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Harry Winston gets approval for Swatch deal

The Associated Press

Harry Winston Diamond Corp. said Thursday that it has received all required regulatory approvals necessary to move forward with a proposed sale of its luxury brand diamond jewelry and timepiece division to The Swatch Group Ltd.

The companies announced in January that Swatch planned to pay about $1 billion for Harry Winston Inc. The deal would add to the luxury portfolio of products sold by Swatch, which is Switzerland's largest watch maker. It would also allow Harry Winston to focus its efforts on the diamond mining side of its business.

Harry Winston, which supplies rough diamonds to the global market, would change its name to Dominion Diamond Corp. after the deal is complete.

The Toronto-based company says it now expects the closing will occur by March 26.

Shares of Harry Winston added 10 cents to $16.80 in afternoon trading after rising as high as $17.01 earlier in the session and a penny shy of their 52-week high. They traded as low as $10.73 late last June.