Harry Winston Diamond (NYSE:DDC) has received all of the regulatory approvals necessary to close the sale of its jewelry and watch unit to Swatch (OTC:SWGAY). In January, the company reached an agreement with the Swiss firm to divest the division, Harry Winston Inc., for $750 million. Swatch has also agreed to assume $250 million in the unit's debt.
Additionally, HWD is to change its name to Dominion Diamond Corporation.
The divestment will allow the company to concentrate on the mining and supply of diamonds. It will continue to provide Swatch with the precious stones.