Harry Winston reported a 52 percent drop in its quarterly profit
Harry Winston Diamond Corp reported a 52 percent drop in its quarterly profit late on Wednesday, largely due to declines in rough diamond prices and a decrease in the volume of carats sold. The diamond miner and luxury jeweler said profit in its fiscal second quarter ended July 31 fell to $4.8 million or 6 cents a share, from $10 million or 12 cents a share a year earlier.
Total sales in the quarter slid more than 20 percent to $176.9 million, as diamond prices fell due to the current global economic uncertainty and a buildup of inventory at cutting and polishing centres.
Luxury consumers have also become increasingly cautious due to the uncertainty in the global economy and volatility in equity markets, and overall demand for luxury products has slowed, said Harry Winston in a statement.