December 9, 2009 / 6:37 PM / 9 years ago

UPDATE 1-Weak diamond sales hurt Harry Winston results

* Q3 EPS nil versus year-ago $1.17

* Revenue down 50 pct at $74.8 mln (In U.S. dollars unless noted)

TORONTO, Dec 9 (Reuters) - Harry Winston Diamond HW.TO reported flat quarterly results on Wednesday as the temporary shutdown of a diamond mine and decreased demand for expensive jewelry weighed on the Canadian miner’s results.

Harry Winston, which owns a minority stake in the Diavik diamond mine in Canada’s Arctic and operates a string of high-end jewelry shops, lost $214,000, or nil a share, in the third quarter, ended Oct 31, compared with $71.9 million, or $1.17 a share, for the same time last year.

Sales were halved to $74.8 million from $148.6 million, due to a steep decline in the volume of carats sold and a mild decrease in rough diamond prices.

Production was hindered by the planned temporary closure of its Diavik diamond mine in the Northwest Territories.

Harry Winston is part-owned by Kinross Gold (K.TO). The majority owner of Diavik is mining giant Rio Tinto (RIO.L).

$1=$1.06 Canadian Reporting by Scott Anderson; editing by Rob Wilson

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