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Gem Diamonds reaches deal with Tiffany & Co unit on fancy yellow supply

23 december 2009

Diamond miner Gem Diamonds has reached an agreement with a unit of luxury jeweller Tiffany & Co to supply fancy yellow diamonds from its Ellendale mine in Western Australia, Antwerpfacetsonline reported.
Gem Diamonds subsidiary Kimberley Diamonds signed the agreement with Laurelton Diamonds, Tiffany’s diamond sourcing and polishing unit. The agreement takes effect this month and will run until the end of the economic life of the Ellendale mine, Gem Diamonds said.
Tiffany’s Chief Financial Officer James N. Fernandez said the agreement will fulfill the firm's supply requirements for several design programmes that start next year which require high-quality yellow diamonds.
Gem Diamonds said it would enjoy an initial price that was less than 10 percent under the peak prices reached before the start of the economic crisis in the fourth quarter of last year.
The firm said that the rest of the commercial output from Ellendale would continue to be sold via current channels, including open tender and select direct sales.
Gem Diamonds CEO Clifford Elphick said: “The agreement should provide a sustainable platform on which the Ellendale mining operations can grow and I have every confidence that with Tiffany’s global marketing and retail reach, they will extract the full potential of these remarkable yellow diamonds which in turn will allow Kimberley Diamonds to realize their full rough value.”