🕐16.09.10 - 08:54 Uhr

GEM DIAMONDS AND TIFFANY SUBSIDIARY NEGOTIATE A 25 PERCENT PRICE INCREASE FOR EL
LENDALES FANCY YELLOW DIAMONDS



Please find attached and below a copy of the announcement by Gem Diamonds Limited this morning:
Yellow Diamonds Yellow Diamonds from Ellendale Maria Sharapova wearing yellow diamond earrings from Tiffany
High Res Images are available
15 September 2010
GEM DIAMONDS LIMITED
GEM DIAMONDS AND TIFFANY SUBSIDIARY NEGOTIATE A 25 PERCENT PRICE INCREASE FOR ELLENDALES FANCY YELLOW DIAMONDS
Gem Diamonds Limiteds (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 Kimberleys Ellendale mine in Western Australia.

This price increase will come into effect on 1 October 2010.


Tiffany launched its Yellow Diamond Collection in Japan in April 2010 and on Fashions Night Out on 10 September 2010, launched the Yellow Diamond Collection to the US market at its flagship store on New Yorks 5th Avenue.


Gem Diamonds CEO, Clifford Elphick commented:
"The Ellendale Mine in Australia is the worlds 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."
For further information:
Gem Diamonds Limited
Richard Chetwode, Investor Relations Tel: +44 (0) 203 043 0280 Mob: +44 (0) 759 0064 883
Gem Diamond Technical Services Ltd
Sherryn Tedder, Media Tel: +27 (0) 11 560 9618 Mob: +27 (0) 83 943 4505
Pelham Bell Pottinger
James MacFarlane Tel: +44 (0) 207 861 3864 / +44 (0) 7841 672 831
James Henderson Tel: +44 (0) 207 861 3160 / +44 (0) 7774 444 163
Charles Vivian Tel: +44 (0) 207 861 3126 / +44 (0) 7977 297 903
About Gem Diamonds:
Gem Diamonds is an international diamond mining company that has pursued a long term growth strategy through targeted acquisitions and the development of its existing assets.

Followingo the recovery in diamond prices in 2010 the Companys focus has been to place itself in a position to take advantage of long term growth opportunities.


The Companys mining portfolio comprises producing kimberlite and lamproite mines in Lesotho and Australia, as well as development projects in Angola and Botswana.

The Company also owns a diamond cutting technology company.


With Let�engs production of the worlds most sought after remarkable white diamonds and Ellendales production of rare fancy yellow diamonds, Gem Diamonds remains focused on higher value diamonds.

This segment of the market is likely to deliver attractive long term returns.
www.gemdiamonds.com
James Macfarlane Account Director Direct line: +44(0)20 7861 3864 Mobile: +44 (0)7841 672 831 Pelham Bell Pottinger 5th Floor, Holborn Gate, 330 High Holborn, London, WC1V 7QD Tel: +44 (0)20 7861 3232 Fax: +44 (0)20 7861 3233 www.pelhambellpottinger.co.uk PLEASE NOTE OUR NEW OFFICE ADDRESS & TELEPHONE NUMBERS AS OF MONDAY 24 MAY 2010 ....................................... A CarbonNeutral(r) company
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