Evening star., 1924-07-05
DIAMOND MARKET
HAS FEW GUARDS
Exchange in Amsterdam
Gives Lie to Pictures of
Fiction Writers.
BY GEORGE r.. wITTE.
Core espondence Of The Star and the Ch.cas
Daily NeNA


Correspondence Of The Star and the CHA "a
Daily Sewa
AMSTERDAM, Holland. June 10
Wall street undoubtedly is the great
est money market in the world. the
board Of trade in Chicago standz M
rivaled as grain exchange; tas
postage stamp exchange in Paris IL
unique but the diamond exchange IN
Amsterdam is perhaps more fazcf-
mating and more romantic than anv
of them.
For centuries writer's Of senza-
tional fiction, including Victor Hugo
and Dumas, have conjured up visions
OF the diamond dealers quarters in
Amsterdam, picturing miserly shop
keepers in back rooms. gIoacing over
piles of glittering diamonds Usually.
too, scheming villain or bold gen.
tleman thief arrived on the scene.
1 had some of these pictures in
mind when 1 arrived at the building
of the Amsterdam Diamond Exchange
and expected to see a lot of heavily
armed guards, plain clothes police
entered through massive gates, and
all the other precautions that some
of the big American banks take
against thieves. But I saw nothing
of the kind.
Where Diamonds Are Sold.
is occupied by the main part of the
on three sides Although from the
street, scarcely six feet above your
head. you can see the diamond
traders displaying. their wares, see
the stones scintillating in the sun
shine. there are no iron bars to keep
out the highwayman.
Arrived inside. 1 asked to see ]. E.
Hillesum, president of the exchange,
with whom 1 had an appointment
The doorman told me that 1 would
find him in the main Offices on the
first floor: AS nobody offered to es-
cort me, I went by myself, somewhat
amazed at the lack of guards.
Escorted Around Building.
When ! expressed my desire to go
on the floor of the exchange Mr.
Hlliesum at once called one of his
assistants and assigned him to con-
duct me around the building
Like most trading exchanges, the
diamond exchange is a tumuit of
voices-not as noisy as the New York
or Chicago exchanges, but vibrant
men. Offering their diamonds or hae-
Swapping stories that cali for bois,
ferrous laughter. There were 500 or
700 dealers on the floor the day I
heads. One dealer from New York,
to whom 1 remarked about this, said
the exchange was known as the
Most of the men sat at tables long
enough to accommodate eight per-
sons. The tables were set length
wise from the big windows, thus af-
fo vh&
Invisible lines apparently divided the
floor into sections, where the gems
were sold according to their grade.
color and weight, or according as
they were cut or uncut.
United States Best Customer.
AS we walked from one table to
another saw thousands Of diamonds
in all shapes and forms. The bigger
stones are sold near the entrance
and there, too, the uncut stones are
displayed.
At the tables in the middle of the
floor the smaller stones of one-half,
one and two karats were in good de-
mand. All the tables were crowded
with dealers. showing to the numer-
Gus buyers their supply of the kind
Of diamonds that go into rings and
bracelets or are used for the more
elaborate kind of jewelry settings.
At the far end of the floor the deal
ers in the leftovers of the diamond
81
The stones they sell sometimes are
almost infinitesimal. 1t is almost i'm
possible to handle them with the fin
gers without losing them. These tiny
chips are used for settings.
The United States. according to Mr..
Hillesum. is the principal buyer of
the products of the Dutch diamond
industry. The following figures show
the sales in diamonds to American
dealers in 1928:
Cut diamonds ,......... .aia As .ls.so1 ,sss
Uncut diamonds ,........ 43,1os 1.oas 5s7
Industrial diamonds -. os7 3se. s9e
Mr.. Hillesum explained that the
diamond exchange had 1900 men,
bers. Only members are admitted to
the floor. except buyers from bona
fide jewelry houses who are intro
duced by two members of the ex-
change in good standing.
No Fear of RobberieA.
THAT is why we are not afraid
that pickpockets or holdup men will
get on the floor and perpetrate SEN
sational robberies, like those shown
in the movies" he said. smilingly, in
reply to my remark on the lack of
precautions. But We have vaults
where the dealers leave their vaiu-
ables at night"
There are $50 diamond cutting es-
tablishments in Amsterdam They
employ more than 5000 expert cut
ters, most of whom belong to the
General Netherlands Diamond Work
ers' Union. This organization deals
with the diamond manufacturers
league in cases of dispute over wages
or other matters.
Next to Amsterdam, Antwerp, Bel
gium, is the biggest diamond market
in the world, but the more delicate
work is done here, where the most
skillful diamond cutters are concen-
trated. There are many Dutchmen
among them but also large number
Of Antwerp craftsmen, Germans,
Swiss from the Jura watch center
and few Polish Jews
The diamond cutter receives good
wages. but the work tells on his eyes
eventually Once his eyes go wrong
he is retired.