The Early Modern Global Trade of Diamonds and Gems: An Armenian Family Firm on the Crossroads of Caravan and Maritime Trade (ca. 1670-1730)

This dissertation analyzes the early modern global luxury commodity trade of diamonds and gems conducted between the Indian Subcontinent and the Mediterranean during 1670s and 1730s. It examines the involvement of the Armenian mercantile network of merchants from New Julfa, Isfahan in this global trade by focusing on the previously unpublished and unstudied body of archival documents from state and private archives in Italy, the UK, Armenia, Iran and beyond. By focusing on a single family firm of professional gem merchants, the Minasians, their network of agents and business activities, this dissertation argues against the previously presumed idea by economic historians that early modern Asian merchants and family firms were merely peddlers in the face of the European chartered joint-stock companies. Operating from Isfahan and Livorno all the way to the Russian, Ottoman and Mughal Empires, the previously little-studied Minasian archival documents demonstrate that these gem merchants’ business ventures covered vast distances and included all three “gunpowder empires” of the early modern period.This dissertation also sheds light on the specifics of decision making, as well as the role of social capital in the long-distance business operations of this family firm. It argues that the systematic circulation of information and market knowledge played a key role in the business and decision-making culture of this family firm. Moreover, their detailed knowledge of early modern gem markets and the efficient information circulation through correspondence provided the most accurate, combined use of the caravan and maritime trade routes, whichever was cheaper and safer at any one moment. By offering a new narrative on the agency of the Minasian family firm in the early modern Eurasian long-distance trade, this dissertation makes an argument that the above-mentioned practices could be representative of a bigger body of Asian family firms operating in late seventeenth and eighteenth century Eurasia