Aber to Change Name to Harry Winston

Aber Diamond Corp. shareholders approved changing the company’s name to Harry Winston Diamond Corp. on Wednesday, Reuters reports.

The company, which owns a 40-percent stake in the Diavik diamond mine in Canada’s Northwest Territories, bought full ownership of fine-jewelry and watch maker Harry Winston in late 2006.

“It is believed that such a name will allow the corporation to attract broader media coverage and interest through the wider recognition of the Harry Winston brand name,” chief executive Robert Gannicott reportedly told shareholders at the meeting.

The change will also better reflect the company’s focus on both retail and mining, he reportedly said.

Aber released its first-quarter results the previous day. Net earnings fell to $3 million, from $24 million, in the same period of the prior year.

Revenue rose to $141 million from $119 million, on 19 percent growth in mining sales and a 17 percent gain in retail, the company said.

Aber said its share of production from the Diavik mine was 1.03 million carats in the quarter, up from 715,000 carats in same quarter in the prior year.

The company recorded a $13.6 million adjustment for future income taxes in the quarter, reflecting a 6-percent increase of the Canadian dollar against the U.S. dollar, Reuters reports. That compares with a $10.4 million income tax recovery in the same period last year.