3rd Gold convention 2006 held in Mumbai

The convention was focused on investment/ETF, market integration, risk management, refining and price outlook

Post By : Diamond World News Service On 21 August 2006 12:00 AM
Aber Diamond Corp reported record net earnings of $81 million in the company’s last fiscal year, which ended January 31, 2006. The company holds a 40 % stake in the Diavik diamond mine in Canada’s Northwest Territories and a 53 % stake in renowned U.S. jeweler Harry Winston, Gross margins were $59 million and $51 million for the company’s mining and retail segments, respectively. The company attributed the results to strong rough diamond prices, increased production and gains at Harry Winston.$$"These robust earnings fueled a working capital balance now in excess of a quarter billion dollars, ensuring that the company is well positioned to continue to fund Diavik and Harry Winston capital requirements and other strategic growth opportunities, as well as continuing to reward its shareholders through its ongoing dividend program," said Alice Murphy, CFO.%%"The last financial year has been a rewarding one for Aber and its shareholders as sales volumes, prices and earnings have increased in both segments of its diamond businesses,” said Robert Gannicott Chairman and CEO. “The Aber-Harry Winston team has demonstrated the economic synergy between jeweler and rough diamond marketer. We now have the opportunity to capitalize on that synergy in a marketplace that is expected to increasingly demand the high quality rough diamond and jewelry products that Aber supplies and understands."%%“Harry Winston has once again shown double-digit growth in annual sales and strengthened margins in line with the plan we laid out when we acquired the company in April 2004,” said Thomas ONeill, President of Aber and CEO of Harry Winston. “These gains are the result of the refinements we made to our product mix and improvements in sourcing, purchasing and manufacturing, along with strong performance in our core markets of the U.S. and the Far East. By combining financial capital and management expertise, Harry Winston is strengthening its position as the preeminent purveyor of fine diamond focused jewelry, while growing a more accessible high-end diamond jewelry brand in order to deliver long-term value to our shareholders."

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