Aber to Sell Rough in Israel, Announces Harry Winston JV

Aber will open a rough diamonds sales office in Israel in August, Aber Chairman and CEO Robert Gannicott announced last night (Monday) at the opening of the 32nd World Diamond Conference in Tel Aviv. He also revealed that the company has a joint venture with Israeli-based diamond firm Sahar- Atid to source and manufacture diamonds for its high end jeweler Harry Winston.

Gannicott noted that to begin with, Aber will sell goods from its 40 percent share of the Diavik mine in Canada to the company’s established Israeli clientele, saving firms the trip to Antwerp to purchase the stones. The office will be headed by the company’s VP Valuation, Shlomo Tidhar.

The Israeli sales office will sell 12 – 20 percent of Aber’s total share of the mine, and is expected to increase its offering later on. In 2005 the company sold 3.3 million carats for $385.4 million, setting projected annual sales in Israel at $46.3 - $77 million.

The joint venture with Israeli diamond firm Sahar-Aviv will purchase rough diamonds from sources other than Aber, such as Diamdel, and polish them for Harry Winston. Sahar-Atid polishes its goods in Russia.

The firm will not be limited though to rough diamond purchases and manufacturing. It will also buy polished diamonds for the jeweler.