The pearls Tsrought to the 'b'uyer's office 'by a group of fishermen are usiially 

 carried, in a handkerchief or in a piece of cloth which is untied, and the lot is spread on 

 the tahle. The hest pearls are islcked out first and set aside.' Using a small and shallow 

 silver scooper, the Iruyer puts tha remaining pearls in a set of copper cups, three to four 

 inches (7 to 10 cm;) in diameter with perforated discs fitting to the hottom of each cup. 

 A complete set usually consists of 60 discs with holes varying from 1 to 6.5 nnn* in diameter, 

 and ntimhered from 1 to 60. The largest holes (Ho. 60 sieve) would retain the pearls of more 

 than eight grains (ahout 2 l/2 carats). Tor preliminary sorting, the "buyers use only three 

 or four sieves, preferably the Nos. 27, 18, 12 and 10. If the htiyer is satisfied with the 

 preliminary inspection, he weighs separately the pearls of different sizes and q.uotes his 

 price. In April 19^^!, one of the buyers was paying an average of about three bolivars per 

 carat for fairly good pearls— this, of course, did not include pearls of tmusiial size and 

 Quality, nor the baroque pearls. The price of the latter was only 13 cents per carat. If 

 the fishermentMnk that the price q.uoted is too low, they visit other b-uyers until they re- 

 ceive an ax:ceptable offer. The b-uyers work independently of each other and there is apparently 

 no collusion among them; althotigh they are, of course, well informed about the prices and 

 demands of the principal markets in India, London, and New 7ork and consequently there is 

 but little difference in their quotations. 



If the price offered by private bt^ers is not acceptable to the fishermen, 

 they can turn over their lots to the Administrator of Fisheries at Porlamar for official 

 appraisal and disposal of the pearls throu^ the Government Bank (Banco Agrieola y Pecuario). 

 The bank pays the value determined by the official appraisers (Pigioradores oficiales) minus 

 10 percent commission. Ujwn completion of the transaction, the pearls become government 

 property and may be sold by the bank when market conditions are favorable, but the fishermen 

 retain right to claim them back within 30 days. The stabilization of prices by the govern- 

 ment is obvious benefit to pearl fishermen and protects their interest. This system, auth- 

 orized by law of 19l4^, comes -under a general scope of activities of the bank in supporting 

 and developing agriculture, stock-raising, and fisheries (see Articles lU and kS, Eeforma 

 Parcial de la Ley Del Banco Agrieola y Pecuario IX - k, p. 726-773 IX - 4 p. 726-773, Compi- 

 laciefn Legislativa de Venezuela, 19^) . The bank has a working capital of 60 millions bolivars. 



In I9U7, the bank advanced a credit to the fishermen in the amount of 72,100 

 bolivars for outfitting of boats and purchase of equipment, and p-urchased g31»^3^ bolivars' 

 worth of pearls. 



The method of appraisal used by government appraisers is essentially the same 

 as that -used by private buyers (fig. 6). The appraisers are appointed each year by the govern- 

 ment for a foiir-month period, and work only during the duration of the pearling season, from 

 Jan-uary to the end of April. 



7. Market for pearls 



Only a small number of pearls are sold locally to visitors and tourists? the 

 bulk is exported to India, China, and England. Eelatively small number of pearls, and only 

 of the highest q.uality, are distributed in the United States through the wholesalers in New 

 York. 



Market requirements in each of these countries are very specific. Tor instance, 

 Nev7 Tork demands white pearls of highest lustre. Pink pearls, which are predominant in Ven- 

 ezuelan v/aters, are more in demand in Europe, while India and China import large quantities 

 of seed pearls. At present the trade in pearls is suffering from genersilly unstable condi- 

 tions in the world markets, and restrictions imposed by various countries on the export of 

 their currency. India still remains the largest pearl market of the world. Contrary to 

 one's expectation, however, this country brjys not the largest or best pearls to adorn the 

 dresses of her fabulously rich maharajahs, but Imports vast q^uantities of seed pearls of 

 inferior a_uality. Most of these pearls are consumed internally in an entirely unjustifiable 

 belief that they produce a stimulating and generally beneficial effect on the human organism. 



It is of interest that customers in India prefer round seed pearls and are 

 willing to pay hi^er prices for them because of their naive faith that the medicinal effect 

 of round -pearls is better than that of irregularly shaped seed. Large q,uantities of minute 

 seed pearls are also used in India for "treatment" of children's eyes. Every day one or two 



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