Harry Winston Diamond Corporation third quarter net earnings rose to $71.9 million compared to a net loss of $7.4 million in the third quarter of the prior year, the company reported Wednesday. However, its sales declined in the quarter ending October 31.

The firm benefited from a $49 million foreign exchange gain because of the weakening of the Canadian dollar against the U.S. dollar, compared to a $40.6 million foreign exchange loss in the prior year.

Consolidated sales were $148.6 million for the third quarter, declining 15.81 percent compared to $176.5 million in the third quarter of 2007. The decline in sales resulted in a 24 percent decrease in gross margin and a 35 percent decrease in consolidated earnings from operations.

continue reading "Harry Winston Returns to Profit Thanks to Favorable Exchange Rate"

A savvy band of jewel thieves, armed with guns and some posing as women, have struck in the heart of the city’s golden triangle of luxury shops, stealing more than €85 million worth of diamonds, rings and watches from a posh Harry Winston boutique.

The brazen $108 million theft Thursday, which some French newspapers quickly branded the heist of the century, reflected a savvy knowledge of the jewelry business, happening during the peak of the holiday season, when jewelry stocks are plentiful.

It was the second time that the boutique on Avenue Montaigne was robbed in the past 14 months and came a little more than a week after Cartier in Paris lost a €635,000 diamond ring to a veiled woman posing as a tourist from Qatar who switched the real gem for a fake.

continue reading "Thieves get €85 million in jewelry from Paris boutique"

Harry Winston Diamond Corporation (TSX: HW; NYSE: HWD) today announced that the operator of the Diavik Diamond Mine has provided the following update on work during the second quarter of 2008 at the Diavik Diamond Mine: Ore production accelerated in the second quarter in line with plan due to improved operating conditions. Ore was mined predominantly from the A154 South kimberlite pipe, with smaller tonnages mined from the A154 North and A418 pipes. The A418 ore was mined as part of ongoing pre-stripping of waste overburden to prepare the second open pit. This initial ore is low grade weathered kimberlite capping the pipe and diluted with overlying glacial till. Full scale open pit production from A418 is scheduled to begin in earnest late this year. Natural grade variation in the A154 pipes combined with the low grade nature of the A418 production of ore mixed with waste overburden material resulted in 2.522 million carats of diamonds being recovered during the quarter, 23 per cent below the same quarter of 2007. Diamond production is now forecast to be from 10 to 10.5 million carats in 2008.

continue reading "Harry Winston Diamond Corporation Announces Diavik Diamond Mine Second Quarter 2008 Update"