Gem Diamonds Ltd (LON:GEMD) said its Kimberley Diamond Company NL unit has negotiated a 25 percent price increase for the exclusive assortment of rare fancy yellow diamonds from Kimberley's Ellendale mine in Western Australia to high-end jeweller Tiffany & Co.
This price increase will come into effect on 1 October 2010.
Tiffany launched its Yellow Diamond Collection in Japan in April 2010 and in September launched the collection to the US market at its flagship store on New York's 5th Avenue.
Gem Diamonds CEO Clifford Elphick commented: "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 percent 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.”