On a $5 base this necklace would be worth $50,018.75 according to the first reckoning, and $49,989.60 according to the second; on a base of $2.50 the figures would be $25,009.37 and $24,994.80 respectively.

On a $5 base this would represent a value of $49,946.30 and one of $24,973.15 on a base of $2.50. The different grouping of the pearls accounts for the slight reduction in value.

A system of estimating the value of pearls which has recently been introduced into Germany, is an adaptation of the ordinary method of squaring the number of grains and then multiplying the result by a certain base figure. The pearls are first grouped according to quality and size, and a figure is agreed upon as the multiplicator of each class. In Germany the carat is employed as the weight unit for pearls as well as for diamonds, and in this new system the total weight of a given number of pearls of the same class is first reduced to grains; the number of grains is then multiplied by four and the quotient is multiplied by the figure agreed upon. The resulting sum, after being divided by the number of pearls, gives the carat value of such pearls. For example, if the base figure agreed upon is 5, and we wish to find the carat worth of 4 pearls of similar size, weighing together 3¹4⁄₆₄ carats, the sum would be as follows:

At this rate per carat, reckoning in marks, the value of the 3¹4⁄₆₄ carats would be 207.20 marks. This result is identical with that obtained by the ordinary method, but the calculation is perhaps a trifle simplified.^[383]

A curious Hindu treatise on gems has been preserved for us in the Brhatsamhitâ of Varâhamihira (505–587 A.D.). It is the earliest work of this kind that we have in Sanskrit, and M. Louis Finot,^[384] who has published it, together with several other similar treatises, believes that it was based upon an original composed at a much earlier period. In his introduction M. Finot says: “It would be an error to regard the ratnaçastra [treatise on gems] as a simple manual for the use of jewelers. Without doubt this subject formed one of the principal branches of commercial instruction, ... but it was also taught to princes and it is for their use that the ratnaçastras we publish seem to have been composed.”

This treatise only describes four gems, although a larger number are enumerated. These gems are the diamond, the pearl, the ruby, and the emerald. One of the most interesting portions is that treating of the valuation of pearls. The system described is peculiar, and, unfortunately, there is some difficulty in finding an absolutely correct equivalent for the values expressed.

A price is first placed upon a pearl weighing 4 mâsakas (about 45 grains). This is estimated at 5300 kârsâpanas (about $1600). As the weight diminishes the valuation decreases as follows:

Smaller pearls were grouped together in dharanas (one dharana = about 72 grains). If there were thirteen fine pearls in a dharana, they were valued at 325 rûpakas (about $100); the other values were as follows:

It would be extremely interesting if we could find at this early date (sixth century A.D.) an indication of the use of the system of computing the value of pearls by the square of their weight as expressed in some weight unit, and it is singular that the three valuations given for the weight in guñjas are graduated in accordance with this system. A pearl weighing 2½ guñjas and valued at 35 kârṣapâṇas would have a base value of 5.6 kârṣâpaṇas. Estimated at this ratio we would have the following figures:

Now, the values actually given are 50 and 90 kârṣâpaṇas, respectively, and these figures are easily obtained by rejecting the fraction that is less than one half and counting the fraction that is in excess of one half as a unit. After this, however, the progression becomes irregular. A pearl weighing 1 mâṣaka (5 guñjas) is valued at 135 kârṣâpaṇas, while the equivalent according to the system would be 140. However, it is possible that the writer may have changed this figure intentionally so as to add exactly one half to the preceding valuation (90 + 45 = 135). The succeeding values bear no relation to the system and appear to be entirely arbitrary. Still, it can scarcely be due to hazard that the first three figures are practically in exact accord with the system and the fourth in close approximation. As the change seems to come when the weight is expressed in mâṣakas instead of guñjas, we are tempted to think that the system may have been used for single pearls weighing less than twelve grains (1 mâṣaka = 11¼ grains), while the value of those over that weight was estimated in a different way.

In a much later Hindu treatise, by Buddhabhatta, after certain values have been given for pearls of the best quality, a pearl of this class is described as follows:

White, round, heavy, smooth, luminous, spotless, the pearl gifted with these qualities is called qualified (guṇavat). If it be yellow, it is worth half this price; if it be not round, a third; if flat or triangular, a sixth.^[386]

One of the earliest records we have of a system of prices for pearls is the treatise on precious stones written in the year 1265, by Ahmed ibn Yusuf al Teifashi, who was probably a native jeweler of Egypt. In his time pearls were sold in Bagdad in bunches of ten strings, each string comprising thirty-six pearls. If one of these strings weighed one sixth of a miskal (four carats or sixteen grains), the ten strings were valued at four dinars (about ten dollars). The values increased progressively as follows:^[387]

Al Teifashi then proceeds to describe a pearl of the first quality; it must be “perfectly round in all its parts, colorless and gifted with a fine water. When a pearl possesses these requisites and weighs one miskal [24 carats or 96 grains] it is worth 300 dinars [$750]. If, however, a match is found for this pearl and each one weighs one miskal and has the same form, the two pearls together cost 700 dinars [$1750].” This writer also mentions that in the shops of the Arab jewelers, the pearl which exceeded the weight of a drachma (12 carats or 48 grains) even by one grain, was called dorra, while the name johar was used for that which did not reach the above weight.

In 1838, Feuchtwanger gave the price of a one-carat pearl as five dollars, and used this amount as the multiplier of the square of the weight; therefore, a four-carat pearl would cost four times four multiplied by five dollars, the value of the first carat; that is to say, a sixteen-grain (four-carat) pearl would have been worth eighty dollars in 1838, according to this computation.

In 1858, Barbot^[388] gave the value of pearls under ordinary conditions, but very indefinitely, as follows:

Above four grains they sold by the piece, and below, by the ounce. Baroque pearls sold for 300 to 1000 francs per ounce. Seed-pearls, if quite round, were worth about 120 francs per ounce.

Emanuel^[389] gave the following table of prices for the pearl, reduced to United States currency:

The following values appear in the “Encyclopedia Hispano-Americana,” Barcelona, 1894, Vol. XV, p. 180 (Louis Dieulafait):

Giving the pearl values in 1867, Emanuel^[396] says: “It would be almost useless to give any value for drop pearls, as when of large size and fine quality they are of so rare occurrence as to command fancy prices; still, as a slight guide, it may be mentioned that perfect white drop pearls, of 80 to 100 grains, may be estimated at from £7 to £11 [$35–$55] per grain; those of 50 to 80 grains at from £4 to £7 [$20–$35] per grain, and those of 30 to 50 grains at from £3–£5 [$15–$25] per grain; smaller sizes bring from 20s. to 60s. [$5–$15] per grain.”

Emanuel also states that misshapen pieces called “baroque pearls” (perles baroques), are sold by the ounce, the price varying from £10 to £200 ($50–$1000) per ounce, depending on quality, color, and size.

The following values for the smaller oriental pearls are given in the “Museum Brittanicum” of John and Andrew van Rymsdyck, 1778, p. 9.

Pio Naldi’s treatise of 1791 gives the following rule for estimating the value of small, round pearls, weighing less than one carat or four grains. As the carat value of four such pearls is given as five lire and 576 one-grain pearls were counted as one ounce, these two numbers were used to determine the value of an ounce of small pearls. The product of 576 multiplied by 5 is 2880, and this number was then divided by 2000, 1000, 500, or whatever might be the number of pearls in a given ounce. If there were 2000 pearls, the carat value would be 1.44 lire or $.29; if there were 1000, the carat would be worth 2.88 lire or $.57; if 500, 5.76 lire or $1.15, etc.