London-based high-end jeweller Graff Diamonds is to raise US$1 billion from an initial public offering in Hong Kong.

Graff Diamonds, will be the latest brand to enter Asian financial markets, joining other luxury brands including Prada which raised US$2.1 billion in Hong Kong IPO last year.

The offering would raise funds for Graff’s expansion plans in China, Macau and Dubai. The jeweller which has five outlets in Asia and 16 in other parts of the world plans to open stores in Hangzhou and Macau this year.

The proposed IPO would also help Graff to compete better with rivals such as LVMH, Richemont and Tiffany & Co.

Graff’s diamonds and gems have been worn by famous people including Oprah Winfrey, the sultan of Brunei and the Philippines’ former first lady Imelda Marcos.

Burberry, Aston Martin and Ducati are also reportedly mulling listing on the Hong Kong stock exchange.

GB