12th Nov 2008 07:00
Laurence Graff: Acquisition of interest in Gem Diamonds Limited
Mr Laurence Graff has today informed Gem Diamonds Limited ("Gem Diamonds" or "the Company") that he is indirectly interested in 2,824,744 ordinary shares in Gem Diamonds, representing approximately 4.5%. of Gem Diamonds' issued share capital. These shares have been acquired as an investment and Mr.Graff confirms that he does not intend to make a formal offer for the Company. Mr. Graff intends to be a long-term investor in Gem Diamonds.
Commenting on the investment, Mr Laurence Graff said:
"Gem Diamonds is an excellent company that produces some of the finest diamonds in the world today. Our investment in the company reflects our confidence in its fundamental value and in the management's ability to realise this value for shareholders from its asset base. We are also very much looking forward to talking with the management of Gem Diamonds to explore ways of working together fruitfully."
Mr Graff ("Graff") owns Graff Diamonds International Limited, a UK company, and also a number of other business interests. Graff is involved in the cutting and polishing of the diamond, the initial vision and design of the piece through to the final exquisite Graff jewel. Diamonds are sourced in the rough from various mines around the world, including in Canada, Australia, Russia, South America and South Africa.
Graff sources some of its diamonds from Gem Diamonds. Amongst other major diamonds, Graff notably purchased in 2006 the Lesotho Promise (603 carat, world's 15th largest mined diamond), and in 2007 the Letseng Legacy (493 carat, world's 18th largest mined diamond) both from Gem Diamonds' Letseng mine in Lesotho.
Tens of thousands of carats of rough diamonds are cut and polished by a team of over 300 in Graff's diamond cutting facility based in Johannesburg, South Africa. Headquartered in London, Graff Diamonds has 32 stores worldwide where the company's luxury pieces are sold.
For enquiries:
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Graff |
020 7584 8571 |
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Nicholas Paine |
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Financial Director |
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Maitland |
020 7379 5151 |
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Neil Bennett |
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Suzanne Bartch |
Notes:
This announcement is not intended to, and does not constitute or form part of any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities whether pursuant to this announcement or otherwise. Gem Diamonds, a company incorporated in the British Virgin Islands, is not subject to the provisions of the City Code on Takeovers and Mergers.
Related Shares:
Gem Diamonds Di