Reason for high prices
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.