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34 DIAMOND CUTTING
could
be bought and landed, duty paid, from European cutters. The following
letter from Mr. Ernest G. H. Schenck, of Schenck & Van Haelen,
explains the condition of the cutter in America and Europe as it is
today.
"Regarding
wages ruling in American as against European diamond cutting centers,
the difference which some fifteen years ago existed and had a bearing
upon preference of purchase being given to Europe, has today become so
small a factor that the tables have been efficaciously turned in favor
of the United States for all purchases of diamonds of value and size,
not excluding some melees.
"The
progress made here in economic handling of rough merchandise has
almost reached the point where, should the duty be removed from the cut
as well as it is removed from the rough diamond, I firmly believe the
industry would, in the United States, through better workmanship,
triumph and grow over all others, even on an equal footing.
"Several
causes lie at the bottom of this: fifteen years ago the cost of
manufacture represented, say, about fifteen per cent of the price of
the finished article; today, with the doubled value of the rough
material it represents only about ten per cent (allowing, of
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