Gem Diamonds has reached a negotiation with Laurelton Diamonds, Inc. (Laurelton), a subsidiary of Tiffany & Co., during recent periodic contractual price negotiations, to supply its rare fancy yellow diamonds with a 25 percent price. These diamonds are sourced from Kimberley Diamond Company NL (Kimberley Diamonds), Ellendale mine in Western Australia(Gem Diamonds is the fully owned subsidiary of Kimberley Diamonds).
The price increase will be effective from 1 October 2010. Gem Diamonds CEO, Clifford Elphick said: "The Ellendale Mine in Australia is the world's single largest producer of rare fancy yellow diamonds. 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 jewellery and retail sector."
Tiffany launched its Yellow Diamond Collection in Japan in April 2010 and on Fashion's Night Out on 10 September 2010, launched the Yellow Diamond Collection to the US market at its flagship store on New York's 5th Avenue.
Laurelton is the the diamond sourcing and polishing subsidiary of Tiffany & Co.