The first quarter for Harry Winston Diamond Corporation has been quite rewarding, with an increase in sales by 10 percent and gross margin by 18 percent. The consolidated quarterly sales amounted to $156.1mn, and earnings from operations of $39.6mn.
The company admitted this to be commendable, as it faced a shortfall of its rough diamond production, and the tough economic situations in its US retail market. The increase in operational earnings was attributed to a robust pricing for the white rough diamonds, a signature of the Diavik Mines.
Its jewellery sales also received a good push in the global markets beyond the US. Earnings from operations for its mining segment increased by 13 percent, amounting to $42mn compared to the comparable quarter of the prior year. Harry Winston earned net earnings of $21.3mn, as compared to $3.3mn in the same quarter last year.