I am a shareholder of HWD and TIF and I would like to give you my thoughts on a few items.

1) The HWD/TIF comparisons on this board are not valid. How many diamond mines does TIF own? HWD is levered to diamonds, TIF is levered to silver. Ever been in a Tiffany store or a Harry Winston salon? I have. In Tiffany's you can get a nice silver bauble and that blue box for a couple hundred bucks. In HW the cheap stuff will set you back $6k. In the Las Vegas salon I saw an emerald ring and earring set for $1.4M. In the Dallas salon I saw a 13 carat diamond ring for $1.7M. Tiffany does not carry that stuff.

2) I listened to the conference call 3 times and these are my takeaways. The management knows what is doing. With rough diamond prices low they did not push production, now with higher pricing look for greater mine production the rest of this year and next. Retail sales were hurt by the high end ($100k + items) particularly in the US. They felt this would improve as the economy did in a macro way. Their retail focus is on creating more product that is "affordable" ( price points of less than $5k and $25k). Yes more TIF like.

The diamond mine merger impact was viewed strictly positive because of cost synergies. Examples cited included that each mine had backup power facilities, only one would be needed if the two facilities were connected.

The company did not provide retail breakdown by price point something the analysts would like to see.

The currency issue was related to the rise of the Canadian Dollar vs the US dollar. Seems to me they can hedge this, but that was not discussed.

The analysts complained about the variability of the mining side of the business. (I guess they are having a hard time modeling it). Evidently the past ten quarters have been very eratic.

3) I have recently entered into my HWD position, buying in early July at 5.6 and 5.3. I plan to add to my position at the appropriate time and make a ton on this issue. I will let the board know when and why I added to my position. I have a long term focus, with this and other issues, for example I have held TIF since 1996.