Gem's yellow diamonds from its Ellendale mine
Gem formalises Tiffany 'yellow' diamond deal
Miningmx reporter | Tue, 22 Dec 2009 10:44[miningmx.com] -- GEM Diamonds has formalised an 18-month old agreement with Tiffany & Co subsidiary, Laurelton Diamonds, to supply the jeweller with fancy yellow diamonds from its western Australian Ellendale mine. The agreement would allow Ellendale to cover its costs and undertake additional on-site exploration, Gem said in a statement. Ellendale's remaining commercial production, not covered in the agreement with Laurelton, would continue to be marketed through other channels including open tender, Gem said. Gem brokered the deal through Kimberley Diamond Company which it bought in November 2007. "The agreement should provide a sustainable platform on which the Ellendale mining operations can grow," said Clifford Elphick, CEO of Gem Diamonds. The agreement is effective from December and runs for the economic life of the Ellendale mine, Gem said. "On signature of the agreement, Kimberley Diamonds will benefit from an initial price which is less than 10% below the peak prices achieved before the onset of the financial crisis in 2008," Gem said in a statement. "Tiffany has some very exciting design initiatives beginning in 2010 that will require high quality yellow diamonds," said James Fernandez, executive vice-president and chief financial officer of Tiffany & Co. "This agreement should fully and efficiently satisfy our supply needs," he said.
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