LONDON — The Hong Kong Stock Exchange has approved the proposed public listing by Graff, the London-based diamond jewelry brand, according to industry sources.
This story first appeared in the May 7, 2012 issue of WWD. Subscribe Today.
A Graff spokeswoman in London declined to comment.
In February, Graff officially set in motion its plans for a public listing on the Hong Kong stock exchange that could see it valued at $5 billion. The listing is expected to take place in the second quarter.
Graff, known for its fancy yellow diamonds, is expecting to raise $1 billion on the Hong Kong exchange to help it expand in the Far East and increase its inventories. Now that approval has been secured from the stock exchange, the company can begin pre-marketing and embark on a road show.
Last week, The Sunday Times of London reported in its annual Rich List that the father-and-son owners of the company, Laurence and Francois Graff, have a combined net worth of approximately 3.3 billion pounds, or $5.35 billion at current exchange.