43	43	NUM
ajtas-3214	137	44	,	,	PUNCT
ajtas-3214	137	45	december	december	PROPN
ajtas-3214	137	46	2025	2025	NUM
ajtas-3214	137	47	p	p	NOUN
ajtas-3214	137	48	a	a	DET
ajtas-3214	137	49	g	g	NOUN
ajtas-3214	137	50	e	e	NOUN
ajtas-3214	137	51	|	|	ADV
ajtas-3214	137	52	42	42	NUM
ajtas-3214	137	53	www.americanjournal.org	www.americanjournal.org	NOUN
ajtas-3214	137	54	diamonds	diamond	NOUN
ajtas-3214	137	55	(	(	PUNCT
ajtas-3214	137	56	lgds	lgds	NOUN
ajtas-3214	137	57	)	)	PUNCT
ajtas-3214	137	58	.	.	PUNCT
ajtas-3214	138	1	the	the	DET
ajtas-3214	138	2	outlook	outlook	NOUN
ajtas-3214	138	3	is	be	AUX
ajtas-3214	138	4	most	most	ADV
ajtas-3214	138	5	favorable	favorable	ADJ
ajtas-3214	138	6	for	for	ADP
ajtas-3214	138	7	rare	rare	ADJ
ajtas-3214	138	8	colored	colored	ADJ
ajtas-3214	138	9	stones	stone	NOUN
ajtas-3214	138	10	and	and	CCONJ
ajtas-3214	138	11	specimens	specimen	NOUN
ajtas-3214	138	12	with	with	ADP
ajtas-3214	138	13	transparent	transparent	ADJ
ajtas-3214	138	14	origins	origin	NOUN
ajtas-3214	138	15	,	,	PUNCT
ajtas-3214	138	16	and	and	CCONJ
ajtas-3214	138	17	further	further	ADJ
ajtas-3214	138	18	standardization	standardization	NOUN
ajtas-3214	138	19	and	and	CCONJ
ajtas-3214	138	20	the	the	DET
ajtas-3214	138	21	creation	creation	NOUN
ajtas-3214	138	22	of	of	ADP
ajtas-3214	138	23	index	index	NOUN
ajtas-3214	138	24	-	-	PUNCT
ajtas-3214	138	25	linked	link	VERB
ajtas-3214	138	26	instruments	instrument	NOUN
ajtas-3214	138	27	could	could	AUX
ajtas-3214	138	28	improve	improve	VERB
ajtas-3214	138	29	the	the	DET
ajtas-3214	138	30	investment	investment	NOUN
ajtas-3214	138	31	appeal	appeal	NOUN
ajtas-3214	138	32	of	of	ADP
ajtas-3214	138	33	the	the	DET
ajtas-3214	138	34	entire	entire	ADJ
ajtas-3214	138	35	segment	segment	NOUN
ajtas-3214	138	36	.	.	PUNCT
ajtas-3214	139	1	references	reference	NOUN
ajtas-3214	139	2	1	1	NUM
ajtas-3214	139	3	.	.	PUNCT
ajtas-3214	139	4	shanos	shanos	PROPN
ajtas-3214	139	5	group	group	NOUN
ajtas-3214	139	6	.	.	PUNCT
ajtas-3214	140	1	gemstone	gemstone	NOUN
ajtas-3214	140	2	investment	investment	NOUN
ajtas-3214	140	3	opportunities	opportunity	NOUN
ajtas-3214	140	4	[	[	PUNCT
ajtas-3214	140	5	electronic	electronic	ADJ
ajtas-3214	140	6	resource	resource	NOUN
ajtas-3214	140	7	]	]	PUNCT
ajtas-3214	140	8	.	.	PUNCT
ajtas-3214	141	1	–	–	PUNCT
ajtas-3214	141	2	access	access	NOUN
ajtas-3214	141	3	mode	mode	NOUN
ajtas-3214	141	4	:	:	PUNCT
ajtas-3214	141	5	https://shanosgroup.com/investment-opportunities/gemstone-investment/	https://shanosgroup.com/investment-opportunities/gemstone-investment/	NUM
ajtas-3214	141	6	(	(	PUNCT
ajtas-3214	141	7	date	date	NOUN
ajtas-3214	141	8	of	of	ADP
ajtas-3214	141	9	access	access	NOUN
ajtas-3214	141	10	:	:	PUNCT
ajtas-3214	141	11	15.10.2025	15.10.2025	NUM
ajtas-3214	141	12	)	)	PUNCT
ajtas-3214	141	13	.	.	PUNCT
ajtas-3214	142	1	2	2	X
ajtas-3214	142	2	.	.	X
ajtas-3214	142	3	renneboog	renneboog	NOUN
ajtas-3214	142	4	l	l	NOUN
ajtas-3214	142	5	.	.	PUNCT
ajtas-3214	142	6	,	,	PUNCT
ajtas-3214	142	7	spaenjers	spaenjers	PROPN
ajtas-3214	142	8	c.	c.	PROPN
ajtas-3214	142	9	investing	invest	VERB
ajtas-3214	142	10	in	in	ADP
ajtas-3214	142	11	diamonds	diamond	NOUN
ajtas-3214	142	12	[	[	X
ajtas-3214	142	13	electronic	electronic	ADJ
ajtas-3214	142	14	resource	resource	NOUN
ajtas-3214	142	15	]	]	PUNCT
ajtas-3214	142	16	.	.	PUNCT
ajtas-3214	143	1	–	–	PUNCT
ajtas-3214	143	2	researchgate	researchgate	NOUN
ajtas-3214	143	3	,	,	PUNCT
ajtas-3214	143	4	2015	2015	NUM
ajtas-3214	143	5	.	.	PUNCT
ajtas-3214	144	1	–	–	PUNCT
ajtas-3214	144	2	access	access	NOUN
ajtas-3214	144	3	mode	mode	NOUN
ajtas-3214	144	4	:	:	PUNCT
