Business
25% Price Increase For Gems'
25% Price Increase For Gems'.
About this update from Gem Diamonds Limited
[{"type":"text","content":"\n RNS Number : 6851S Gem Diamonds Limited 15 September 2010 \n \n\n15 September 2010 \n \n \nGEM DIAMONDS LIMITED\n \nGEM DIAMONDS AND TIFFANY SUBSIDIARY NEGOTIATE A 25 PERCENT PRICE INCREASE FOR ELLENDALE'S FANCY YELLOW DIAMONDS\n \nGem Diamonds Limited's (LSE: GEMD) (Gem Diamonds) wholly owned subsidiary, Kimberley Diamond Company NL (Kimberley Diamonds), is pleased to announce that in the recent periodic contractual price negotiations with Laurelton Diamonds, Inc. (Laurelton), the diamond sourcing and polishing subsidiary of global high-end jeweller, Tiffany & Co. (Tiffany), the parties agreed to a 25% price increase for the exclusive assortment of rare fancy yellow diamonds from Kimberley's Ellendale mine in Western Australia. This price increase will come into effect on 1 October 2010. \n \nTiffany 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. \n \nGem Diamonds CEO, Clifford Elphick commented:\n \n\"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% 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. This shows the benefits of partnering with such a highly regarded brand and major player in the diamond jewellery and retail sector.\"\n \nFor further information:\nGem Diamonds Limited\n \nRichard Chetwode, Investor Relations\nTel: +44 (0) 203 043 0280\nMob: +44 (0) 759 0064 883\n \nGem Diamond Technical Services Ltd\n \nSherryn Tedder, Media\nTel: +27 (0) 11 560 9618\nMob: +27 (0)...