TORONTO It's official: ABER DIAMOND CORP. now owns controlling interest (51%) of HARRY WINSTON INC., one of the world's leading luxury jewellery and watch retailers. The deal is reported to be worth US$85 million. Aber has an option to purchase the remaining 49% at fair market value six years from now.
"This investment in Harry Winston is the next step in realizing our objective of building value in a diamond business that exploits synergies between the two bookends of the diamond pipeline, mining and retailing," said Aber CEO Robert Gannicott. "These are the two segments of the industry with the most attractive returns on a scale interesting to a public company."
"This is a great day in the 70-year history of Harry Winston," said Ronald Winston, chairman of the retailer. "Aber's investment in our company and the relationships it brings will allow us to expand into new markets, and introduce new product offerings. It fulfills my father's dream of creating a company that extends from the mine to the finished jewel."
Aber has a 40% interest in the Diavik diamond mine in the Northwest Territories. The company's website is at www.Aber.ca.