Harry Winston Sales Down 50% in 3Q

Harry Winston announced Wednesday consolidated sales were down 50percent in the third quarter ending October 31st.

Consolidated sales were $74.8 million for the quarter compared to $148.6 million for the comparable quarter in 2008.

The company also reported the mining segment recorded sales of $20.8 million, a 77 percent decrease from $90.7 million in the comparable quarter in 2008.  The decrease in sales resulted from a combination of a 75 percent  decrease in volume of carats sold in the third quarter and a 9 percent decrease in rough diamond prices.

Rough diamond production for the third quarter was 0.3 million carats compared to 0.9 million carats last year. The decrease in production was owing to the planned six-week shutdown from July 14th to August 24th.