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Friday, September 17, 2010

Gem Diamonds, Tiffany Agree to 25% Price Hike for Fancy Yellow Diamonds

Ellendale mine site
Diamond mining company Gem Diamonds Ltd. said Wednesday that it has negotiated a deal with Laurelton Diamonds, Inc., for a 25 percent price increase for the exclusive assortment of rare fancy yellow diamonds from Kimberley Diamond Company’s Ellendale mine in Western Australia. This price increase will come into effect October 1 and will last through the lifespan of the mine.

Laurelton Diamonds is the diamond sourcing and polishing subsidiary of luxury retail jeweler, Tiffany & Co. Gem Diamonds is a wholly owned subsidiary of Kimberley Diamond Company NL.

Tiffany first launched its Yellow Diamond Collection in Japan in April 2010. The company then launched the collection in the U.S. market during Fashion's Night Out, held September 10, at its flagship store on New York's 5th Avenue.

“The Ellendale Mine in Australia is the world's single largest producer of rare fancy yellow diamonds,” said Clifford Elphick, Gem Diamonds CEO. “The long-term agreement with Tiffany & Co., spanning the economic life of the Ellendale mine, continues to provide a sustainable platform for Kimberley Diamonds’ mining operation. This shows the benefits of partnering with such a highly regarded brand and major player in the diamond jewelry and retail sector.”

You may have remembered that Gem Diamonds was recently in the news for unearthing a 196-ct. rough white diamond from its Letšeng mine in the South African country of Lesotho in late August.

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