ajtas-3214	144	5	https	https	NOUN
ajtas-3214	144	6	:	:	PUNCT
ajtas-3214	144	7	//	//	NUM
ajtas-3214	144	8	www	www	PROPN
ajtas-3214	144	9	.	.	PUNCT
ajtas-3214	145	1	researchgate	researchgate	NOUN
ajtas-3214	145	2	.	.	PUNCT
ajtas-3214	146	1	net	net	ADJ
ajtas-3214	146	2	/	/	SYM
ajtas-3214	146	3	publication	publication	NOUN
ajtas-3214	146	4	/277359324	/277359324	PUNCT
ajtas-3214	147	1	_	_	PRON
ajtas-3214	147	2	investing	invest	VERB
ajtas-3214	147	3	_	_	PUNCT
ajtas-3214	147	4	in	in	ADP
ajtas-3214	147	5	_	_	PUNCT
ajtas-3214	147	6	diamonds	diamond	NOUN
ajtas-3214	147	7	(	(	PUNCT
ajtas-3214	147	8	date	date	NOUN
ajtas-3214	147	9	of	of	ADP
ajtas-3214	147	10	access	access	NOUN
ajtas-3214	147	11	:	:	PUNCT
ajtas-3214	147	12	16.10.2025	16.10.2025	NUM
ajtas-3214	147	13	)	)	PUNCT
ajtas-3214	147	14	3	3	NUM
ajtas-3214	147	15	.	.	PUNCT
ajtas-3214	147	16	business	business	NOUN
ajtas-3214	147	17	money	money	NOUN
ajtas-3214	147	18	.	.	PUNCT
ajtas-3214	148	1	valuation	valuation	NOUN
ajtas-3214	148	2	metrics	metric	NOUN
ajtas-3214	148	3	for	for	ADP
ajtas-3214	148	4	investment	investment	NOUN
ajtas-3214	148	5	-	-	PUNCT
ajtas-3214	148	6	grade	grade	NOUN
ajtas-3214	148	7	gemstones	gemstone	NOUN
ajtas-3214	148	8	:	:	PUNCT
ajtas-3214	148	9	what	what	PRON
ajtas-3214	148	10	financial	financial	ADJ
ajtas-3214	148	11	advisors	advisor	NOUN
ajtas-3214	148	12	should	should	AUX
ajtas-3214	148	13	know	know	VERB
ajtas-3214	148	14	[	[	PUNCT
ajtas-3214	148	15	electronic	electronic	ADJ
ajtas-3214	148	16	resource	resource	NOUN
ajtas-3214	148	17	]	]	PUNCT
ajtas-3214	148	18	.	.	PUNCT
ajtas-3214	149	1	–	–	PUNCT
ajtas-3214	149	2	business-money.com	business-money.com	NOUN
ajtas-3214	149	3	,	,	PUNCT
ajtas-3214	149	4	2024	2024	NUM
ajtas-3214	149	5	.	.	PUNCT
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ajtas-3214	150	4	:	:	PUNCT
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ajtas-3214	150	9	:	:	PUNCT
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ajtas-3214	150	11	)	)	PUNCT
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ajtas-3214	151	10	:	:	PUNCT
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ajtas-3214	151	13	on	on	ADP
ajtas-3214	151	14	rare	rare	ADJ
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ajtas-3214	151	17	gems	gem	NOUN
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ajtas-3214	152	8	.	.	PUNCT
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ajtas-3214	153	4	:	:	PUNCT
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ajtas-3214	153	6	(	(	PUNCT
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ajtas-3214	153	9	:	:	PUNCT
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ajtas-3214	153	11	)	)	PUNCT
ajtas-3214	153	12	.	.	PUNCT
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ajtas-3214	154	2	.	.	X
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ajtas-3214	154	7	c.	c.	PROPN
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ajtas-3214	154	11	[	[	X
ajtas-3214	154	12	electronic	electronic	ADJ
ajtas-3214	154	13	resource	resource	NOUN
ajtas-3214	154	14	]	]	PUNCT
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ajtas-3214	155	1	–	–	PUNCT
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ajtas-3214	155	6	,	,	PUNCT
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ajtas-3214	155	8	.	.	PUNCT
ajtas-3214	156	1	–	–	PUNCT
ajtas-3214	156	2	mode	mode	NOUN
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ajtas-3214	156	4	:	:	PUNCT
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ajtas-3214	156	6	(	(	PUNCT
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ajtas-3214	156	9	:	:	PUNCT
