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Graff's decision to yank its IPO appears to have been made overnight as markets in the U.S. and Europe tumbled on intensifying fears over the European sovereign debt crisis and China's slowing economy. Hong Kong's benchmark Hang Seng Index ended 1.9 percent lower Wednesday and is down nearly 15 percent in the past three months. Hong Kong newspapers still carried ads on Thursday from the company detailing plans to sell up to 311.2 million shares for as much as 37 Hong Kong dollars ($4.76) a share. That means the deal would have raised up to $1.5 billion. Founder Laurence Graff, who opened his first two stores in London in 1962, has earned a reputation for dealing in large stones. In 2010, Graff paid $46 million at a Swiss auction for a 24.78-carat "fancy intense pink" diamond, which he immediately named "The Graff Pink." Last year, the company earned nearly half its $755.6 million revenue from just 20 customers.
[Associated
Press;
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