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Harry Winston Estimates Rough Prices Fell 8% in 2Q

Jul 17, 2012 6:59 AM   By Avi Krawitz
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RAPAPORT... Harry Winston estimated that rough diamond prices have declined by 8 percent since April as ‎demand has softened. The company estimated that prices have dropped about 4 percent ‎since the beginning of the year.‎

Harry Winston said it expects to be holding higher than normal rough diamond inventory as of ‎July 31, which is the end of its fiscal quarter, after it held partial rough diamond sales in May and June, ‎and is currently conducting its July sale.‎

Harry Winston owns 40 percent of the Diavik mine in Canada with Rio Tinto holding the ‎remaining 60 percent. Total Diavik production during the second calendar quarter was flat from ‎a year earlier at 2.865 million carats. Production in the first half of the year rose 8 percent to 3.4 ‎million carats. ‎

Harry Winston expects higher production in the second half due to ramp up of production at ‎Diavik’s A-418 pipe and the processing of approximately 1 million carats of reprocessed plant ‎rejects.‎

Full production at Diavik is expected to reach 8.3 million carats, up 24 percent from 2011 ‎output. ‎
Tags: Avi Krawitz, diamonds, Diavik, Harry Winston, Rapaport, Rio Tinto, Rough Diamonds
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