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Harry Winston Diamond Corporation Sold 1M Carats of Diamonds in 1Q 2013

08 june 2012

Harry Winston Diamond Corporation recently announced its operating and financial results following the first quarter of 2013 fiscal year. The company sold approximately 1.0 million carats of rough diamonds for an average price of $88 per carat compared to approximately 0.5 million carats for an average price per carat of $132 in the comparable quarter of the prior year.
The 34% decrease in the company's achieved average rough diamond prices in the first quarter resulted from a combination of a number of factors.
According to the statement, the sale of the lower priced goods originally held back in inventory by the company at October 31, 2011. The company's decision to hold back some higher priced goods in the first quarter of fiscal 2013 due to an observed imbalance in the rough and polished diamond prices for these goods.
Robert Gannicott, Chairman and Chief Executive Officer of Harry Winston Diamond commented on the results of 1Q 2013, "We have improved sales, operating margins and profitability in all sectors of our business compared to the equivalent quarter of the prior year. The Diavik mine continues its transition to underground mining while jewelry and timepiece sales demonstrate our success in broadening the reach of the brand beyond reliance on a small, ultra high end market."
Consolidated net profit attributable to shareholders for the first quarter was $11.6 million or $0.14 per share compared to net profit attributable to shareholders of $3.6 million or $0.04 per share in the comparable quarter of the prior year.

Olga Patseva, Editor in Chief of the American Bureau, Rough&Polished