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| The Graff Diamonds store on New Bond Street, London. |
Graff Diamonds Ltd. is planning to file an initial public offering, most likely in Hong Kong, in order to fund its expansion into Asia, according to several reports.
The London-based company, owned by Laurence Graff, is using the IPO to raise $1 billion and increase the value of the company to $5 billion, the Financial Times (subscription required) and other publications report. Graff has reportedly hired financial consultant, Rothschild Group, to advise him on the IPO, which is expected sometime next year.
The company, known for its luxury diamond jewelry, already has a network of more than 30 jewelry stores throughout the world. Graff would use the money raised in the IPO to fund a greater expansion into Asia, by far the largest growth market for luxury diamond jewelry, according to reports. In addition, the company hopes to use the funding to expand production of high-end pieces and increase its inventory of rare gemstones.
Hong Kong isn’t the only listing location being considered, but Asia is the company’s focus, according to reports.
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