Photoelastic modulator (PEM) based polarimeters have been used for plasma diagnostics of magnetically confined fusion devices for over 15 years. With the invention of a new laser operating at 47.7 and 57.2 microns, using this radiation for plasma diagnostics has become possible, providing that PEMs can be made for these wavelengths of radiation. Recently, a PEM has been made which meets these requirements. The device uses a silicon optical element with a single-layer polymer anti-reflective coating. Design decisions during the development and performance characteristics of the new PEM will be discussed. Topics include the choice of silicon as an optical element material, antireflective coating design and material choice, optical transmission, maximum retardation, useful aperture and modulation frequency.