CORNER IN PEARLS.

King Country Chronicle, Volume VIII, Issue 668, 13 May 1914, Page 3

CORNER IN PEARLS.

The merchants of India have obtained control of the Eastern Fisheries according to the Paris correspondent of the New York "Times," and this has led to a great increase in the price of pearls, which are now double what they used to be. "It is to be feared," he writes, "that Americans who have not hern to Europe for a few seasons and contemplate buying jewellery in Paris *this year will experience an unpleasant surprise, owing to the remarkable rise in the value ci' pearls. This is a freq-.ient topic of conversation among the wealthier classes of Americans and the French people here, and it is complained that these gems now command nearly double the pri?e which they had not long ago, although the supply shows no sign of running short. '•'A number of inquiries male among the leading precious stone merchants in the Rue de la Paix of Paris, which, of course, is the central market of the world in this line, led to some interesting revelations. "The dealers all agree that the prices obtained are far higher than say, six years ago, but various explanations were given. One of tha most plausible and at the same time most authoritative of these is that the market is beiHg manipulated by a ring of pearl merchants in India, who have combined to control the fisheries of Ceylon and the Persian Guli', and are restricting the supplies of Europe, thus artificially rai-.ing values. It is considered that the ring 'is strong enough to maintain a corner for some time to come, and that there is thus little chance of the present prices falling much in the near future.

" Another reason offered .is that much difficulty is experienced in obtaining these gems, owing to Ul2 fact that the shallower beds are now becoming devoid of oysters, owing to the popularity of pearls. "'Enormous prices are now frequently given here. The largest amount paid for a single gem is stated to be 175,000 dollars (£35,000), which changed hands in a recent transaction.

"Those who purchased pearls as presents for wives and daughters and others in the middle ot the last decade may be congratulated on having made an excellent Investment, because a stone then costing 1000 dollars (£200) would now find an easy sale at 1700 dollars (£340) to 1800 dollars (£36o).'*—"Pall Mall Gazette. ''