Aber appoints O’Neill as Harry Winston head

Having just acquired a controlling stake in the “jeweler to the stars,” Aber Diamond (ABZ-T) has installed Thomas O’Neill as chief executive officer of Harry Winston.

O’Neill, who leaves his post as president of London-based luxury goods retailer Burberry Group, will also become Aber’s president. Robert Gannicott remains as Aber’s CEO; both men will continue as directors of Aber while serving on Harry Winston’s board of directors.

Before joining Burberry in 2001, O’Neill held executive-level positions at Tiffany & Co. (TIF-N) and Louis Vuitton.

Earlier this month, Aber agreed to buy a 51% in Harry Winston for US$85 million, including US$20 million in the form of additional working capital. Aber will have the right to buy the remaining 49% in six years’ time at fair market value.

Aber owns a 40% interest in the Diavik diamond mine, in the Northwest Territories, and markets its share of diamond production independently of Rio Tinto (RTP-N), the operator and 60%-owner of the mine. Aber already has a direct off-take deal with Tiffany, which will buy at least US$50 million worth of diamonds annually for 10 years, representing about a quarter of the value of Aber’s share of the run-of-mine production.