Aber Diamond Corporation’s principal asset is its 40% interest in the Diavik Diamond Mine, located in Canada’s Northwest Territories. Aber has now made its mark on the retail side of the diamond industry as it has entered into an agreement to purchase minority interests in Harry Winston, giving it 100 percent ownership.
Harry Winston is one of the leading name brands in the luxury goods segment, which includes diamond jewelry, of the consumer market. Ownership by Aber ensures that Harry Winston will have a steady source of –high-quality polished diamonds and the acquisition of Harry Winston gives Aber a bigger share of the overall diamond market and increased margins.
Aber acquired an initial 51 percent of Harry Winston in April of 2004. Since Aber’s initial investment, Harry Winston sales grew from about $128 million to a projected $191 million for 2006.