Record prices for Gem Diamonds

Gem Diamonds received record average prices for stones from its Let?eng and Ellendale mines during the fourth quarter.Over the last three months of 2010, 24,517 carats of rough diamonds from Let?eng in Lesotho were sold at an average price of US$3,291 per carat, up 74% from the $1,894 it made the year before. The firm's Kimberley Diamonds business sold 5,444 carats of rare fancy yellow diamonds to Tiffany & Co for 25% extra, up to $3,482 per carat. That pushed the average price of diamonds from Ellendale in Western Australia up 70% to $464 per carat."The reports of strong diamond jewellery sales in the important US Christmas season, continuing growth in sales of diamond jewellery in Asia, specifically China and India and the fundamental supply demand imbalance, has meant strongly rising prices for rough diamonds and to a lesser extent polished diamonds," explained boss Clifford Elphick."Concerns ahead of the Christmas season that rough diamond prices were too far ahead of the equivalent polished prices, have been replaced with concerns that it is polished prices that need to (and are beginning to) catch up." Gem Diamonds Di