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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.
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Tags:
Avi Krawitz, diamonds, Diavik, Harry Winston, Rapaport, Rio Tinto, Rough Diamonds
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