20th Century
Two trial near the end of the 19th century helped change the role of diamonds for the next century. First, the discovery in the 1870s of diamond deposits of unparalleled richness in South Africa changed diamond from a rare gem to one potentially available to anyone who could afford it. Second, the French crown jewels, sold in 1887, were consumed by newly wealthy capitalists, particularly in the United States, where a taste and capacity for opulent consumption was growing.
Before the 1870s diamonds were still rare, and linked with the aristocracy. In 1871, though, world annual production, derived primarily from South Africa, exceeded 1 million carats for the first time. From then on, diamonds would be produced at a extraordinary rate. Concurrently, the fall of Napoleon III in 1871 left the Third Republic of France with a problematic symbol of monarchy: the crown jewels largely reset by Empress Eugenie in the style of the great Louis kings. It was decided to auction the size, retaining a few key objects for the State. With French buyers such as Boucheron and Bapst in attendance, Tiffany & Co. of New York bought the major share; 22 lots for $480,000, a sum greater than the mutual purchases of the 9 next-largest buyers. This was a message of the United States as a country prepared to display its wealth as well as its power in the new