Alpena weekly argus. [volume] (Alpena, Mich.) 1871-1893, 1884-10-29
The Diamond Trade.

What has become of all the diamonds
mined from the earliest times Is ques-
ton to which no detcrminate answer
can be given. Some have been buried
to escape the ruthless grasp Of invaders,
others lie at the bottom OF the ocean,
while considerable quota has been lots
by fire and other accidents. Allowing
for disappearance by these causes, dia-
monds of an incalculable aggregate
value must be stored in private hands.
India is suspected by many as being the
great absorber. The old mine stones of
extreme beauty and value, and which
never fall off in price-stones gathered
ages since-are still objects OF search
in European Turkey and throughout
Central Asia, and are among acquisi-
tons. A larger proportion Of tho dia-
monds which has constituted the stock
of trade since 1870 has come from the
South African diamond fields, fortu-
nate resource after the comparative OK
haustion of the India and Brazil minos.
Brazil supplies limited qualities of ex-
tremely fine stones; so also Ceylon. The
stones from India are bought at all
prices. The South African yield is not
confined, according to the general i'm
preston, to medium and low grades.
Large London and Paris houses have
travelling and residential buyers in In
dia, Turkey and other countries. The
product of the Kimberly mines, which
occupy an area of one and n quarter
square miles, with those of other neigh
boring mines, and are worked by a
number of companies with an aggre-
gate capital of S32 900, 900, is controlled
by London, French and Dutch syndi-
Gates, whose buyers are on the spot, and
whose prices at times greatly differ.
The aim of each is to consolidate, as
far as possible, mining interests in its
favor, while they unite in action taken
to certain extent. They are always
ready to make advances when mines
are working ut loss, or to place
goods on the market which they have
not succeeded in buying up, secur-
ing themselves by n broad margin on
the sums advanced. The principal
market for rough diamonds in London.
These are mainly cut in Amsterdam and
Antwerp. The former city has six thou
sand cutters of unsurpassed reputation.
Large steam-factories for cutting have
been established there, each containing
several hundred machines. The bust
ness is singularly individualizcd, the
cutters separately, or in combination
with others of the craft, buying and sell
ing stones. As this country is getting
to be an important diamond market,
there is no reason why New York should
not hereafter do most of its cutting.
Fine qualities of diamonds, those
which are not off-color and in other re-
oil lint ,,n,.fn.f
scarcer. particularly blue-whitc. Prices
of all grades have steadily advanced
since the curtailment of the South Afri-
can supply. Diamonds in the rough of
low grade that brought ut the South AZ
rican mines in February last thirty shil-
lings per carat now realize fifty-two
shillDgs sixpence. The stock held here
is larger than usual, advantage having
been taken by our importers of the low
prices then prevailing in the European
diamond marts in anticipation of more
than ordinary active trade. In the last
two months the advance on rough
stones has been fully forty per cent,
and on cut stones, which are but half
the original bulk through the process of
cutting, twenty per cent. Prices are
still going up, there being no prospect
of full operations being resumed at Kim
berly mines for n year or more. While
values are variable among the syndicatos
Mt the Cape, they maintain a certain uni
formity in the European centcrs Of the
trade. The business of buyers is thus
mainly in suitable selections. Trans
fers are continually taking place between
these centcrs, no customs duties inter-
fering. An intending buyer will often
have the very same parcel he has in
spected in Paris submitted to him in
London. a few months ago, trade be-
ing dull here and prices of, it might
have paid to re-eXport diamonds to Paris
or London, but the narrow mar
gin of the profit, with duty paid, did not
| Justify the venture. The improving
scale OF the American trade is in part
due to the circumstance that the wear of
diamonds by ladies is not confined in
the United States, as in Europe to dress
occavions. The American trade limits
its purchases to well-cut stones. and re-
tail diamond dealers abroad and at home
agree that of all purchasers Americans
are most appreciative and critical.
A circumstance that facilitates assess
ment of values in this line is that when
| tllt tNtS nstNC DtCOlllt w ~
fine diamond any inferior grade as to
form and brilliancy can at once be de-
tected. New York, as the great dia-
mond center of the country, necessarily
receives the great bulk of importatons.
The import trade in diamonds has more
than trobled the past ten years, The
Treasury customs returns blend fancy
stones and diamonds under the head of
precious stones. The latter do not
amount to a tenth of the aggregate value
stated. The aggregate value of ''pre-
cious stones" in the last three official
years was as follows: Year ended June
80, 1880, S6,69S, 4S8; 1891, SS,090,411;
1882, SS,4i4,525. A moderate number
of rough stones are imported, as those
escape all duty, and the services of ex-
pert cutters are now obtainable here.
The former duty of fifteen per. cent on
loose stones, cut, was unchanged by the
amended tariff. The mounting of dia-
monds. bringing them within the classifi-
cation of jewelry, entails duty of twenty-
five per cent. and so prevents the importa-
ton of jewelry in which diamonds are
set, except for patterns. The chief retail
trade is that of New York, which Is fol-
lowed, in the order named, by Boston,
Philadelphia, Chicago and st. Louis A
leading demand in the West Is for large,
fine diamonds.
The preference of the wealthy in Eu-
rope for precious fancy stones-such as
rubies, sapphires, emcralds, cats eyes
over diamonds, gives signs of being fol-
lowed here by persons of wealth, pur-
chases being, of course, confined to
vcritablc gems. Aperfect, fine, pigeon
blood ruby is, indeed, more valuable
than a diamond of the same weight.