ajtas-3214	156	10	17.10.2025	17.10.2025	NUM
ajtas-3214	156	11	)	)	PUNCT
ajtas-3214	156	12	.	.	PUNCT
ajtas-3214	157	1	6	6	NUM
ajtas-3214	157	2	.	.	X
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ajtas-3214	157	5	,	,	PUNCT
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ajtas-3214	157	7	c.	c.	PROPN
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ajtas-3214	157	12	:	:	PUNCT
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ajtas-3214	158	6	,	,	PUNCT
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ajtas-3214	158	8	.	.	PUNCT
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ajtas-3214	159	3	.	.	PUNCT
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ajtas-3214	161	4	:	:	PUNCT
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ajtas-3214	161	6	(	(	PUNCT
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ajtas-3214	161	9	:	:	PUNCT
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ajtas-3214	161	11	)	)	PUNCT
ajtas-3214	161	12	.	.	PUNCT
ajtas-3214	162	1	7	7	X
ajtas-3214	162	2	.	.	X
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ajtas-3214	163	1	–	–	PUNCT
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ajtas-3214	163	3	.	.	PUNCT
ajtas-3214	164	1	–	–	PUNCT
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ajtas-3214	165	2	,	,	PUNCT
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ajtas-3214	165	6	.	.	X
ajtas-3214	165	7	–	–	PUNCT
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ajtas-3214	165	9	access	access	NOUN
ajtas-3214	165	10	:	:	PUNCT
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ajtas-3214	166	5	:	:	PUNCT
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ajtas-3214	166	7	)	)	PUNCT
ajtas-3214	166	8	.	.	PUNCT
ajtas-3214	167	1	8	8	X
ajtas-3214	167	2	.	.	X
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ajtas-3214	167	11	:	:	PUNCT
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ajtas-3214	167	37	–	–	PUNCT
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ajtas-3214	167	40	:	:	PUNCT
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ajtas-3214	167	45	:	:	PUNCT
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ajtas-3214	168	1	9	9	X
ajtas-3214	168	2	.	.	X
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ajtas-3214	168	6	.	.	PUNCT
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ajtas-3214	170	2	mode	mode	NOUN
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ajtas-3214	170	4	:	:	PUNCT
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ajtas-3214	170	6	/	/	SYM
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ajtas-3214	170	8	/	/	SYM
ajtas-3214	170	9	insights	insight	NOUN
ajtas-3214	170	10	on	on	ADP
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ajtas-3214	170	14	(	(	PUNCT
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ajtas-3214	170	17	:	:	PUNCT
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ajtas-3214	172	4	,	,	PUNCT
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ajtas-3214	172	6	–	–	PUNCT
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ajtas-3214	172	8	mode	mode	NOUN
ajtas-3214	172	9	:	:	PUNCT
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ajtas-3214	172	11	:	:	PUNCT
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ajtas-3214	177	2	%	%	NOUN
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ajtas-3214	179	2	.	.	PUNCT
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ajtas-3214	182	3	.	.	PUNCT
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ajtas-3214	183	9	:	:	PUNCT
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ajtas-3214	185	1	|	|	ADV
