Tiffany Agrees to Fancy Yellow Diamond Price Hike

Laurelton Diamonds, Inc., the diamond sourcing and polishing subsidiary of high-end jeweler Tiffany & Co., agreed to pay 25 percent more for the fancy yellow diamonds it buys from the Ellendale mine in Western Australia.

The price hike follows periodic contractual price negotiations between Gem Diamonds’ subsidiary Kimberley Diamond Company that which owns Ellendale and Laurelton. The price increase will come into effect on October 1.

Tiffany launched its Yellow Diamond Collection in Japan in April. Last week, on Fashion's Night Out, it launched the Yellow Diamond Collection in the U.S. market at its flagship store on New York's 5th Avenue.

“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 percent increase in price for these rare diamonds,” said Gem Diamonds CEO, Clifford Elphick.

“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 jewelry and retail sector."