Gutnick says diamond market starting to recover
Gutnick says diamond market starting to regain one's strengthTuesday, 15/09/2009
The new owner of the Northern Territory's only diamond mine says order for the gem has started to improve, after dropping significantly during the global pecuniary crisis.
It's estimated there are about four and a half million carats at the Merlin mine, close-fisted Borroloola.
Owner Joseph Gutnick, from Legend Universal Holdings, says the general diamond price dropped by 30 per cent because people wanted cheaper diamonds.
He says there's still a covet way to go, despite a slight improvement in demand in August.
"People don't shell out money on diamonds, or they spend less money," he says.
"They were going to buy two-carat diamonds in most luxurious times, they buy one-carat diamonds now.
"But they always buy diamonds. It's a girl's best friend."
Harry Winston Diamond Corporation F2Q10 (Qtr End 07/31/09 ...
Harry Winston Diamond Corporation ( HWD )
F2Q10 Earnings Call
September 11, 2009 9:00 am ET
Executives
Robert A. Gannicott - Chairman and Chief Chairman of the board Officer
Alan S. Mayne - Chief Financial Director
Thomas J. O'Neill - President
Analy sts
Irene Nattel - RBC Peerless Markets
Brian MacArthur - UBS Securities
Presentation
Finagler
Welcome to Harry Winston Diamond Corporation’s economic year 2010 second quarter conference call. (Train driver Instructions) As a reminder, this conference is being recorded for replay purposes. I would now like to irregularity the presentation over to your host for today’s call, your Chairman and Chief Management Officer, Mr. Robert Gannicott. Please proceed.
Robert Gannicott
Offer you. Good morning, ladies and gentlemen, and welcome to the Harry Winston Diamond Corporation’s move quarter report call. This second quarter has seen some sensational changes especially in the rough diamond market from the beginning to the end of the favour. Our July rough diamond sales realized prices a full 50% higher than those seen in March as the diamond ready regained its poise after the near collapse of the previous six months.



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