Diamonds have become the biggest selling product for the listed jewellery chain Michael Hill International Ltd.
Chairman Sir Michael Hill told shareholders at the annual meeting on Friday that the firm has hired one of the world's top diamond buyers and has changed its approach to styling and marketing diamonds.
"Already we are nudging to nearly 60 percent of goods sold are diamond products. Now that's a colossal change in the last few years," Sir Michael said.
He says the move fits in with the transition from a discount chain to a high-end brand.
The firm sold a $250,000 pair of rare diamond earrings and a ring worth more than $1 million.