The history of the commercial value of the diamond, extending back to a distant period of time, forms an interesting chapter for the philosopher as well as the merchant. It would appear that the gem had been comparatively independent of the caprice of fashion, and that it has had for many years a value quite as fixed as gold or silver. This comparative valuation only applies to the snow-white diamonds, and to those whose imperfections are not readily discernible to the naked eye.

In estimating the value of diamonds, Barbot divides their shades into fifteen degrees, as follows: In the first degree he places the rare diamonds which exhibit the vivid gleam like the flash of polished steel; second degree, snow-white, first water; third degree, white, first water; fourth degree, white, with faint shades, red, yellow, and blue; fifth degree, white, yellow, or green, second water; sixth degree, grayish-yellow or green, second water; seventh degree, orange yellow; eighth degree, translucent topaz yellow; ninth degree, translucent deep green; tenth degree, translucent brick-red; eleventh degree, translucent deep red; twelfth degree, quite opaque, dingy blue; thirteenth degree, quite opaque, deep bottle green; fourteenth degree, quite opaque, brown or blackish; fifteenth degree, quite opaque, black as jet.

In ancient times, the gem probably had no fixed commercial value, and was sought for as a curiosity or as a talisman. In the fifteenth and sixteenth centuries, the goldsmiths of Italy, which was then the richest country in the world, established a comparative valuation for the four precious stones, ruby, emerald, diamond, and sapphire. From these accounts we learn that the diamond of one karat was valued at 100 gold scudi, and that the emerald was estimated at 400, and the red sapphire, or ruby, at 800, or eight times the price of the adamas. These valuations, if we estimate the scudi at nine English shillings, make a diamond of one karat worth $225, and the ruby of the same weight at $1,800, or nearly two thousand dollars, a statement which is quite incredible.

In the sixteenth and seventeenth centuries and even before these dates, Venice was the chief gem mart of Europe. Her merchants had control of a great part of the trade with the Eastern countries; and most of the Oriental luxuries passed through their hands. From the account of the auction sale, in the year 1606, of the effects of a diamond merchant in that city, we learn the value of diamonds of one karat weight at that time. They were then valued at £21 13s. 4d., which was an enormous sum, compared with the value of money at the present day.

In 1750, the price of the stone in Europe was $40 for one-karat gems. This was just before the discovery of the Brazilian mines. The sudden influx of the gems reduced the price shortly after to $5 per karat; but the market soon recovered from the panic, and in 1791, at the time the inventory of the French jewels was made, the price had arisen to $30 for the same class of diamonds. Since this period, the prices have varied, from the influences of the wars of Europe, sinking at the time of the disturbances of the Revolution of 1848, to $20 and $25 per karat. But after the year 1850, the price of the gem steadily advanced, and in 1865, its quotations were almost the same as that of Venice in 1606. This comparison, however, should not be made without remembering the vast difference in the value of money of the two periods.

The valuations of the diamond for more than a century past have been based upon the form of the brilliant, while those of the star, table, rose, and others, have been valued at lesser and sometimes almost nominal prices.

The price of the rose diamonds has been affected by the views of fashion for a long time, and at the present day we are unable to establish any fixed scale. We will, however, append the views of some of the gem experts as to the valuation of this pattern, during the past two centuries.

Robert de Berquen, in 1669, valued the rose cut

This estimate, however, was not founded upon any principle; and it was not until the celebrated Tavernier formed his rule for the valuation of the rose cut, that the diamond had any definite value. Tavernier, in 1692, took for an example a rose of one karat, of fine water, white, and of good form, and fixed the valuation at 150 francs, and for gems of greater weight multiplied this figure by the square of their weight. The justly celebrated jeweller and traveller also followed the same rule with fine diamonds that were not of regular form. The brilliant cut was not then known.

In 1858, in France, the comparative values were: for one karat, fine brilliant cut, 300 francs; for one karat, fine rose cut, 200 francs.

