Tiffany Buys Stake in Mining Firm Aber

Tiffany & Co. bought a minority stake in Aber Resources Ltd., part owner of a Canadian diamond project, to ensure a steady supply for the jewelry company’s growing manufacturing business. New York-based Tiffany, which sells jewelry, crystal and other luxury goods in its namesake stores, will purchase a 14.3% stake in Aber for $69.7 million. The transaction marks what ana ysts said may be the first time a retailer has taken a significant stake in a mining company. Tiffany said its alliance with Aber will help guarantee a supply of diamonds at competitive prices. Tiffany shares rose $1.25 to close at $104 on the NYSE.