yellow diamonds!!!

RAPAPORT... Prices of diamonds mined at the high value Let?eng mine in Lesotho continued to rise in April reaching a record average of $4,272 per carat, Gem Diamonds reported. The company sold 11,126 carats of Let?eng production for $47.6 million during the month with the average price 79 percent higher than those achieved in the first quarter. Of the total, 125 carats valued at $4.7 million were extracted for manufacturing by Gem Diamonds beneficiation unit.
?The successful implementation of Let?eng?s sales and marketing strategy increasing demand for diamond jewelry from the world?s largest market, the US; continued very strong demand from India and China; and low stocks of rough and polished diamonds in the cutting centers have led to substantial rises in the price of both rough and polished diamonds,? said Gem Diamonds? chief executive (CEO) Clifford Elphick.
Gem Diamonds started marketing its Let?eng product in-house in October 2010 following the expiration of its contract with WWW International. Under the new strategy, the company envisages selling by tender polished diamonds manufactured from Let?eng goods.
During the first quarter that ended March 31, 2011, sales from Let?eng rose 73 percent to $46.8 million with 19,552 carats of rough and 73 carats of polished selling for a combined average of $2,383 per carat. However, the average price was 28 percent below those achieved in the fourth quarter of 2010.

Including the April sale, Gem Diamonds has sold 30,751 carats of Let?eng diamonds for $94.3 million, or $3,067 per carat so far in 2011.

Let?eng production in the first quarter rose 29 percent to 26,541 carats with a 41 percent increase in the average grade recovered.

Sales at Gem Diamonds? Ellendale mine in Australia fell 2 percent to $15.5 million during the first quarter with 32,453 carats selling for an average $478 per carat. Among these, the company sold 2,884 carats of fancy yellow diamonds to Tiffany & Co. for an average $3,379 per carat, which was 33 percent higher than prices achieved in the first quarter of 2010. The average price of the remaining Ellendale production rose 37 percent to $195 per carat. Gem Diamonds and Tiffany are currently negotiating a price review regarding their off-take agreement for fancy yellow diamonds, which will take effect on April 1. Production at Ellendale fell 36 percent to 25,468 carats, due largely to unusually wet weather during the quarter.

Gem Diamonds has commenced the first phase of construction at its Gope mine in Botswana and is expecting to launch production in early 2013.