Gem gets more for yellow diamonds

15th Sep 2010 07:13

Gem Diamonds has negotiated a 25% price rise for rare yellow diamonds produced at its Ellendale mine in Australia with Laurelton Diamonds, the diamond sourcing and polishing subsidiary of jeweller, Tiffany & Co. "The Ellendale Mine in Australia is the world's single largest producer of rare fancy yellow diamonds and we are very pleased to have concluded a 25% increase in price for these rare diamonds. The long term agreement with Tiffany & Co, spanning the econmic life of the Ellendale mine, continues to provide a sustainable platform for Kimberley Diamonds' mining operation," chief executive Clifford Elphick commented.The price increase will come into effect on 1 October 2010. Kimberley Diamond is the Gem subsidiary that runs Ellendale.