Harry Winston Diamond Corp. announced yesterday that its net profit dropped by more than 50 percent in the second quarter, according to The Canadian Press.



The Toronto-based diamond company said that its earnings in the second quarter totaled $4.8 million, which is tantamount to six cents per share for the period which ended July 31. The figure represents a steep drop from the 12 cents per share ($10 million) that it raked in during the same period last year.



The Canadian Press reported that the company’s operating profit dropped from $23.1 million per year last year to just $16.4 million this year.



Rough diamond sales dropped by 31 percent to $61.5 million, compared to $89.6 million from a year ago. This can be attributed to a 24 percent decrease in the volume of carats sold. This year, Harry Winston sold 430,000 carats of diamonds at an average price of $142 per carat, while last year it sold 570,000 carats at $157 per carat.