The Daily times. [volume] (Richmond, Va.) 1886-1889, 1888-10-26
BUYING PRECIOUS STONES
Lonaou ana Paris Arc the Markets for
Sale-Tricks Of the Trade.

As no diamonds are produced in Nortl
America. the supply must come from
foreign markets. The temptation L
smuggle would he great were it not tina,
the government has wisely placed the
duty on all cut and unset precious stones
ut the nominal rate O! 10 per cent. This
low rate secures more income from this
source than tariff of % per cent. OF
more, as the incentive to smugglc is not
sufficient to tempt any but the most ava
racious or foolhardy among importers
10 buy diamonds, and the same may
be said of all other precious stones and
pearls, in Europe advantageously the
buyer must he sufficiently well informed
from long practice in buying in these
markets and from al special study of the
nature of precious stones, to enable him
to place correct values on parcels sub
mitted for his inspection. The novice,
or one having only the limited knowl-
edge Of the subject of gems which is ac-
quired by occasionally handling them.
cannot possess the qualifications needed
to deal successfully with the "sharpest"
and shrewdest lot Of merchants and
brokers in any line Of trade, as the dia-
mond merchants and brokers of Hatten
Garden and Paris are admitted to be.
Amsterdam is the great workshop
where most Of the diamond cutting has
been done for centuries. Antwerp,
HARLEM, London and other places now
cut large quantities Of diamonds. while
London has always led in the cutting and
polishing Of the fine colored stones like
the ruby, sapphire and emerald.
Although Amsterdam cuts large per-
centage of stones, the markets for their
sale are London and Paris. Not only
are the large stocks Of cut and uncut
diamonds owned in these cities, but the
controlling interest in the mines is owned
here also. On the discovery Of the great
deposits Of diamonds in Africa mining
was done by claim owners, who were
known rs ''diggers.n Now these claims
are owned by several corporations hav-
ing headquarters in London and Paris,
and these corporations regulate the pro-
duction of the mines. Prices are thus
kept at more uniform rates and a break
in the market is prevented. If there
should be a sharp demand in Paris stocks
are sent over from London, and vice
versa. Brokers are the mediums through
which most transactions in precious
stones are made The craft is made up
from both sexes. The writer has recol.
lections of quite extensive transactions
with a female diamond broker, who dis
PLAYED as much shrcwlness ana business
intelligence as any of the male members
of the profession he has met.
There are tricks Of the trade in
Vulnerable. One CONSISTS in showing
the very lowest grade Of stones first, SO
that when at last rather inferior grade
is reached by a crescendo process the
buyer becomes somewhat confused in his
efforts to fix in his eye tie exact quality
under examination. For aid in selecting
very high grade diamonds a test stone
Of known quality is invaluable.
Diamonds Of staple or medium quail
ity. ranging from one grain to six grains,
or from one-half to one and one-half
carats weight, may be purchased as ad-
NantageOusly OF the New 1OIk importers
rs in the foreign market, but the larger
and finer grades are found in London and
Paris in much greater quantities, giving
Il wider choice for the judicious buyer
In these higher grades there are very
slight fluctuations in prices from year to
year, and therefore as an investment
they are the better goods to buy, particu-
larly when they are well bought.
Even in so large a market as London,
if dealer wants a pair of unusually fine
gems or a very fine solitaire, it is not
prudent to place an order with more than
one broker, for if two or more are started
on the hunt a process Of bidding against
one another ensues and prices 90 up.
The "still hunt" is the most profitable.
Should a ruby of three carats and the
finest quality be desired, the intending
purchaser would fTd it necessary to wait
perhaps for months before such q stone
could be found, and then at first hands
L would cost the price Of kings ran
som-say about the ransom Of Sand
wich Island king-$lO. 1000 Edward j.
Smith in Detroit Free Press.