Harry Winston Not Considering Selling Luxury Brand
Despite rumours, Harry Winston Diamond Corporation has stated it is not planning to sell its luxury brand. In an official release, the company did confirm that there have been “various indications of interest” in the potential purchase, but that Harry Winston was not in any active negotiations in regards to such a transaction.
Harry Winston isn’t much for commenting on market rumours but must have felt compelled to after Reuters reported earlier this week that the company was considering the sale of its luxury brand in an effort to focus more on its mining business.
Harry Winston Diamond Corporation mining operations have been quiet successful in 2012. The company reported on October 16th the results of its third quarter production from its Diavik Diamond Mine in which the company owns 40 per cent. Producing 1.93 million carats out of 0.52 million tonnes of process ore, Harry Winston reported that ore processing had declined 19 per cent but still produced an equal amount of carats in comparison to 2011. After a successful third quarter, Harry Winston’s Diavik mine has produced a total of 5.33 million carats throughout 2012.
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Although Harry Winston has claimed it’s untrue, the rumour of potential sale was reported to Reuters by a “close source.” The value of the luxury part of Harry Winston’s business was estimated to be around $766 million.