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PRECIOUS STONES. 687
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some
of the Indian diamond mines at one time, this statement is perhaps not
exaggerated, since with the aid of modern machinery more is
accomplished by 1,000 persons than formerly by twenty times that
number.
Roughly
speaking, there probably are in the entire world some 6,500 cutters and
about 8,000 dealers in diamonds, who carry in their stock $350,000,000
worth of stones, which is probably one-third of the world's entire
possession at the present time; as the total value of all the diamonds
known is over $1,000,000,000.
To
compare present conditions with those of the past, it is instructive to
note the enormous increase in the production of diamonds, and the
important industrial changes wrought thereby, which have resulted from
the discovery and working of the great South African mines. During the
past quarter century, 10 tons of diamonds, selling for more than
$300,000,000 uncut and $600,000,000 after cutting, have been added to
the world's wealth—an amount more than twice as great as was known to
exist before. This vast value is in the most concentrated, portable,
and ornamental form, and more convertible than anything except gold and
silver. Its accumulation has built up cities like Kim-berley, and
maintained important industries in Amsterdam and other centers. The De
Beers Company, Limited, a single corporation, with stock having a
market value quoted at over $90,000,000, controls more than nine-tenths
of the entire output, and regulates and maintains the price. As a
result, diamond-cutting industries have been established such as were
not thought of before, employing thousands of people in immense mills,
where the cutters hire only the benches at which they do their work.
Mr.
Gardiner P. Williams, superintendent of the De Beers Diamond Mining
Company shows that diamonds were mined and sold worth £3,239,389 during
the past year. The expenditures amounted to £1,695,293 and the profits
to £1,544,096. Through improved mining facilities they have been able
to mine the blue stuff for 3 shillings 6 pence per load, formerly 5
shillings and 6 pence, and that they have increased the amount on the
floors by 981,557 loads, equaling £2,500,000 on the floors.
In
this country diamond cutting has been carried on with some success,
and the following statistics and historical notes may properly be
appended here. The official census of 1890 reports as follows regard-.
ing the diamond-cutting industry in the United States: In New York in
1889 there were sixteen firms engaged in cutting and recutting
diamonds, and in Massachusetts three. Cutting has also been carried on
at times in Pennsylvania and Illinois, but this has been discontinued.
In
1889 seven of the New York firms ran on full time, but the others were
unemployed, respectively, for 14, 50, 61, 120, 125, and 240 days, owing
to inability to obtain rough material at a price at which it could 6e
advantageously cut. The firms fully employed were generally the larger
ones, whose business consisted chiefly in repairing chipped or
imperfectly cut stones or in recutting stones previously cut abroad,
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