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Graff Raises Stake in Gem Diamonds Above 8%
By Avi Krawitz Posted: 11/23/08 05:32
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RAPAPORT... Luxury jeweler Laurence Graff has raised his stake in Gem Diamonds to 8.2 percent, the mining company said in a note to the London Stock Exchange.

Graff purchased just more than 3.24 million shares late in the week bringing his stake above the 8 percent threshold. It was his third such purchase in two weeks. His initial purchase on November 12 bought him 4.5 percent in Gem Diamonds, and he later raised that to 5.2 percent.

The move came as Gem Diamonds issued a profit warning last week which saw its shares spiral. The stock closed trade on Friday up 2.2 percent from the previous day, at 216.5 pence a share. The share fell 37 percent in value during the week and is down 79 percent from a year ago.




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