ints occur.
Occasionally a black pearl is found and on account of its rarity
commands a price nearly as great as that obtainable for a white pearl of
similar size and quality.

The value of pearls depends upon several different factors and it is far
from an easy matter to estimate the value of a fine specimen. It is much
easier to grade and estimate the value of diamonds than to do the same
for pearls, and it is only by long and intimate acquaintance with the
pearls themselves that one can hope to become expert in deciding values.
There are, however, several general factors that govern the value of
pearls. Chief among these are: 1, _Orient_; 2, _Color_; 3, _Texture or
Skin_; 4, _Shape and Size_.

FACTORS GOVERNING THE VALUE OF PEARLS. Taking up each of these factors
in turn, it may be said of the first that unless a pearl has that fine
keen luster known as a fine orient, it is of but limited value. No
matter what the size, or how perfect the shape, it is nothing, if dead
and lusterless. To have great value the gem must gleam with that soft
but lively luster peculiar to fine specimens of pearl. With variations
in orient go wide variations in value.

As to _color_, the choicest pearls are pure white or delicate rose pink
or creamy white. Pearls in these shades can be had in numbers and these
colors are what might be called _regular_ colors. _Fancy-colored_ pearls
have peculiar and irregular values, depending a good deal upon rarity
and upon the obtaining of a customer for an odd color. Fine pink and
fine black pearls are examples of the type that is meant here.

To be very valuable a pearl must have a smooth even _skin_, that is, the
_texture_ of its surface must be even and regular. It must not have pits
or scratches or wrinkles, or little raised spots upon it, or any cracks
in it. In connection with this topic of "skin," it may be mentioned that
it is sometimes true that a pearl of bad skin or of poor luster may be
improved markedly by "peeling" it, as the process is called. As was said
above, a pearl is built in layers much like an onion, and it can often
be peeled, that is, one or more layers can be removed, thus exposing
fresh layers beneath, whose texture and luster may be better than those
of the original outside layer.

"PEELING" A PEARL. Possibly an anecdote of an actual case may serve best
to explain the method by which "peeling" is sometimes accomplished. The
writer was once at Vincennes, Ind., on business