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Tiffany Yellow Diamond |
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| It is
debatable whether Truman Capote's novel Breakfast at Tiffany's
did much to increase the prestige of this famous New York
jewelry store because long before 1958, the year of the
book's publication, it had become a household name within
the United States as well as abroad. Doubtless some people
continue to inquire whether the store does serve breakfast
to its clientelle, but of course what the delightfully-named
heroine, Holly Golightly, sought was not refreshment of
the stomach but of the spirit, which was supplied by the
sight of the magnificent gems on display in the showcase. |
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| Founded
by Charles Lewis Tiffany in 1837, Tiffany &
Co. came to the fore among diamond merchants during
the second half of the 1800s. During the political
disturbances in Paris in 1848, which cumulated in
the overthrough of King Louis Philippe, the firm
bought a large quantity of jewels. At the sale of
the French Crown Jewels in 1887, Tiffany's bought
a great diamond necklace of Empress Eugénie,
considered at the time to have been the finest single
item to go on sale, four diamonds which may have
been among the former Mazarins, as well as several
other pieces. In the end, Tiffany's emerged as the
largest buyer, with 24 of the total 69 lots. |
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| Between
these two events in French history came the discovery
of diamonds in South Africa. Tiffany's were active there
too, buying a light-yellow cushion of 77 (old) carats
cut from a rough stone weighing fractionally less than
125 (old) carats and another fine yellow gem weighing
51 and 7/8 (old) carats. Both of these two diamonds were
among the first large stones to be cut in New York City.
They were surpassed, however, by the famous gem named
after its owners. In the rough, the stone was a beautiful
canary-yellow octahedron weighing 287.42 (metric) carats.
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| It is
believed that the Tiffany Yellow was found in either 1877
or 1878. The lack of exact information concerning the
correct date of its discovery extends to its location
as well; this has been variously described as the 'De
Beers Mine' or the 'Kimberly Mine', 'the De Beers Mines'
or 'the Kimberly Mines'. The finding of the Tiffany Yellow
took place before accurate records of the discovery of
large diamonds from South Africa were kept. However, the
clue to its location has been supplied by one writer who
has stated it was found in the mines of the French Company.
This was the colloquial name for the Compagnie Français
de Diamant du Cap, an important mining concern, the existence
of which sparked off the most momentous financial struggle
which the diamond industry has witnessed. |
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In the
belief that the only solution to the problems posed by
the inefficient and haphazard mining methods employed
by the Kimberly deposits lay in the amalgamation of the
multitude of claims into one unit, by 1887 Cecil Rhodes
and his colleagues had succeeded in making the De Beers
Mining Company, which was then headed by the flamboyant
Barney Barnato.
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| Born
Barnett Isaacs in 1852, the son of a small shopkeeper
off Petticoat Lane, one of the best-known streets in London's
East End, Barnato was in every respect the complete antithesis
of Rhodes. Barnato was an extrovert, imbued with Jewish-Cockney
wit and humor. After leaving school at fourteen, he obtained
a number of odd jobs including being a 'bouncer' at a
public house and appearing on stage at a music hall. Several
of his relatives left for South Africa after hearing of
the discovery of diamonds there, so Barney eventually
followed them. His only capital on arrival at the diamond
fields consisted of a box of cigars - of doubtful quality
- which he hoped to sell to the diggers. He became an
itinerant buyer of diamonds, his genial personality proving
a useful asset. In time, he bought for claims in the center
of the Kimberly Mine and prospered so that he was able
to form the Barnato Diamond Mining Company. Like Rhodes,
Barnato kept on buying up claims. In 1885 Barnato merged
his company with that of Baring-Gould's Kimberly Central
Mining Company, thus giving him a strong hold in the Kimberly
Mine as that of Rhodes in the De Beers Mine. |
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| Since
his company was going so well, Barnato saw no reason at
all why he should join any scheme of Rhodes for amalgamation.
However, one obstacle lay in the path of the Kimberly
Central, namely the Compagnie Français de Diamant
du Cap. By virtue of its position within the Kimberly
Mine and the policy it pursued, the French Company impeded
any success of future operations by Barnato's company.
Consequently Barnato made proposals to the French: but
Rhodes had already done likewise and had succeeded in
raising the finance necessary for the purchase of the
French Company in Paris. Rhodes then laid a trap for his
rival. He told Barnato that he could acquire the French
Company if he wanted it and would not ask for cash in
payment, only the equivalent of the price paid in Kimberly
Central's recently issued new shares. By this means Rhodes
was able to secure a useful foothold in the form of one-fifth
of Kimberly Central's issued capital; all the time this
had been his real objective, not the control of the French
Company. Barnato acquiesced in his plan, falling right
into the trap Rhodes had set for him. |
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| The stage
was now set for a titanic battle for the remainder of
the Kimberly Central's issued capital. Both Rhodes and
Barnato bought recklessly, and at a time when the price
of diamonds barely covered the cost of production, the
company's shares soared from £14 to £49 within
a few months. Eventually Rhodes and his associates could
claim to own three-fifths of Kimberly Central's issued
capital and Barnato realized he had been beaten. He surrendered
in March of 1888, accepting the terms which gave Rhodes
the control he had sought. On March 12th, De Beers Consolidated
Mines Limited was formerly incorporated. The new company
took over assets which represented the whole of the De
Beers Mine, three-quarters of the Kimberly Mine and a
controlling interest in the Bultfontein and Dutoitspan
Mines. Cecil Rhodes and Barney Barnato were appointed
among the company's first Life Governors. |
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