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FIRE IN THE EARTH
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During the first World War investment buying of diamonds was high. It has not thus
far reached the proportions of that war, not because of the lack of
desire on the part of the belligerents, says Statistician-Engineer
Sydney Ball, but because of the financial restrictions placed on such
purchases by the various governments. Early in the year 1941, he says,
fine gems were avidly purchased in Paris, "for the French woman wanted
the feeling of security which goes with a fortune which could be hidden
in her makeup compact." The demand for gems of large size was
unprecedented. Other continentals, he adds, particularly the Belgians
and Hollanders, bought fine diamonds as investments, and when the war
grew closer even diamond brokers refused to sell their goods,
preferring diamonds to a currency the future value of which was open to
question.
I am quoting Mr. Ball in order to lead up to a more pertinent point with respect to American would-be investors:
That
they were wise is indicated by the fact that many of them later arrived
in this country with their stock and were at once able to realize, at
least, in part, on same. Certain of them, like the French emigres of
the 18th century and the White Russian refugees of the Bolshevik
revolution, are living on the proceeds. The Englishman also was
desirous of converting some of his cash into a commodity with the
excellent background of the diamond, and this despite the government's
efforts to divert such cash to war loans. Fine stones and other
important jewelry items shown at Christie's and other auction rooms (in
London) were eagerly snapped up. In April (1941) the Swedes began
buying diamonds in quantity against the possible day when easily
portable wealth might be desirable. After the invasion, the
Hollanders, fearing the future of the gulden, bought diamonds, as did
the Balkan and other Eastern European people in June, fearing
depreciation of their currency and also desiring a portable form of
wealth. The Finns also, in midsummer, tried to purchase fine diamonds,
but they found the
(134)
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