The following list has been kindly furnished me by Henry D. Morse, Esq., of Boston, as giving the value of diamonds in the United States at the present time, January, 1884. The prices have fluctuated considerably during the past year, and the estimates given are wholesale prices, and regarded as being quite low for fine stones:—

Above two karats the prices are not much increased per karat, because of their not being as much in demand. Stones of five karats and upwards, being very slow to sell, at the present time can be bought at $175 to $200 per karat, of the same qualities as the two-karat stones quoted above. Very extra white perfect stones, when well cut, bring, when sold singly or few at a time, from 20 to 25 per cent more than the prices quoted. The lower grades of stones are generally sold in lots, and the sizes do not make much difference in price. The larger they are the less desirable, and oftentimes stones of from five to ten karats are sold cheaper than stones of one to two karats; the price depending upon the shade of color and skill in cutting. Lots of this description can be bought for from $75 to $90 per karat. If the tinge is a little more decided they will bring but $60 per karat. The yellow diamonds even ranging as high as ten to twenty karats bring about $45 per karat. Flawy stones bring from $15 to $35 per karat, according to their color, size, and brilliancy. Fine rough stones of assorted sizes, varying from three to ten karats, bring from $30 to $45 per karat according to their shape and perfection. Smaller sizes are reckoned in value from $15 to $20 per karat. Cheaper grades and off-colored crystals are sold as low as $8 to $12 per karat. The bort diamonds vary in value; those coming from Africa bring but $1.50 per karat, while the same variety found in Brazil bring $6. The carbon variety of the best sizes bring about $20 per karat. Fifteen years ago the same mineral could be bought for $2.50 per karat; while the Brazilian bort was quoted at $9.

Of colored diamonds, those slightly tinged with various colors, especially the yellow and brown, were valued in London and Amsterdam, in 1872, as follows:—

The following account of Cape of Good Hope diamonds which were sold by auction at Covent Garden, February, 1872, may interest the reader in comparison with other sales at various periods of time:—

One white rough diamond, 9¹⁄₂ karats, £60; one slightly off color, 7¹⁄₄ karats, £37; a curious cabinet specimen of native diamond in matrix, £14, one large rough gem, drop shape, 14¹⁄₂ karats, £42. Among the cut diamonds the following were sold: a magnificent brilliant, 8 karats, 430 guineas; a fine yellow brilliant of great lustre, 7¹⁄₂ karats, 140 guineas; a brilliant of great spread and good water, about 7¹⁄₂ karats, 140 guineas; a large, lustrous brilliant of fine color weighing about 7 karats, 480 guineas; a court tiara of five graduated brilliant stars, 185 guineas; a brilliant necklace of forty graduated collets, £300.

The following sale by auction, in London, of some of the Imperial jewels belonging to the Empress Eugenie, may also interest the reader; and we have therefore thought proper to insert the account. It took place in July, 1872, at the rooms of Christie, Manson, & Co.:—

Lots 16 and 17. A bracelet, with forget-me-nots formed of turquoises and small diamonds, and another, with pearls and diamonds,—175 guineas. (Attenborough.)

22, 23. A heart-shaped locket, formed of bands of brilliants, and a pair of gold solitaires, with large diamond centres,—215 guineas. (Copeland.)

24. A very small keyless watch, with E. in diamonds, with gold chain, set with rubies and emeralds,—120 guineas. (Agnew.)

26. A chased gold snuff-box, the top set with flowers in brilliants, with the Pasha of Egypt’s cipher in brilliants on blue enamel,—165 guineas. (B. Benjamin.)

33. A brooch, with pendants, formed of five large turquoises and brilliants,—105 guineas. (Streeter.)

35. A brilliant brooch, with sprays set with brilliants,—120 guineas. (Attenborough.)

36. A pair of large pink pearl ear-rings in enamelled setting with brilliants,—105 guineas. (Thompson.)

37. A heart-shaped pendant, formed of a fine large turquoise surmounted by brilliants,—250 guineas. (Martin.)

38, 39. A large black pearl, with brilliant top, and a heart-shaped brilliant locket,—300 guineas. (Woodgate.)

