The Princeton union. [volume] (Princeton, Minn.) 1876-1976, 1906-01-18
America as a Diamond Buyer.

Z - - - ASSAA4OAA&A y
More than $4,000, coo worth of dia-
a1onds and other precious stones were
imported into the United States ia
1903. This importation of diamonds
and precious stones is by far the lar
gest for one year il the history Of the
United States, the high water mark in
earlier years having been $2S,5OOOGO
in 1903, while 1904 showed but So7.-
1000.
1t was not until the year 1901 that
imports of diamonds and other precious
stones ever passed the $20,OOOO0O
mark. In the period from 1888 to 1892
the lmportations of diamonds and 9th
er precious stones averaged about $12,-
COO,oOO per annum. With the depres-
sion which followed, however, the inn
portation dropped to about $7,5OO,OOO
in 1894 and a little less than $5,0OO,0OO
in 1896 and to about $6,5O0,OOO in 1897,
but began to increase in 1898, when it
reached nearly $1O,O0O,O0O, and was by
1899 $16,5O0,O0O in value, in 1901 more
than S23000,00O, in 1908 SOS, 100000, in
1904 $27,75O,O0O and in 1905, as al
ready indicated, over $36OOO,OOO.
This group, diamonds and other pre-
cious stones" which aggregate $780,
100000 in the imports Of the year 1905,
is composed chiefly Of diamonds, the
"other precious stones forming but
about one-ffth of the total value of
the group. It is probable that the
value Of diamonds alone brought into
this country during the year amounted
to nearly or quite $3000O,O0O and the
''other precious stones" approximately
100000.
One interesting feature Of the record
Of diamond importations shown by the
department of commerce and labor
through its bureau of statistics is the
rapid growth which has occurred in
that group Of diamonds classified as
diamonds uncut At attempt was
made few years ago to establish a
diamond cutting industry in the United
States, and this has apparently been
extremely successful, since the value
Of uncut diamonds imported has great
~ increased during the last decade. In
1886 the value Of uncut diamonds i'm
ported into the United States was
$7S,S15, in 1897 practically $1,5O0,OOO,
in 1888 about $2,50O,OOO, in 1890 over
$4,000 900, in 1901 about $6,5OO,OOO, in
1902 over $S,00OOOO, in 1903 over $1O,-
100000 and in 1905 something over
$1O,OO0,OOO.
The growth of the diamond cutting
industry in the United States is evil
denced not only by the increase in the
importation of uncut diamonds, but
also by the census figures, showing
that the number Of persons engaged
in "lapidary work. increased from
90 in 1896 to 1913 in 1900, and the
value of the material used increased
from $124,S52 in 1890 to $4,655, 765
in 1900, and the value of products
grew from $315,6O4 in 1890 to So
786,291 in 1900. The value Of uncut
diamonds imported in the decade end
ing with 1905 aggregated about $780,
100000.
The United States is the largest dia-
mond importing country in the world,
especially when the imports for domes-
tic consumption, or, in other words, for
permanent ownership by her people,
are considered. Certain of the European
countries, notably the Netherlands,
Great Britain and France, import large
quantities Of diamonds, but these are
for re-eXportation. a writer in the En-
cyclopedia Americana, issued in 1903,
states that one-third of / !, entire
amount Of cut stones Of the world are
owned in the United States, and anoth-
er writer in the same volume estimates
the value of all the diamonds known to
exist in the world today at 81, OOO, OOO,-
600 and adds that about 5OO,0O0,OO0
worth are owned in the United States
and that therefore it may safely be
said that one-half Of all the diamonds
known are owned in the United
States