Harry Winston looking to sell luxury business

  • Harry Winston Diamond Corp is seeking to sell its watch and jewellery business to concentrate on mining.

    "They are looking to sell these assets and are doing the rounds among potential buyers," a source close to the matter disclosed on Wednesday.

    Speculation over the potential sale saw shares skyrocket more than 10 percent on the Toronto Stock Exchange during early trade. The stock closed up 3.67 percent at $13.91.

    The value of Harry Winston's luxury segment includes watches, jewellery and global retailers and is estimated to be worth $766 million, equal to $9 per share.