Graff lifts further 3 pc stake in Gem Diamonds

Laurence Graff has made three stake purchases in Gem Diamonds during the last two weeks, and ultimately holding a stake of 8.2 percent in the company as of recently. It started on November 12, 2008, with Graff buying 4.5 percent in the company, then increasing this holding to 5.2 percent.

To build up the 5.2 percent holding to 8.2 percent, Graff bought around 3.24 million shares in the last seven days. This purchase followed a profit warning issued by Gem Diamonds, which saw its shares spiral. Its stock rose less than 1 percent on 21, November, 2008, from the previous day at 213-pence a share. In the last week, the share slipped by 40 percent in value and 80 percent over a year back.