Tiffany sells Aber share position

Tiffany sells Aber share position 


TORONTO, Dec. 7  /PRNewswire-FirstCall/ -- ABER DIAMOND CORPORATION (TSE- ABZ,
NASDAQ-ABER) announces that Tiffany & Co. has today sold its 8 million share
equity holding in Aber Diamond Corporation, in a brokered transaction led by
Merrill Lynch, to several financial institutions. The diamond sales
arrangements between Aber and Tiffany remain in place except that a previously
applied discount to open-market diamond prices has now been cancelled.

Tiffany purchased its share position from Aber in a 1999 private placement that
provided Aber with the funds to proceed with the early stages of the
development of the Diavik Diamond Mine. A diamond sales agreement, completed at
the same time, provided Aber with an off-take arrangement essential to the
completion of a bank loan facility that provided the largest portion of Aber's
share of the Diavik Project capital requirement without further equity
dilution.

Going forward Aber will now sell its entire 40% share of the diamond production
from the Diavik Diamond Mine at full market prices.

This news release contains "forward looking statements" within the meaning of
the US Private Securities Litigation Reform Act of 1995. When used in this
release, words such as "estimate", "expect", "anticipate", "projected",
"planned", "forecasted" and similar expressions are intended to identify
forward-looking statements -- which are, by their very nature, not guarantees
of Aber's future operational or financial performance, and are subject to risks
and uncertainties. Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this release.
Due to risks and uncertainties, actual events may differ materially from
current expectations. The Company disclaims any intention or obligation to
update or revise any forward-looking statements, whether as a result of new
information, future events or otherwise.

About Aber

Aber Diamond Corporation is a specialist diamond company focusing on the mining
and retail segments of the diamond industry. The Company supplies rough
diamonds to the global market through its 40% ownership in the Diavik Diamond
Mine, located off Lac de Gras in Canada's Northwest Territories. Aber also
holds a 51% interest in Harry Winston Inc., the premier retailer of diamond
jewelry. 

DATASOURCE: Aber Diamond Corporation



CONTACT: Robert A. Gannicott, Chairman and Chief Executive Officer,

[phone]; Amir Kalman, Manager, Investor Relations, [phone] (ext.

244)

Copyright