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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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Good blue aquamarines of a fair size are scarce, and they can realize $ 112 (£40) a carat. Garnets, which at present are popular, are only about 28c. (2/-) to $5.60 (£2) a carat for ordinary stones, zircons and tourmalines 70^ (5/-) to $28 (£10) a carat, pink beryls, spinels, demantoid garnets, kunzite and topaz about $2.80 (£1) to $42 (£15) a carat, opals from 70c. (5/-) to $84 (£30) a carat, moonstones from 28c. (2/-) to $5.60 (£2) a carat, and turquoise about 70c. (5/-) to $14 (£5) a carat. Fire opals realize from 11.40 (10/-) to $14 (£5) a carat, peridots from $1.40 (10/-) to $22.40 (£8) a carat, alexandrites from $5.60 (£2) to $140 (£50) a carat (large fine stones are exceedingly scarce), and chrysoberyl cat’s-eyes about $1.40 (10/-) to $84 (£30) a carat.

Lapis lazuli can be bought from 12c. (1/-) to $2.80 (20/-) a carat, but like malachite and many other stones, it is usually sold by the finished article and not by weight. Chinese jade varies enormously in price, yet in Europe it is not sold by weight. Single pieces suitable for rings vary from 24c. (2/-) to $28 (£10) each, while necklaces range from $3.60 (30/-) to $14,000 (£5000) each or more. Carved ornaments and pieces of antiquity have a price which only the expert can assess. Plain jade is usually of better quality than the carved and therefore is relatively more expensive. The fine grading of colors and qualities in this stone demands the eye and experience of an expert, as do diamonds, opals, and pearls. New Zealand jade (greenstone) is of very little value and rarely exceeds a few pounds for a finished article in this material. All the prices indicated are approximate wholesale prices, and these have continued to rise over the last few years.

The poorer qualities of nearly all stones are abundant and often do not realize more than a few shillings or dollars a carat. Actually, it seems wrong to cut poor quality stones since they only give a false impression of the true beauty of the finer qualities of the same variety of stone. But the better specimens are not so plentiful, and popular demand is often fulfilled by cutting rubbish. During the few years preceding 1939, when colored stone necklaces were very popular, poorly colored and faulty material was often cut to produce cheap jewelry, but this could not withstand competition from the best paste jewelry of the same price.<br />

Most types of quartz, which have been so popular during the last few years, can be purchased from about 25c. (2/-) a stone, amethysts reaching $14 (£5) a carat for very fine specimens. Huge quantities of beads in various stones were made between the years 1925 and 1935, when necklaces were universally worn. Price lulling, and the introduction of Japanese competition, resulted in their decline, both in value and demand. The Japanese commenced to cut rock crystal and amethyst in the form of beads about the year 1930, and they exported quantities of these stones. They were usually inferior in finish to German workmanship, and the surface facets were generally much broader than those seen on Continental produced beads.

As to the value of precious stones, only approximate prices can be indicated owing to market fluctuations, apart from other factors such as size, quality, and color. Small stones under one carat in weight have a relatively less value than larger stones. Diamonds range from $28 (£10) to $2800 (£1000) a carat, emeralds from $5.60 (£2) to $5600 (£2000) a carat, and rubies about the same price as emeralds. Star rubies may be had from about $1.80 (15/-) to $140 (£50) a carat. Sapphires realize from $2.80 (£1) to $560   (£200) per carat, and star sapphires from $2.80  (£1) to

$280 (£100) a carat. Black opals may be had from $ 1.20 (10/-) to $84 (£30) a carat, and fine opal doublets sometimes reach an appreciable price, perhaps $14 (£5) a carat, but no other form of doublet, triplet, or synthetic stone has a market value of more than about $3.50 (25/-) a carat.

The value of the commoner jewel stones decreased greatly in the difficult years between about 1924 and 1939. But since then, they have risen by leaps and bounds to high levels. Actual scarcity, owing to non-production during the war years, is the chief cause. The very low prices ruling during the pre-war years were of little benefit to anyone; they were due to the general state of the world markets, unfair competition, and uneconomical methods of trading. It was no uncommon occurrence for stones to be sold at prices which barely covered the cost of work and materials expended on their fashioning. The result was to cheapen these stones in the eyes of the public, with the inevitable result that demand began to fall. In the cutting center of Idar-Obertstein, an effort was made in 1933 to regulate the prices paid for different types of work in connection with the production of cut stones. The result was a rise in values and a general stabilization of prices. Also, towards the end of 1945, definite rates of pay and other conditions for diamond workers were more or less standardized throughout all the most important diamond cutting countries. These conditions were agreed to by representatives of both workers and employers, through their unions, so price cutting in this section of the industry has been largely forestalled.

Flaws in stones, such as cracks, “feathers,” “silk,” internal spots, and want of homogeneity in color are detrimental to the value of all stones, and under their various headings some indications of the most prized colors are given. In precious stones, the slightest flaw makes a vast difference in value, but often such flaws are seen only by the expert.

One does not always buy a gem stone from a purely commercial point of view, but there are many who feel that, in their possession, they have something in the form of an investment, something which can be exchanged for money in any civilized country. This is quite true, although the value obtained will be governed by a number of considerations. In general, fine quality stones from one to ten carats are the best to buy when this object is in view; the finer the quality and the larger the stone (within reasonable limits), the easier will it be to sell. It must be remembered that gem stones are almost indestructible, and that most cut stones produced are still in existence. The U.S.A. and India are the largest holders of these treasures, and in these countries there are always buyers for specimen stones.

For this reason, pearl necklaces, bunches of pearls, and all graduated parcels are sized into lots of approximately the same size or weight, each being calculated separately, and then totaled. As an example, the weight ticket on a graduated pearl string of 117 pearls might read thus:

The third column shows the average weight of the pearls in each of the sizes, and the 1/— base is derived by multiplying the weight by the average. This necklace of 117 pearls weighs 88.00 grains, the 1/- base being 84/4 (£4. 4. 4). It may be estimated as being worth 4/- base, or even 40/- base, according to current market values.<br />

As most of us know, there is a vast difference between the buying and the selling value of an article, and gem stones are no exception. The buyer of the rough stone, the merchant who handles the cut stone, and the retailer through whom the stone passes to the public, apart from other intermediaries, all live on the profits they make in business, and to indicate a value for any given specimen or variety would be misleading. If one remembers that rarity, beauty, and current demand are the principal factors which determine value, one will have some guide. The proper cutting of fine stones adds to their value, as does also the matching of gems in sets so that they may be used in jewelry where more than one stone is required.

The value of pearls varies considerably, size, shape, quality, color, and freedom from spots and marks all being factors which make a great difference in worth. The judging of pearls requires a keen eye for difference in shades, much experience, and a knowledge of current prices. It is a business at which few become proficient.

There is just one point in connection with the calculation of the shilling base (often written as 1/-x in the trade) which should be made. It will be obvious that, if a graduated string, or lot, of pearls be divided into various sizes, and the 1/- base be calculated for each separate size, the sum total would be greater than if the lot were considered as being of one size. For instance, if three pearls weighing respectively 5 grains, 3 grains, and 2 grains be considered, the sum total of their 1/- base would be 25/-, plus 9/-, plus 4/-, that is, 38/-. But if these three pearls be considered as one lot, the 1/- base would be calculated as 3 pearls weighing 10 grains, which average 3.33 grains each, the 1/- base therefore being 33-3> or 33/4.