Harry Winston Diamond Corporation moved into the red in the third quarter of fiscal 2008 as the effects of the weaker dollar brought earnings down.

The Toronto-based diamond miner and retailer reported a net loss of $7.4 million, or 13-cents per share, for the three months ending October 31, 2007, compared with profits of $18.745 million one year ago.

The company reported that without the impact of a $40.6 million foreign exchange loss between Canada and the United States, net earnings would have been $33.2 million for the period.

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