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The Greeks possessed all the precious stones, except the diamond, as their jewelry proves, although the ruby, sapphire, and emerald figure as very small specimens in their relics which have been brought to light. The five great gems of the Hindus have always been the same four precious stones, with pearl, which we recognize today. In the Thirteenth Century, diamond was ranked after the pearl, ruby, emerald, and chrysolite by the Persians. It seems that, from about the years 1500 to 1800, the ruby was preferred to the diamond and consequently held first place in value. During this period, also, an over-supply of emeralds from South America depressed the market, but this stone became popular again later.

For some time previous to the Eighteenth Century, the fashion for gems waned, but after a period of neglect and vicissitude, collecting became a mania with the noble and rich of that century. Baron Stosch formed an enormous collection with the aid of Winckelmann. The Dukes of Orleans, Devonshire, and Marlborough, and the Empress Catherine II, the Empress Josephine, and even George III were among those who paid high prices for various specimens. It was about this time that good imitations and pastes became very common, and these deceptions eventually caused some loss in confidence with the public. The taste for gems again waned, and this attitude lasted for many years. But the wealth produced during the last hundred years or so has given a wider public the opportunity of possessing and wearing gero stones in an increasing range of jewelry, and there is at present no sign of any of the precious stones losing favor.

For these reasons alone, prices rise rapidly in such times, and values of many stones in 1943 were about double their 1939 prices, while in 1946 they were trebled. Of course, production also sinks to a low level in such circumstances. In total wars such as we now experience, there is little or no labor left in the gem industry, and in many countries various laws are passed which prevent the free trading in such commodities.

Some stones realize only a few pence per carat; others are valued at hundreds of pounds per carat. For example, some amethysts and garnets are sold in the trade at 15 c. or a shilling a carat, and exceptionally fine emeralds would realize $5,600 or £2000 per carat. Emerald is probably the most expensive gem stone today, having regard to quality and size. One usually thinks of diamond as being the most precious of stones, and fine specimens certainly do realize a very high price, but they are relatively more numerous than fine emeralds or rubies. Their great worth, incidentally, is really of comparatively modern date, for their beauty was not revealed until methods of cutting and polishing them were discovered and developed, whereas the beauty of the colored stone was apparent in very early days.

Stones of importance are weighed before being used in jewelry, and conversely an exact weight can be determined only if a stone is unset, or unmounted. In many instances, it is not practicable to unset stones when a quick valuation is required, and in considering diamonds, there are certain calculators on the market which give a fairly close idea of weight. One is a small sheet of plastic material, of convenient pocket size, through which a series of numbered and graduated holes have been punched. Each hole represents the weight of a round diamond which fits exactly into the hole.

Another idea is the Moe diamond weight gauge. Here, the greatest length and width of the stone are measured by a graduated pair of calipers, and each reading is listed in a small book of tables supplied, which gives the weight of the diamond corresponding to the two readings. There are other diamond gauges on the market which are basically the same as the Moe gauge, and modifications allow a finer reading with the calipers and consequently greater accuracy. It must be remembered that these instruments and booklets of tables do not apply to stones other than diamond. But both of these devices leave room for error, although the latter is the more accurate of the two.

Nearly all gem stones are sold by weight, and since they are relatively small in bulk, a correspondingly small unit of weight is most convenient to use in arriving at their weight and therefore their Value. The almost universally recognized unit now in use is the carat, although there are instances when the troy ounce or the metric gram are used. These larger units are more convenient when rough stones, or larger specimens of the less valuable varieties, are being considered. Incidentally, the carat weight has no connection with the gold carat standard, which merely indicates how many parts in 24 (or 1000) are gold, the rest being alloy.

Precious stones are calculated as being worth so many dollars or pounds a carat, according to the currency of the country in which they are being offered for sale. Their value will also depend upon other factors, such as prevailing market prices, individual qualities, the presence of faults, color, and perfection of cutting.

Since the carat is a small unit of weight, it follows that a slight difference in weight will make a great difference in value, especially when stones are rated at so many dollars or pounds per carat. For this reason, exact weighing is necessary, and a delicate balance accurate to one-hundredth of a carat or a gram should be used.

Weight has been considered long before the gem has assumed its final form, for the lapidary has had this in mind from the time he has handled the rough crystal. He has had to decide on how the stone should be cleaved and cut, retaining weight but cutting out bad flaws, at the same time producing a well proportioned gem. Small imperfections are generally left if their exclusion would mean a waste of much material.
We might say that the value of a gem stone depends upon demand, rarity, weight, and nature of internal flaws, the amount of deviation from the recognized ideal shade, and perfection in shape and cutting. But values do not increase in simple proportion to size. A three carat stone is worth much more than three times the value of a one carat stone of the same quality.

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