25% Price Hike for Ellendale Yellow Diamonds Takes Effect

Oct. 13, 2010 - PRLog -- A 25% price hike for Gem Diamonds' yellow diamonds mined at Australia's Ellendale mine has been in effect since October 1, 2010.

Gem Diamonds, which supplies the yellow Ellendale diamonds to Tiffany sourcing and polishing subsidiary Laurelton Diamonds, successfully negotiated the increased price in mid-September. CEO Clifford Elphick commented on the new supply terms, noting that the Ellendale mine was the largest producer of fancy yellow diamonds in the world.

"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," Elphick said.

According to the half-year report released by Gem Diamonds, Ellendale fancy yellow diamonds sold to Tiffany had a per-carat price of $2,509 in 2009 but reached an average price of $2,588 per carats in H1 2010, the period in which the famous jewelry house launched its Yellow Diamond Collection. The new jewelry collection debuted in Japan in April and received additional exposure through a partnership between Tiffany and tennis champion Maria Sharapova, who agreed to wear yellow diamond earrings from the collection during her Grand Slam matches.

The Tiffany & Co Yellow Diamond Collection was finally unveiled in New York during the "Fashion's Night Out" fashion industry event on September 10 at the company's flagship store on 5th Avenue in Manhattan.


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