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Londons Graff Diamonds puts Hong Kong IPO on hold

Reported by MyNorthwest.com on Thursday, 31 May 2012 (on May 31, 2012)

HONG KONG (AP) - London jeweler Graff Diamonds is putting its $1.5 billion Hong Kong initial public offering on hold because of the steep sell-off in global stock markets. In a brief statement Thursday, Graff blamed adverse market conditions for the decision to postpone the IPO in the southern Chinese financial center. "Consistently declining stock markets proved to be a significant barrier to executing the transaction at this time," the company said. The jeweler would have been the latest in a line of foreign luxury brands to sell shares in Hong Kong.

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