London-based luxury jeweler Graff Diamonds has just received approval from the Hong Kong stock exchange for an IPO of up to $1 billion. The high-end jewelry brand could begin bringing in investors as early as next week.
Helping Graff to continue to expand in Asia, a Hong Kong IP would ideally place Graff in the center of the fast growing Asian market, which is far outpacing other markets. Numerous other global luxury brands are also looking to tap the booming demand for luxury goods in China and this announcement places Graff in a coveted position.
According to estimates, Greater China is expected to account for approximately 44% of the global luxury goods market by the year 2020. Currently the world’s #2 economy, China is expected to account for 16% of global diamond demand.
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