Harry Winston positive of growth in Russian and Asian markets

Harry Winston Diamond Corp. is counting on the growth in Asian and Russian markets to compensate for the lull in the US jewellery markets, as reported by Bloomberg. The retailer notes that sales in its New York store and its international stores have recorded good returns especially from the non-US residents. Russians have been a major part of its buyer’s pie accounting for about 30 percent of jewellery sales in 2007, compared to less than 5 percent three years ago. American buyers have dipped in their share of sale from 80 percent last year to now account for 30 percent sales.

The company has now outlined an expansion of its retail base to more Asian markets including Singapore, from 18 stores at present. The retailer has seen a heavy demand from non-US customers for bigger products bearing a price tag over $125,000 and for smaller products with a price point between $25,000 to $125,000. The retailer is optimistic of diamonds delivering a positive future with the safe-haven investments and a lack of significant new mines, which will increase the diamond prices when the world's financial markets stabilise.