Ch. 2: Diamonds Commercially

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	34	THE DIAMOND

	ily as the diamond. At a forced sale it will realize more in proportion to its value, on an average, than real estate even. Since the diamond syndicate secured such perfect control of the trade, the profits, after the diamonds leave first hands, have been much curtailed. Cutters will sell large parcels to houses of undoubted credit for a net profit of five per cent., after deducting interest on the note given in payment. Importers will sell on time for a profit of eight to fifteen per cent., according to the commercial standing of the buyer and the length of time given. Retailers of the East will not average over twenty-five per cent, profit. As cutters and importers sell on six to ten months' time, and sometimes spread a large bill, by a division of the amount in notes bearing no interest, over a period of from six to eighteen months, it will be seen that quick sales, large amounts, and good judgment in credits, are necessary to successful business. The frequency with which the syndicate has advanced the price, has been the diamond dealers' good fortune during the past ten years. Never sufficiently large to check trade — the advances have usually been five per cent., occasionally seven and one half per cent.— they have stimulated trade with a money-making public, and encouraged speculation among dealers, who were able to market the goods and make at least part of the advances in addition to regular profits. Curious anomalies have arisen from the conditions. During that period, small dealers, who buy about once a year, have frequently found when the time came to lay in their stocks, that to duplicate what they bought last, they had

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