Aber Diamond Corporation is engaged in the acquisition, exploration and development of mineral properties in Canada. Aber's principal asset is a 40% joint venture interest in the Diavik Diamonds Project in the Northwest Territories of Canada. The remaining 60% interest in the Project is owned by the Project manager, Diavik Diamond Mines Inc. (DDMI), a subsidiary of London-based Rio Tinto plc. Under Aber's joint venture agreement with DDMI, Aber pays 40% of the Project costs and has the right to receive and market 40% of the diamond production

Thomas J. O'Neill, President of Aber and Chief Executive Officer of Harry Winston added, "Our 41% increase in sales from our worldwide retail portfolio of 15 salons and selective watch wholesale network, reinforces the strong global demand for the premier diamond jewelry and watches of Harry Winston. Our newest salon, in Beijing, opened during the quarter and our clients have responded well to our collections. We believe we are well positioned for the important upcoming holiday season. While we are focused on the near term, we continue to build for the future. We are on schedule to open three additional salons in the third quarter in key regions throughout the world including Hong Kong, Chicago and Nagoya, Japan and we look forward to introducing our new clients in these dynamic cities to our collections and our service."

    Second Quarter Highlights
    Financial Highlights (US$)
    -------------------------------------------------------------------------
                      Three months  Three months    Six months    Six months
                             ended         ended         ended         ended
                           July 31,      July 31,      July 31,      July 31,
                              2007          2006          2007          2006
    -------------------------------------------------------------------------
    Sales ($ millions)       173.3         140.0         314.6         259.2
    -------------------------------------------------------------------------
    Earnings from
     operations
     ($ millions)             56.2          44.3          92.3          72.5
    -------------------------------------------------------------------------
    Net Earnings
     ($ millions)             20.1          34.3          23.3          58.1
    -------------------------------------------------------------------------
    Earnings per
     share ($)                0.34          0.59          0.40          1.00
    -------------------------------------------------------------------------

    Production Highlights
    (Aber's 40% share of Diavik Mine production - reported on a one-month    lag)

                      Three months  Three months    Six months    Six months
                             ended         ended         ended         ended
                           June 30,      June 30,      June 30,      June 30,
                              2007          2006          2007          2006
    -------------------------------------------------------------------------
    Diamond recovered
     (000s carats)           1,317         1,088         2,351         1,803
    -------------------------------------------------------------------------
    Grade (carats/tonne)      5.12          4.47          5.05          4.09
    -------------------------------------------------------------------------
    Operating costs,
     cash ($US millions)      26.5          23.2          51.5          44.7
    -------------------------------------------------------------------------
    Operating costs per
     carat, cash ($US)          20            21            22            25
    -------------------------------------------------------------------------

"Record consolidated sales and strong margins were key operational drivers to our Q2 results," stated Alice Murphy, Chief Financial Officer of Aber Diamond Corporation. "Our consolidated gross margin of 52.8% for the quarter reflects continuing significant contributions from both our operating segments. Net earnings of $20.1 million for the quarter were negatively impacted by a $9.6 million non-cash foreign exchange charge while the comparable quarter last year included a $6.6 million tax recovery."
Aber Diamond Corporation - First Quarter 2008 Results
TORONTO, June 5 /PRNewswire-FirstCall/ - ABER DIAMOND CORPORATION (TSE-ABZ, NASDAQ-ABER) announces its first quarter results for the period ended April 30, 2007.

Commenting on Aber's first quarter results, Chairman and Chief Executive Officer Robert Gannicott stated,"Operationally this has been one of our strongest quarters. The Winter Road re-supply delivered the largest number of loads in its 25 year history. Diamond production set a new first quarter high despite a seasonally cold winter with recovered grades being 12% above ore reserve levels. Consolidated operating margins also improved over the prior year. Harry Winston has continued its solid growth in sales as it delivers on its planned store openings around the world to serve the growing population of wealthy consumers."

Thomas O'Neill, President of Aber and Chief Executive Officer of Harry Winston added, "In the First Quarter 2008 we continue our solid results with a double digit increase in sales supported by strengthening gross margins. Another new salon opened in Tokyo, Japan, while we relocated our store in Osaka to the prestigious Shinsaibashi area and expanded our store in Taipei, Taiwan. We now have 14 Harry Winston locations throughout the world. We continue to execute our growth strategy through new product and innovative marketing approaches together with expanding our retail store network in prime locations around the world. We plan to open four additional stores before the end of the year."

Chief Financial Officer, Alice Murphy commented that "Strong segment sales growth of 19% and 17% for mining and retail operations respectively increased consolidated quarterly earnings from operations compared to the prior year. Net earnings for the quarter were, however, negatively impacted by the non-cash, mark-to-market adjustment on future income taxes, resulting from the 6% strengthening of the Canadian dollar against the US dollar during the quarter. This $13.6 million mark-to-market charge to earnings compares to a future income tax recovery of $10.4 million included in our prior year's results."

    First Quarter Highlights

    Financial Highlights
    -------------------------------------------------------------------------
                                           Three         Three        Twelve
                                          months        months        months
                                           ended         ended         ended
                                        April 30,     April 30,   January 31,
                                            2007          2006          2007
    -------------------------------------------------------------------------
    Sales ($ millions)                       141           119           559
    -------------------------------------------------------------------------
    Earnings from operations ($ millions)     36            28           147
    -------------------------------------------------------------------------
    Net Earnings ($ millions)                  3            24           104
    -------------------------------------------------------------------------
    Earnings per share ($)                  0.06          0.41          1.79
    -------------------------------------------------------------------------
    Cash Earnings per share ($)(1)          0.57          0.62          3.18
    -------------------------------------------------------------------------
    (1) Cash earnings per share is not a recognized measure under Canadian
        GAAP and does not have a standardized meaning prescribed by Canadian
        GAAP and is therefore unlikely to be comparable to similar measures
        presented by other issuers. Cash earnings per share is earnings
        before non-cash income tax expense, non-cash foreign exchange gains
        (loss), and depreciation and amortization on a per share basis. See
        "Non-GAAP Performance Measures" in the Company's Management's
        Discussion and Analysis for the three months ended April 30, 2007,
        for a reconciliation of earnings to cash earnings.

    Production Highlights
    (Aber's 40% share of Diavik Mine production)

                                           Three         Three        Twelve
                                          months        months        months
                                           ended         ended         ended
                                        March 31,     March 31,  December 31,
                                            2007          2006          2006
    -------------------------------------------------------------------------
    Diamond recovered (000s carats)        1,034           715         3,931
    -------------------------------------------------------------------------
    Grade (carats/tonne)                    4.97          3.62          4.21
    -------------------------------------------------------------------------
    Operating costs, cash  ($ millions)     25.1          21.6          97.2
    -------------------------------------------------------------------------
    Operating costs per carat, cash ($)       24            30            25
    -------------------------------------------------------------------------

    Returning Value to Shareholders
Aber is pleased to declare an eligible quarterly dividend payment of US$0.25 per share. Shareholders of record at the close of business on June 29, 2007, will be entitled to receive payment of this dividend on July 13, 2007.