Indianapolis Times, Indianapolis, Marion County, 30 June 1944 — Page 14

Terrific Demand Causes Greatest Sales In History.

By CAROL BERMAN NEA Staff Writer NEW YORK, June 30.—The man on the street in love—G. 1. Joe and the American War worker—is almost single-handedly causing the greatest dimond buying boom in history, a boom that 1s making fortunes for brokers, merchants and holders of diamond shares. E Statistics show that love in Amer- \ joe is blooming at the rate of 2.000,- \ 000 marriages a year and diamond gales are booming to the tune of about $278.000,000. The demand for everything from diamond tiaras to V-pins is so great that dealers are having difficulty keeping up with

R, oad three-fourths of all money being spent on diamonds — more than $208.000,000 worth—is going into engagement TINgs. This, deas much as a $400 increase

spite over the pre-war price of a one | carat stone, SCArcity of precious metals, and & 20 per cent luxury tax.

staggering Prices A survey of retail jewelers throughout the country reveals that the present average price of diamonds, including the new federal tax is $225 to $450 for a one-half carat stone, $650 to $1000 for a one carat stone and $1630 to $2750 for a two carat gem. . The same survey shows that in 1039 half carat diamonds were be{ng marketed at $100 to $200, one carat stones at $325 to $600 and two carats at $900 to $1750. While many shoppers are staggered by these price increases, dealers say few are stopped. Salesmen report that whereas in pre-war years, large, high-priced diamonds bought by members of the “400” made up the most substantial part of a year's business, the great volume of war business. rests chiefly on the sale of small diamonds, the one-fifth to one-half carat weights, to Mr. Average Citigen. Sales records also show that while most diamond business used to be done in June and December, now one month is as good as the next and they're all terrific.

Belated Purchases

Most astounding to the country’s diamond marketers is the tremendous increase in engagement ring sales to couples who have been married for 5 to 10 years. Dealers explain that most of these buyers took the trip. to the altar during the depression, without benefit of sparklers. But as soon as war money began rolling in, the hankering for that diamond engagement ring that the budget wouldn't stand back in "34 and ‘36 was one of the first wishes to be gratified. Although diamond sales have soared so fantastically that De Beers, great South African diamond company, was able to announce dividends of 70 per cent in 1943, as against 10 per cent in the “boom” year of 1913, dealers anticipate an even greater market after the war. Pointing to war bond accumulations and the host of marriages. of necessity being postponed until Johnny comes marching home, dealers don't expect to see the real crest of the diamond wave until alter the war.

WIN SAFETY AWARD CHICAGO (U. P.).—Employees of the Pullman Co.'s Chicago central gone won the 1943 safety award, establishing an accident frequency rate of only 3.17 for each 1,000,000 hours. The zone worked a total of 17,374.176 hours during the year.

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