Telegram-herald., 1889-09-20
reE RlsE IN DIAMONDS.

..fIara dianon-d. lune -

corrkzoHr 1883.
Have diamonds gone app / should
say -. said l. Ludeke, the old
sims diamond porter Of New York.
no fact Is, be continued. "ths
Kimberly mines have been largely
consolidated. 90 that most oi the larger
mines arc nov operated - four or i've
CON panles. 10 surface aud upper
strata have been worked out 80 that IL
Is necessary 70 20 down 500 feet 10 get
the stones. which Are buried in the
mass or exchanging reef, the falling OF
v hlch Is o. freq uent occurrence. The
fields ase now controlled By ooJerie Of
London and Paris capitalists, and their
efforts - advance prices have been pro-
NOTED oy the large demand for these
goods OceasiOned o. the French Exposi-
ton, which demand has produced a
scarcity
only a very few stones are now found
IN the river, mOst or them being OBJ
tained from the blue clay. As is no
longer pays 70 work the mines of Brazil
or India. where only the smaller stones
are found, they are neglected. and the
market IS almost exclusively supplied
from South Africa. Ii may BE eonsid-
cred as impossible 20 work the Brazil
different In ls4s. when they picked up
the stones from tbs ground but surface
mining Is now thing OF the past, even
In south Africa. whore very costly ma
chinery is required for all mining oper-
ariOns. Not only the vast capital en-
baFked in the mines and the trade, but
also wealthy bankers Like the Roths-
childs and others, are interested In the
movement to buoy the market, II which,
likewise, Porges, the leading Paris
dealer In rough stones, is concerned. IL
Is impossible 20 bay rough stones and
cut them az present prices In Amster-
dam, where saSeral thousand persons
are engaged in This business, the high
price they are obliged 10 pay in London
for rough goods has caused a suspension
OF Sheir industry. / estimate the ad
vance in prices at twenty per cent"
Certain parties" said a large New
York importer, who control the output
OF stones from South Africa have co.'s
hined 20 sustain an advance in prices
This they can do in the absence of any
other appreciable source of supply. The
heavy operators have been working for
several years 10 obtain control of the
larger mines, and having at length done
SO, have not allowed their purpose 70
back the output OF rough stones. With
the increase Of price, the smaller mines,
which arc as yet uncontrolled by the
syndicate. can be worked 20 greater ad
vantage. The annual product OF the
South African mines now amounts 20
about ESQ, 00O, 900 in value. II is impCs-
sible 20 counteract the rising tendency,
as South Africa is the only present
source OF supply. In the twenty years
that have elapsed since the discovery OF
tho African mines. all other sources
have been exhausted. or can be worked
only at loss. But for the discovery of
the African fields, diamonds would now
be so scarce as 10 command a fabulous
price. The combination Of the dozen or
more larger mines is due 70 several
causes. Although IL is claimed that she
South African mines are practically in
exhaustible. there is apparently a desire
90 prepare for the day when they Will
be worked out. and postpone that event
as long as possible. The present ad-
vance looks like a movement TO keep
the market steady. and put an end to
the former luc cations in prices.
Hitherto. holders would frequently ac-
cumulste rough stones. only 20 precipi-
tate them upon the market. and cause
decline In prices. There has been a
steady rise ever since the present move
ment was inaugurated. The sudden
Jump now spoken Of Is more talk than
reality. as any dealer would discover by
trying 20 sell his stones IN Europe He
would then see that the diamonds would
fetch very Little more than they did last
spring.
Just 20 what point the present ad-
vance in prices will 20. it is impossible
20 say further than that the market
will be steady. without jumps or violent
fluctuations"
The American market is already
Influenced By the advance in Eu-
rope" said another old importer
The incrsese in prices is perfectly nat
ural and what may be expected. The
African mines are being worked "a
greater and greater depth and coase-
qusntly ats greater and greater expense.
This fact will cause diamonds 20 grow
steadily dearer sstA some new source
OF supply ~ opened. where mines can bs
worked as smaller expenditure OF
money. There Ia nothing In the matter
90 occasion alarm. The rise may be
estimated a. about twenty DE-, cent"
In some quarters the advance IS de-
noancet a. a combination Of capitalists.
One merchants compared il % the fish
market In which. though she sea il fall
OF ish. the magnets % toe trade control
the catch and 20 ssstain the prices at a
fZgre profitable 20 chem selves
GEOReE CTAREE