Reports of the 1929 diamond industry last week included the following facts: world diamond production was 7,348,000 carats, estimated at $72,960,000 (3% less than the 1928 output); the U. S. purchases 80% of all cut diamonds; 50% of diamonds consumed in the U. S. are smuggled; the per capita wealth of diamonds in the average U. S. family is more than $200; there was no overproduction last year. "The industry," opined Manhattan Mining Engineer Sydney H. Ball, "is sound."
Diamond men reviewing these statistics last week had every reason to be well pleased....
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