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ajtas-3214	185	5	.	.	PUNCT
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ajtas-3214	186	4	.	.	PUNCT
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ajtas-3214	187	5	[	[	X
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ajtas-3214	188	2	mode	mode	NOUN
ajtas-3214	188	3	access	access	NOUN
ajtas-3214	188	4	:	:	PUNCT
ajtas-3214	188	5	https	https	NOUN
ajtas-3214	188	6	:	:	PUNCT
ajtas-3214	188	7	//	//	NUM
ajtas-3214	188	8	www	www	PROPN
ajtas-3214	188	9	.	.	PUNCT
ajtas-3214	189	1	grandviewresearch	grandviewresearch	PROPN
ajtas-3214	189	2	.	.	PUNCT
ajtas-3214	190	1	com	com	NOUN
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ajtas-3214	190	4	analysis	analysis	NOUN
ajtas-3214	190	5	/	/	SYM
ajtas-3214	190	6	gemstones	gemstone	NOUN
ajtas-3214	190	7	market	market	NOUN
ajtas-3214	190	8	report	report	NOUN
ajtas-3214	190	9	(	(	PUNCT
ajtas-3214	190	10	date	date	NOUN
ajtas-3214	190	11	accesses	access	VERB
ajtas-3214	190	12	:	:	PUNCT
ajtas-3214	190	13	10/20/2025	10/20/2025	NUM
ajtas-3214	190	14	)	)	PUNCT
ajtas-3214	190	15	.	.	PUNCT
ajtas-3214	191	1	13	13	NUM
ajtas-3214	191	2	.	.	PUNCT
ajtas-3214	191	3	gemological	gemological	PROPN
ajtas-3214	191	4	institute	institute	PROPN
ajtas-3214	191	5	of	of	ADP
ajtas-3214	191	6	america	america	PROPN
ajtas-3214	191	7	(	(	PUNCT
ajtas-3214	191	8	gia	gia	PROPN
ajtas-3214	191	9	)	)	PUNCT
ajtas-3214	191	10	.	.	PUNCT
ajtas-3214	192	1	update	update	NOUN
ajtas-3214	192	2	on	on	ADP
ajtas-3214	192	3	laboratory	laboratory	NOUN
ajtas-3214	192	4	-	-	PUNCT
ajtas-3214	192	5	grown	grow	VERB
ajtas-3214	192	6	diamonds	diamond	NOUN
ajtas-3214	192	7	[	[	X
ajtas-3214	192	8	electronic	electronic	ADJ
ajtas-3214	192	9	resource	resource	NOUN
ajtas-3214	192	10	]	]	PUNCT
ajtas-3214	192	11	.	.	PUNCT
ajtas-3214	193	1	–	–	PUNCT
ajtas-3214	193	2	gia	gia	NOUN
ajtas-3214	193	3	research	research	NOUN
ajtas-3214	193	4	reports	report	NOUN
ajtas-3214	193	5	,	,	PUNCT
ajtas-3214	193	6	summer	summer	NOUN
ajtas-3214	193	7	2024	2024	NUM
ajtas-3214	193	8	.	.	PUNCT
ajtas-3214	194	1	–	–	PUNCT
ajtas-3214	194	2	mode	mode	NOUN
ajtas-3214	194	3	access	access	NOUN
ajtas-3214	194	4	:	:	PUNCT
ajtas-3214	194	5	https://www.gia.edu/doc/summer2024-gia-update-on-laboratory-grown-diamonds.pdf	https://www.gia.edu/doc/summer2024-gia-update-on-laboratory-grown-diamonds.pdf	NOUN
ajtas-3214	194	6	(	(	PUNCT
ajtas-3214	194	7	date	date	NOUN
ajtas-3214	194	8	accesses	access	VERB
ajtas-3214	194	9	:	:	PUNCT
ajtas-3214	194	10	10.21.2025	10.21.2025	NUM
ajtas-3214	194	11	)	)	PUNCT
ajtas-3214	194	12	.	.	PUNCT
ajtas-3214	195	1	14	14	NUM
ajtas-3214	195	2	.	.	X
ajtas-3214	196	1	kimberley	kimberley	PROPN
ajtas-3214	196	2	process	process	NOUN
ajtas-3214	196	3	certification	certification	NOUN
ajtas-3214	196	4	scheme	scheme	NOUN
ajtas-3214	196	5	.	.	PUNCT
ajtas-3214	197	1	official	official	ADJ
ajtas-3214	197	2	website	website	NOUN
ajtas-3214	197	3	and	and	CCONJ
ajtas-3214	197	4	annual	annual	ADJ
ajtas-3214	197	5	publications	publication	NOUN
ajtas-3214	197	6	[	[	X
ajtas-3214	197	7	electronic	electronic	ADJ
ajtas-3214	197	8	resource	resource	NOUN
ajtas-3214	197	9	]	]	PUNCT
ajtas-3214	197	10	.	.	PUNCT
ajtas-3214	198	1	–	–	PUNCT
ajtas-3214	198	2	mode	mode	NOUN
ajtas-3214	198	3	access	access	NOUN
ajtas-3214	198	4	:	:	PUNCT
ajtas-3214	198	5	https://www.kimberleyprocess.com/	https://www.kimberleyprocess.com/	ADJ
ajtas-3214	198	6	(	(	PUNCT
ajtas-3214	198	7	date	date	NOUN
ajtas-3214	198	8	accesses	access	VERB
ajtas-3214	198	9	:	:	PUNCT
ajtas-3214	198	10	10.21.2025	10.21.2025	NUM
ajtas-3214	198	11	)	)	PUNCT
ajtas-3214	198	12	.	.	PUNCT