Graff delays $1bn HK share sale

30 May 2012 Last updated at 20:55 ET

Graff diamondEven diamonds lose their sparkle in a falling market

Graff Diamonds has delayed its $ 1bn (£646m) share sale in Hong Kong citing adverse market conditions.

The firm was in the process of meeting investors and was expected to end its share offer later this week. It was set to be biggest in Asia this year.

However, Hong Kong's main stock index, the Hang Seng, has been under pressure and is down 11% over the past month.

Investors have become increasingly cautious amid continuing concerns about the state of the global economy.

Graff is the third company in the past week to pull its listing from the Hong Kong stock exchange.

China Nonferrous Mining, a copper producer, also delayed its planned $ 313m listing on Wednesday. China Yongda Automobiles Services pulled its $ 434m sale on Monday.

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