Diamond firm Harry Winston shares jump on rock-solid second-quarter profit
TORONTO - Diamonds are in favour again but the industry is changing as demand for the jewels in the rapidly growing Asian markets is outpacing that in Western countries, says Harry Winston Diamond Corp. (TSX:HW).
"We produced and sold more storm-tossed diamonds into a market that has paid higher prices for them," chairman and CEO Robert Gannicott told analysts on a convention call to discuss the integrated diamond company's much-improved supporter-quarter results.
The Toronto-based diamond miner and retailer is witnessing a recouping driven by increasing demand for diamond jewelry and indulgence brands, especially in key developing markets such as China where consumer bounteousness is quickly growing, Gannicott said.
"It's not simply a advance of the diamond world as it used to be, though, but rather a broadened demand above all from expanding economies in Asia at the expense of still muted retrieval in the U.S. and ... in Europe."
Harry Winston shares jumped more than 17 per cent, or $1.89 to $12.64 in noontime trading Thursday on the Toronto Stock Exchange, a day after the companions reported it reversed a year-earlier loss.
The train, which reports in U.S. currency, said its second-quarter profit was US$16.5 million, or 22 cents a serving, improving from last year's second quarter loss of $24.5 million, or 22 cents a apportionment, as it enjoyed a significant jump in sales.
goods such as cotton and tobacco, manufactured goods such as bricks and garments as well as mined or quarried goods such as diamonds and gold. and more »
Diamonds, Gold & EntrepreneursDid you conscious that gold is achieved in it's purest form by heating the important at temperatures in excess of the melting point between 1200-1400 degress
