Gem Diamonds to supply Tiffany

22nd Dec 2009 07:04

Gem Diamonds subsidiary Kimberley Diamonds has entered into an agreement to sell yellow diamonds from the Ellendale mine in Western Australia to Laurelton Diamonds, which is owned by the US jeweller Tiffany.Under the agreement, which will run for the economic life of the Ellendale mine, Kimberley will initially benefit from a price that is less than 10% below the peak price for diamonds before the financial crisis that began in 2008.'I am pleased that Kimberley Diamonds has been able to conclude a long term supply agreement for Ellendale's production of fancy yellow diamonds with such a highly regarded brand and major player in the diamond jewellery and retail sector, Gem Diamonds chief executive Clifford Elphick said.'Tiffany has some very exciting design initiatives beginning in 2010 that will require high quality yellow diamonds,' said Tiffany executive vice president and chief financial officer James Fernandez. 'This agreement should fully and efficiently satisfy our supply needs.'