Business: Domestic Diamonds

To the list of U.S. industries born or reborn out of wartime stress will soon be added one of the most obscure and unsuccessful of all: diamond mining. For a modest $175,000 Arkansas Diamond Corp. last fortnight sold its long-idle field in Pike County, only one in the U.S. ever developed commercially. The buyer: an anonymous Chicago syndicate which hopes that wartime demand for industrial diamonds (up 60%) and wartime prices (up 20-70%) will enable it to succeed where others long have failed.

The Arkansas field was opened in 1906 by a guide named John Huddleston, who found a 2½-carat diamond washed...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!