40. A pair of shell-shaped brilliant ear-rings with pearl centres and drops,—106 guineas. (B. Benjamin.)

41. A brilliant brooch, formed as a corn-flower and group of foliage,—348 guineas. (Phillips.)

43-45. A ring with a large brilliant, a fine single stone brilliant ring, and a ring with a large brilliant and two fine emeralds,—485 guineas. (Woodgate.)

46. A ring, with a splendid ruby and two brilliants,—300 guineas. (Challens.)

47, 48. Three very fine emeralds, set as a ring, and a pair of hairpins formed as rosebuds, of pink pearls and brilliants,—275 guineas. (Gibbons.)

49. A marquise ring, with a pink diamond surrounded by brilliants, formerly the property of the Empress Josephine,—400 guineas. (Martin.)

50. A beautiful pendant, the centre a fine emerald, surrounded by bands of brilliants, with emerald and pearl drop,—605 guineas. (Brown.)

51, 52. A group of three wheat-ears tied with a ribbon formed of fine brilliants, making a brooch or head ornament, and the companion group,—975 guineas. (Lennox.)

53, 54. A group of two wheat-ears, en suite, and the companion group,—£810. (Martin.)

55. A fine pendant, with a large square emerald, surrounded by brilliants, with very large pearl drop,—620 guineas. (Ford.)

56. A scroll-pattern brilliant brooch, for a miniature, with large pearl drop,—470 guineas. (Challens.)

57. A broad chain-band bracelet, with sapphire and two large brilliants,—340 guineas. (Lomax.)

58. Two fine emeralds and three large brilliants, mounted as a bracelet,—810 guineas. (Hancock.)

59. A beautiful cross, formed of eleven large brilliants,—900 guineas. (Carter.)

60. A ribbon tie brilliant brooch,—335 guineas. (Grindley.)

61. A handsome pendant of brilliants and pearls, with a fine large black pearl centre and drop,—420 guineas. (Martin.)

62. Two fine large brilliants and an emerald mounted on a buckle set with small brilliants,—430 guineas. (Harborough.)

64. A splendid brooch, formed as a rosebud and leaves, composed entirely of brilliants,—820 guineas. (Attenborough.)

65. A magnificent bracelet, with sapphire centre, surrounded by rubies, brilliants, and emeralds,—£650. (Rothschild.)

67. A fine large pearl, mounted as a hairpin of chased gold, with chain set with small diamonds,—188 guineas. (Chapman.)

68. A splendid fly brooch, the body a very large opal, the head and wings set with rubies, brilliants, emeralds, sapphires, and opals,—£320. (Greenwood.)

69. A beautiful watch, in blue enamel setting, surrounded by eleven large brilliants, suspended from a hook, set with a cluster of brilliants,—£1,660. (James.)

70, 71. A fine polished emerald, surrounded by brilliants, and a bracelet with splendid ruby centre and large brilliants,—975 guineas. (Hancock.)

72, 73. A brooch, formed as an anchor, composed entirely of brilliants, and the companion brooch,—£2,150. (Eaton.)

74. A tiara, formed of a band of brilliants, the centre a cluster of fine brilliants and emeralds, surmounted by a large oval emerald, with brilliant sprays and pearl drop,—780 guineas. (Challens.)

75. A bracelet, the centre a very fine sapphire surrounded by large brilliants, with trellis pattern open-work bands, studded with brilliants,—£1,105. (Martin.)

76, 77. A brilliant set as a brooch, with fine pearl drop, and a brilliant brooch with colored stone centre and pearl drop,—730 guineas. (Keane.)

