Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-04-07
NO SLUMP IN DIAMONDS.
Local Jeweler Declares Reports to
Contrary Are Absurd.


Recent reports that the price of dia-
monds was on the decline are character
lied as absurd by Salvatore Desio, the F
street jeweler. In support of his opinion
Mr.. Desio said to a Star reporter today:
The jewelers. board of trade whose
membership comprises nearly all the i'm
portant firms in the diamond business,
jewelry and kindred trades throughout the
country, in view of the many recent
statements appearing in the daily press
concerning the future prices of diamonds,
and in order to correct any misappre-
hension on the part of the public and the
trade because of newspaper reports, has
made most careful investigation of this
subject, and desiring to put the situation
briefly and fairly before the public SUBJ
mits the following statement:
g The mining of diamonds for the con-
sumption of the entire world or say about
81 per cent of all the diamonds mined. Is
in the hands of only two corporations,
namely. the De Beers and the Premier
Diamond Mining Companies. the directors
of both of which are men of unquestioned
financial strength and keenly alive to the
industrial ana financial situation. both
here and abroad. Through a powerful
London syndicate the product of these
two companies is sold to the cutters
1T is to be remembered that the agree
ment between the De Beers Company and
the London syndicate remains in full
force and only the renewal of the agree
ment now existing between the Premier
Diamond Mining Company and the syndi-
cate is now being considered. but whether
the same is renewed or not the price Of
diamonds will not in the least be affected
because the officers of both the De Beers
and the Premier Diamond Mining Com
panes, well as the London syndicate
have given US positive assurances that
under all circumstances prices will be up
held. Assurances of this fact were cabled
March - all over the world direct from
the mining companies Offices in London
March p cable advices were received
here from London stating that the De
Beers and the Premier Diamond Mining
companies had made a contract in which
they agreed that there shall not be the
| slightest reduction from the present prices
of diamonds
These statements of all parties inter-
ested in this important industry must I'M
doubtedly evidence the fact that the same
conservative policy that has always pre-
vailed In the past will be firmly main
tanned.
:" In support of these statements II
might be mentioned that the agreement
between the London syndicate and the
Premier Diamond Mining Company has
only been in operation during the past
I'VE anu Hall HOulHS, ana DrlOr 10
that time the product of this company has
always been sold direct to the cutters and
no rupture has ever occurred between
these two companies the de Beers and
the Premier) during the many years that
this way of marketing their product has
been in vogue.
1t is unreasonable to assume that these
relations which for SO many years have
existed should all at once be interrupted
by the cutting OF prices. particularly when
| foot fJ,nt t1,A tiys@
industrial and commercial situation is i'm
proving