Diamonds

Save E-mail Print Most Popular RSS Reprints

Aber Diamond to change name to Harry Winston

June 08, 2007

Similar Stories | Topics

Ottawa—In a move emblematic of the mine to retail push, Aber Diamond Corp. shareholders have approved changing the company's name to Harry Winston Diamond Corp., according to Reuters.

The report said the company—which owns a 40 percent stake in Canada's Diavik diamond mine and purchased full ownership of fine-jewelry and watch retailer Harry Winston last year&$#2014;hopes the name change will polish its image by putting focus on its luxury retail unit.

"It is believed that such a name will allow the corporation to attract broader media coverage and interest through the wider recognition of the Harry Winston brand name," Chief Executive Robert Gannicott reportedly told shareholders.

The change also reflects the company's focus on both retail and mining, he said.

"A promotion of the company's equity, in turn, promotes its jewelry products, and the promotion of the jewelry products, in turn, supports the promotion of the company's equity," he said.

Analysts at RBC Capital Markets said the change indicates a new direction with the shift from a diamond-mining play to an integrated diamond marketing/specialty company.

The expectation by analysts is that as the company grows in profitability and size, it will attract investors who are typical of luxury goods companies.

Aber also released its first-quarter results for the period ended April 30, with sales up from $119 million to $141 million. Net earnings fell, however, from $24 million in the same period last year to $3 million.

The company said net earnings for the current quarter were negatively impacted by the foreign-exchange adjustment of $13.6 million, not deductible for Canadian tax purposes, applied to the provision for future income taxes payable, which is attributable to the 6 percent strengthening of the Canadian dollar against the U.S. dollar during the quarter.
Save E-mail Print Most Popular RSS Reprints
Post a Comment
* Required field
* Author:
* Comment:
 

Diamonds

Industry calling for swift action on Zimbabwe

Jewelers of America is calling on the Kimberley Process to fully and quickly implement a work plan to address the serious concerns surrounding Zimbabwe's non-compliance with the Kimberley Process Certification Scheme, the system designed to keep conflict diamonds out of the international trade, and the reported human rights abuses in the Marange diamond fields. Read More

Sotheby's reports record-breaking sales in Geneva
Diamond symposium focuses on 'new normal'
More Diamonds

More Like This

Aber Diamond 2Q sales up 24 percent
September 11, 2007 | National Jeweler Network
Harry Winston debuts on the NYSE
November 19, 2007 | National Jeweler Network
Harry Winston fiscal year sales +18% to $226M, operating earnings -80%
March 30, 2007 | National Jeweler Network
Dallas auction to feature top jewelry designers
April 07, 2009 | National Jeweler Network
Harry Winston hit for $100M in jewelry heist
December 05, 2008 | National Jeweler Network
TOPICS
Business | Company Activities and Information | Corporate Reporting | Currency Markets | Earnings and Loss Announcements | Earnings and Losses | Financial Markets

advertisement

Video

Small multi video player located on right rail of NJN site

advertisement

Retailer Toolbar

America's Best Jewelers
Join the ONLY Social Network for Jewelry Retailers. Get access to expert content, peer best practices, and more.
Start networking today.
Newsletters
Newsletters
Topic-specific newsletters that deliver the latest news on jewelry, diamonds, wholesale operations and high-volume buying directly to your in-box.
Reader Connect
ReaderConnect
Supplier information presented with every article, bringing you related, actionable content on every topic.
Jewelry Yellow Pages
Yellow Pages
A comprehensive listing of associations, organizations, suppliers and services for the jewelry industry.
Classifieds
Classifieds
A comprehensive listing of job postings, product offerings and other materials for sale for the jewelry industry.
NJN Customer Connect
CustomerConnect
The most sophisticated suite of marketing services available for jewelry retailers, from Internet tools to data marketing.

advertisement