The history of the commercial value of the diamond, extending back to a distant period of time, forms an interesting chapter for the philosopher as well as the merchant. It would appear that the gem had been comparatively independent of the caprice of fashion, and that it has had for many years a value quite as fixed as gold or silver. This comparative valuation only applies to the snow-white diamonds, and to those whose imperfections are not readily discernible to the naked eye. In estimating the value of diamonds, Barbot divides their shades into fifteen degrees, as follows: In the first degree he places the rare diamonds which exhibit the vivid gleam like the flash of polished steel; second degree, snow-white, first water; third degree, white, first water; fourth degree, white, with faint shades, red, yellow, and blue; fifth degree, white, yellow, or green, second water; sixth degree, grayish-yellow or green, second water; seventh degree, orange yellow; eighth degree, translucent topaz yellow; ninth degree, translucent deep green; tenth degree, translucent brick-red; eleventh degree, translucent deep red; twelfth degree, quite opaque, dingy blue; thirteenth degree, quite opaque, deep bottle green; fourteenth degree, quite opaque, brown or blackish; fifteenth degree, quite opaque, black as jet. In ancient times, the gem probably had no fixed commercial value, and was sought for as a curiosity or as a talisman. In the fifteenth and sixteenth centuries, the goldsmiths of Italy, which was then the richest country in the world, established a comparative valuation for the four precious stones, ruby, emerald, diamond, and sapphire. From these accounts we learn that the diamond of one karat was valued at 100 gold scudi, and that the emerald was estimated at 400, and the red sapphire, or ruby, at 800, or eight times the price of the adamas. These valuations, if we estimate the scudi at nine English shillings, make a diamond of one karat worth $225, and the ruby of the same weight at $1,800, or nearly two thousand dollars, a statement which is quite incredible. In the sixteenth and seventeenth centuries and even before these dates, Venice was the chief gem mart of Europe. Her merchants had control of a great part of the trade with the Eastern countries; and most of the Oriental luxuries passed through their hands. From the account of the auction sale, in the year 1606, of the effects of a diamond merchant in that city, we learn the value of diamonds of one karat weight at that time. They were then valued at £21 13_s._ 4_d._, which was an enormous sum, compared with the value of money at the present day.