DIAMOND: VALUE 259 



The prices given in the above table of course apply only to the time at which it was 

 compiled. A striking feature of the table is the difference which exists between the prices 

 of stones of the same weight but of different qualities, especially in the case of stones of the 

 first and second waters. The difference between the value of a 1-carat stone of the first 

 water and one of the second water is much greater than between stones of the second and 

 third waters, and in larger stones the difference is still greater. Thus a 12-carat stone of 

 the first water is worth almost three times as much as a stone of equal weight of the second 

 water, the values of stones of this size of the second and third quality being in the ratio of 

 nine to eight. The explanation of the apparent anomaly lies in the fact that in the Cape 

 deposits large diamonds of the first water are rare, while stones of large size but inferior 

 quality are abundant. 



A consideration of the table will also show to what a small extent the values of 

 diamonds at the present day are in agreement with the so-called Tavernier's rule, according 

 to which the value of a stone is proportional to the square of its weight. While the 

 value of a 12-carat stone of the first quality would be, according to Tavernier's rule, 

 110 X 12 X 12 = 15,840 francs, its actual value in 1878, according to the table, was 7500 

 francs, or not quite half. The application of the rule to smaller stones results in a 

 calculated value which is still further removed from the actual value ; thus the value of a 

 6-carat diamond of the first water calculated by this rule would be 110 X 6 X 6 = 3960 

 francs, while it is actually worth but 1850 francs. At the present time, this tendency is 

 even more marked than it was in 1878 ; the value of stones up to 15 carats is approximately 

 proportional to their weight, so that a 2-carat stone is worth about double, and a 3-carat 

 stone about three times as much, as a 1-cai-at diamond. This holds good, at any rate, 

 for the three inferior qualities of stones, but in the case of diamonds of the first water the 

 increase in value is not proportional to the increase of weight. 



The price of a 12-carat stone of the first water calculated by Schrauf's rule, according 

 to which the value of a 1-carat stone is multiplied by the product of half the weight of the 

 stone into its weight plus 2, would be 110 x 6 X 14 = 9240 francs, the tabulated value 

 being 7500 francs ; the value thus calculated, although nearer the mark than in the former 

 case, is still considerably too much. As in the case with Tavernier's rule, the values 

 calculated by Schrauf's rule for smaller stones are still further from their actual value, the 

 calculated worth of a 6-carat stone being 110 X 3 X 8 = 2640 francs while it is actually 

 worth but 1850 francs. At the present time the market price of a fine l7carat brilliant is 

 ^15 ; in exceptional cases, however, £20 to £2,5 may be given for such a stone. 



The price of stones of exceptional size, that is of those weighing anything over 12 

 carats, is not governed by rule, and depends very much on what a rich person or State is 

 disposed to give for them. Diamonds of exceptional size and of unusual colours are not 

 common articles of commerce, and their price, while always, of course, very high, depends 

 on the number of would-be purchasers which can be found for them. 



With regard to the prices current for smaller diamonds, it is impossible to say much 

 more than has been already said, for, after all, the value of stones of ordinary size depends 

 to a very large extent on their quality. The price of cut gems and of rough stones always 

 differs very widely ; the latter are not, as a rule, bought and sold singly but come into the 

 markets in large parcels, those from the Cape being carefully sorted and arranged according 

 to quality, while parcels from Brazil consist of unsorted stones of all qualities. 



