Graff picks up additional stake in Gem Diamonds

After buying 8.2 percent in Gem Diamonds over the past two months, Laurence Graff has been working at increasing this stake, He recently brought its 8.2 percent stake to 9 percent, as reported by Industry Website. The shares of Gem Diamonds had spiraled after it issued a profit warning in November.

Graff made further purchases from the company recently, buying another rare diamond from the company – a 478-carat rough Leseli la Letseng diamond, profiled as the 20th-largest rough diamond ever mined, from Gem Diamonds. Graff bought the rough for $18.4 million. His association with the company has been prevailing over some time, as he bought various exceptional stones from Gem Diamonds, including the 603-carat Lesotho Promise and the 493-carat Letseng legacy.