Graff Plans Asia Expansion After $1 Billion Share Sale

Graff Diamonds Corp., the London-based jeweler founded in 1960, plans to open 11 new stores in Asia, including eight in China, in the next two years after a $1 billion initial public offering in Hong Kong.

Demand for high-end diamonds will grow in China and other Asian countries as the “super rich” increase, Chief Executive Officer Francois Graff said at a press conference in Hong Kong yesterday. Graff, which depends on just 20 customers for almost half its revenue, is offering as many as 311.2 million shares at HK$25 to HK$37 apiece, according to a sales prospectus.