In 1862, Scotch pearls sold for about seventy-five cents to ten or twelve dollars each, an extraordinary piece bringing occasionally as much as twenty-five dollars, but after they were brought to the favorable notice of persons of distinction and it was known that Queen Victoria had bought one for one hundred and ten dollars, the price of them quadrupled. In the time of Charles II. of England an Irish pearl weighing 144 grains was valued at two hundred dollars. In London during the early part of the nineteenth century, pearls from Panama of good size and quality brought about four dollars per grain.
About 1865, fine oriental pearls were sold in London for $1.25 to $1.50 per grain in sizes up to three grains. Over that the price increased gradually with the size so that five grainers were worth about $2.50 per grain; ten grainers, $5.50 per grain; twenty grainers $13.00 per grain and thirty grainers about $17.00 per grain. If their fine grade equalled ours, there has been a remarkable advance in the last forty years, as fine oriental round pearls of thirty grains to-day, are worth in the United States $240.00 per grain flat.
Up to this time and after, prices were quoted very generally by the carat. Later, the method of reckoning by the square or multiple became more general, and the price went to about two dollars per carat, in London, or fifty cents per grain base for ordinary sizes, the larger ones being valued by the piece according to the individual rarity and particular qualities, as before. At the Navigator's islands in 1858, fine round pearls of one to two grains were valued at about fifty cents per grain, the price increasing until those of twenty grains were considered worth twenty dollars per grain. Second class pearls under one grain, averaging half a grain, were sold for about five cents a grain. The same grade about nine grains average, were worth about sixty-five cents per grain.
A third and fourth grade brought about twenty-five and fifty per cent. less respectively. These prices, compared with those of London, indicate that fine, large, round pearls commanded better prices then in the East than they did in Europe. Seed pearls sold at Tahiti for ten to fifteen dollars per pound. The island of Labuan, a British possession in the East Indian archipelago, shipped pearls to Singapore in the sixties at an average price of ten to fifteen cents per grain. In 1871, 35 ounces of pearls shipped from Guayaquil were valued at $100.00 per ounce.
As in former times, at many places where the fishing is done by independent naked divers, especially among the remote islands of the South Sea, there is no grading of pearls or definite ideas of value. The natives dispose of their pearls, as they are able, to traders, often for a very small price. It is so to-day at many points in the Sulu archipelago from Mindanao to the Tawi Tawi islands. The smaller established fisheries of the seas east of China assort roughly and sell in bulk to buyers from neighboring trading centers.
The output of the large fisheries is practically controlled by the great merchants of neighboring cities who know the methods and intricacies peculiar to the localities. For instance, the pearls of Ceylon go to Madras, and Bombay handles the bulk of those from the Arabian coast and the Red Sea. Lower California pearls are marketed chiefly at La Paz. Those from Venezuela are shipped principally to Paris and definite figures cannot be obtained. A few are brought to the United States direct from Venezuela, chiefly by Syrians who barter for them with the independent divers. These traders have no knowledge of market rates for assorted goods but sell them in mixed lots for as much as they can get.
The price of pearls of the first grade, in Ceylon in 1904, weighing four grains and upwards each, was about $5.00 per grain. At Macassar, prices for the irregular shaped pearls of the Dutch Indies ranged from twenty-five cents to $1.25 per grain base according to quality.
At the Ceylon fisheries, two-thirds of the oysters taken have been the government's share. These were auctioned off daily. The prices varied considerably, not only from fishing to fishing, but daily during the season. If the oysters sold one day, yielded well, prices went up and vice versa. In 1860, at the beginning of the Tinnevelly fishery, they realized Rs 15. ($7.50) per thousand and rose later to Rs 40. ($20.00). In 1861 on the contrary they sold in the early part of the season for $35.00 to $40.00 and fell to $20.00, at one time touching $8.50.
In 1871, the Tuticorin catch brought a little over $40.00 per thousand average. The average price paid in 1858 at the Ceylon fisheries was a little less than ten dollars, and as the pearl yield was good, the speculators made enormous profits. In consequence, the average of 1859 went up to $22.50, the oysters bringing at one time during the season as much as $42.00; 1860 realized an average of $66.00, the highest price paid during the season being $90.00.