Harry Winston Sees Diamond M&A as Prices Fall: Corporate Canada

Harry Winston Diamond Corp., the only gem producer and jewelry retailer in Canada, is seeking more mining assets including Rio Tinto Group’s share of a joint venture as two of the world’s largest miners consider quitting diamonds.

Rio and BHP Billiton Ltd. are weighing a sale of their respective diamond interests as commodity prices decline and the companies turn their attention to investing in other materials such as iron ore and copper. That may offer an opportunity for Toronto-based Harry Winston to boost production ahead of what Chairman and Chief Executive Officer Bob Gannicott sees as a looming shortage.