July 14, 2011 / 12:30 PM / 8 years ago

UPDATE 1-Harry Winston Q2 diamond output up on higher grades

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July 14 (Reuters) - Diamond miner and retailer Harry Winston posted a 4 percent rise in ore processed in the second quarter, helped by the recovery of higher grades, and the company will hold three rough diamond sales by the end of July.

Harry Winston, which owns a 40 percent stake in Diavik, Canada’s largest diamond mine, produced 1.79 million carats from 500,000 tonnes of ore processed in the second quarter.

Carats recovered were 11 percent higher, helped by an increase in the overall grade of the ore processed, the luxury jewelry and watch maker said in a statement.

Toronto-based Harry Winston, which is in a joint venture with Rio Tinto on the Diavik mine located in Canada’s Northwest territories, backed the mine’s output target of 6.9 million carats this year.

Shares of the company closed at C$16.36 on Wednesday on the Toronto Stock Exchange. (Reporting by Gowri Jayakumar in Bangalore; Editing by Maju Samuel)

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