Gem Diamond’s Success in The Acquisition of Ellendale Mine
After receiving its first polished tender of diamonds from Ellendale in Australia, Gem Diamonds has already made it to selling 15.7 carats totaling a value of $453,102, which is $28,860 per carat. The company began its successful expansion of polished tenders in January.
CEO Clifford Elpnick is quoted emphasizing on the Ellendale tender: “The success of this beneficiation trial supports managment’s view of the significant additional margin that can be captured from the cutting and polishing of Ellendale’s top diamonds and we are very encouraged by the results.”
Gem Diamonds has already made it to selling at the tender, four intense and vivid yellow diamonds that were cut and polished from 28.5 carats of rough, by Antwerp-based Matrix Diamond Technology.
Several stones that were part of the collection included a 7.1-carat cushion cut vivid yellow diamond that was sold for $52,000 per carat., and a 2.3-carat cushion cut vivid yellow diamond, which was sold for $19,000 per carat.
Ellendale mine was purchased by Gem Diamonds from Kimberley Diamond Company in July of 2007 for $263 million.
Once Ellendale mine came under the ownership of Gem Diamonds, the company said it has “implemented an aggressive turnaround strategy that is yielding not only more of these spectacular diamonds, but also a real return on the company’s investment.”