The morning news. [volume] (Savannah, Ga.) 1887-1900, 1899-07-24
DIAMONDS GROW DEARER.
The Imports Unprecedented, Not
withstRndinR High Prices.
From the New York Sun.

From the New YORK Sun.
The English syndicate controlling the
rich diamond mines Of South Africa few
days ago declared a half years dividend
OF 20 per cent, and yesterday II made an
other advance in the price of diamonds of
per cent This viii make an advance of
one-fourth in the past few months, and
diamond which sold last fall for 800 will
sell to-day for $l25 The young man saw
ing up money TO buy q solitaire ring had
better make his purchase right away, for
further advances are coming. Diamonds
have been going up ever since the syndi-
cate got hold OF the South African mines,
and the syndicate Is going right on declar-
ing big dividends and advancing prices.
The American demand for diamonds and
precious stones has grown remarkably in
the last few years 1t Is one of the signs
of fat pocketbooks. In the year just closed
the imports of diamonds and precious
stones al the port of New York reached
the enormous figure Of $20,0000O0. In the
calendar year 1896 the imports were 1885,
900; in 1897 they were 81 $4,000, while last
year the total was 1909. 600. Speaking of
the 500 900, 900 imports in the last fiscal year
the jewelers. Circular says:
This figure cannot be equalled by that
of any previous recorded year. not even
the year just preceding the Worlds Column
precious stones were imported to be used
in jewels for exposition purposes. The rea-
sons for this unprecedented state of af-
fairs are not hard to find. First and fore
most is the universal prosperity of the
country, bringing with 1t increased de-
mand for costly articles. Second, the
healthy condition of the precious stone inn
porting business itself, its freedom from IL
legitimate practices which were engender-
ed and fostered by an unreasonable and
unwise tariff schedule; and, third, the In
creased import prices Of diamonds, pearls,
rubies, emeralds and precious stones gem
orally. On the basis OF the cost of prec-
ious stones In previous years the figures
for the fiscal year of 1899-$0, 0i9, 051. 2S--
would be from is TO % per cent. less or
about 100000 itself an unprecedented
statistical figure Of its scope. From this
array the reader must not infer that the
fewelry importers, manufacturers and
dealers are garnering fortunes, but he has
reason to infer that an active business Is
being done in jeweiry in its various
phases"
Anticipating the advance in the prices of
diamonds American importers have been
making large purchases. The imports last
month OF diamonds and precious stones
were 81 10000 three times as large as In
June 1885 and over twenty-five times as
large as the imports two years ago. Over
81 10000 worth Of uncut stones were re-
ceived at this port last month, more than
81 100000 increase over June 1898.
Stories come across from London that the
De Beers Consolidated Mines are not pro-
ducing as many diamonds formerly. and
that the output Of these South African
mines will steadily decrease SO far the
experts have been unable 70 locate mines
in other parts Of the world and Il now APP
pears that the growing demand must bs
met by the decreasing South African out
put The English syndicate controlling
the De Beers mines says that II must pro-
tect itself against a future scarcity by
raising prices. 1t now places on the mar
ket limited quantity IA, 10000 worth
a year As this syndicate controls the
diamond output II rules the market The
syndcate's net profit in the fiscal year
Just closed was f2.l34O00, out Of which
the 90 per cent. dividend stock took only
fl 579,5S2. The syndicate may be expected
to make advances in August and Septem-
Der, and diamond merchants downtown
say that diamonds are a better invest
ment now than government bonds.