78. A brilliant tiara, formed as a group of leaves,—£970. (Carter.)

79. A pearl necklace, composed of forty-one large pearls of the highest quality, with cluster brilliant snap,—£2,400. (Marquis of Bristol.)

80-84. A pair of polished emerald drops, four pairs of larger ditto, and a single ditto,—750 guineas. (Masters.)

85-89. Two pairs of emerald drops, with brilliant tops, three pairs of larger ditto,—550 guineas. (Carter.)

90-92. Three pairs of very large emerald drops,—£1,275. (Garrard.)

93-103. A brooch, with a fine large emerald surrounded by brilliants, nine larger ditto, and one with a square emerald,—5,000 guineas. (Keane.)

104-106. A brooch with emerald centre, surrounded by fine brilliants, with emerald and brilliant drop, and two larger ditto,—£3,525. (Graham.)

107. A tiara, composed of ten fine large emeralds, surrounded by bands of brilliants,—£2,625. (Keane.)

108. A brilliant brooch, formed as a group of leaves, with six large brilliant drops and pendants, set with smaller brilliants,—1,050 guineas. (Keane.)

109-111. Three brilliant pendants composed of very fine large stones, with brilliant drops and pendants of false pearls,—2,600 guineas. (Keane.)

112. A bracelet, composed entirely of brilliants, the centre an oval sapphire,—£2,250. (Carter.)

113. A pair of long ear-rings composed of very large brilliants,—£3,255. (Stevens.)

114. A brilliant brooch, formed as a double pink,—£1,470. (Stevens.)

The whole realized upwards of £50,000 ($250,000) gold.

The quantity of diamonds now in circulation in fashion, and hoarded by commerce, is enormous, and may be estimated by the ton. Yet the requirements of society and the arts are so vast that the gem apparently seems to be a rare stone, while in reality it ranks low down in the scale of rarity.

Although we believe that there are immense diamond placers yet to be discovered in Africa, Asia, and America, we do not think that the gem will ever lose its high rank in the wants of fashion and ornamentation, or that its price will ever again descend to the valuation of 1848 except in transient times of far-extended commercial distress. The misfortunes of any one country will not affect the established price to any great extent, since the demand from other countries is so great as to preserve a well-marked equilibrium.

India, with its millions of people who prefer to invest their gains in a gem to all other known property, will furnish an eager market for the diamond for many ages to come. The history of the influx and absorption of silver by that country furnishes an interesting parallelism.

Most of the people of the earth entertain superstitious fancies, and especially invest the gems with spiritual powers or special attributes. Hence the innate love of ornament, combined with the desire of possessing a rare treasure, will always give to the gems a prestige and a commercial value above all other things. Puritanical morality may rail against the gems as luxuries; but the nature of man must be changed before these ideas can be universally adopted. The refinements of civilization, as well as the follies of barbaric ages, call for the ornamentation of jewels and gems. And modern economy may, with Tiberius, complain in vain of that “rage for jewels and precious stones which drains the empire of its wealth, and sends, in exchange for its baubles, the money of the commonwealth to foreign nations.”

A brilliant writer has lately stated that “Pictures, gems, china, bronzes, bric-à-brac of every sort, rare shawls, rare engravings, and even rare fruits, flowers, and dogs are steadily tending upwards in value, as if their price depended upon a want and not a caprice. It is the most curious illustration of the unchangeableness of the law which governs even caprices that we are acquainted with; and tends to indicate that the desire for the rare, which we all notice and smile at, in bibliopoles, antiquarians, entomologists, and every variety of the genus collector, is not an exceptionable eccentricity, but a permanent attribute of the human mind, though only noticed in those who have wealth to indulge in some unusual or splendid form. It is like the desire of accumulation, one of the passions, and not one of the mere tastes of men; and may be relied on in business, almost as certainly as self-interest, vanity, or ambition.”

The relative worth of the diamond has never been better described than by the following lines from the pen of an able English author:—