THE RITUAL OF THE SEAL
T
HERE is a
well-established custom amongst dealers in gems to set their seal upon
their bid, and once a dealer has done so, he must abide by his bargain,
come what may. He cannot extricate himself from the obligation he has
taken upon himself. He must take delivery upon the terms stated on the
outside wrapper, which is often nothing more than a flimsy envelope
bearing his initials across the gummed flap.
The
custom originated, no doubt, when dealers first began to employ
middlemen instead of trading directly with each other. A regular dealer
in gems gives his goods out to many brokers during the day, either in
response to inquiries coming in from other merchants or from the
manufacturing jewelers. The broker's part is to submit the parcels to
his clients for inspection, and for the time being he is regarded as
the custodian of the goods entrusted to him.
The
client may do one of several things: he may turn down the goods
submitted as unsuitable, he may buy the whole, or he may select part
and reject the rest of the parcel.
If
he intends to take the whole parcel, he places it in an envelope, which
he seals in such a manner that the contents cannot be tampered with. He
then writes upon the envelope the price he is prepared to pay per carat
(in the case of precious stones) or per grain or base (in the case of
pearls), and also the suggested terms of payment.
All
this is done under the eyes of the broker, who is not supposed to let
the goods entrusted to him go out of his sight without the express
consent of their owner.
If
the client is only interested in a part of the parcel, either because
the whole is too much for him or because he wants only certain gems for
a special purpose, he does one
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