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Dominion Diamond’s sales up 8% in Q4

Fiscal year profit up 38%

diamond world news service

Dominion Diamond Corporation, previously known as Harry Winston Diamond Corporation, the fiscal year 2012 recorded an increase in profits and revenues. Consolidated sales rose 19 percent to $345.4 million( the same was $290.1 million in the previous year). Volume of rough diamonds sold rose 49 percent, but prices fell 20 percent. The year generated profit worth $35.2 million after a ‎38 percent increase. Operating profit from the mining division was up 32 percent to $22.8 million and from the retail division it rose 58 percent to $12.4 ‎million with sales up 6 percent to $435.8 million, reports say.

Sales from its mining operations in the fourth quarter ending January 31, 2013, rose 8 percent (on y-o-y basis) to ‎‎$110.1 million, while company profit slipped 10 percent to $14.8 million. Operating profit from the mining division dropped 5 percent to $12 million and retail profit dipped 28 percent to $2.8 million.‎ The company saw a rise in diamond sales, which it attributed to the 11 percent increase in rough diamond prices and an ‎improved sales mix. The sale was partially offset by a 3 percent decrease in the volume of diamonds sold.

The company reported that it held 500,000 carats of rough diamonds in inventory, ‎estimated at $65 million as of January 31, of which approximately $25 million worth of goods were available for ‎sale and the remaining $40 million are currently being sorted.‎


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