English jeweller plans Asia expansion
Diamond manufacturer, wholesaler and retailer Graff Diamonds plans to increase its store numbers in Asia where the demand for luxury goods is booming.
Graff is planning to use the $1 billion that it is gearing up to raise in an IPO in Hong Kong next year to open stores in Hangzhou and Macau.
“If we have an IPO in Hong Kong, the funds raised would be used mainly to expand our Asian business, as that is going to be the fastest-growing region worldwide,” said Laurence Graff, chairman and founder of Graff Diamonds.
Graff also plans to open a street-level store in Hong Kong, adding to its store in The Peninsula.
“Our business and expansion plan is not affected by the global financial crisis as our clients are high-net-worth clients who can cope with the crisis,” said Francois Graff, MD of Graff Diamonds.
Graff’s diamond jewelleries cost at least US$10,000 each. One of its most precious gems is the round diamond Constellation with 102.79 carats which costs US$50 million.
At present, the jeweller has 32 stores around the world including stores in Shanghai, Tokyo, Hong Kong and Taipei.