News

Advanced Search

Graff Profits Soar After Retail Expansion

Jun 12, 2018 7:51 AM   By Rapaport News
Comment Comment Email Email Print Print Facebook Facebook Twitter Twitter Share Share
RAPAPORT... Global store openings helped fuel a jump in revenue and profit at Graff Diamonds International last year, according to the luxury jeweler’s latest financials.

Sales rose 22% to $692.8 million in 2017, while profit more than tripled to $52.1 million, last week’s filing showed. The London-based retailer saw UK sales slide 9% to $31.3 million, while revenue from the rest of its global network climbed 24% to $661.5 million.

Results for Graff Diamonds International do not include all of the group’s activities, such as its controlling stake in diamond manufacturer Safdico, a De Beers sightholder.

New stores the company opened in Paris and Macau two years ago continued to perform well, group chairman Laurence Graff (pictured) said in a statement. The luxury jeweler also opened three branches in Asia, including one in Singapore, and plans to open a second store in Paris this year.

“We remain broadly optimistic about 2018,” Graff added, noting that he expected the group’s increased inventory, including large rough diamonds such as the 1,109-carat Lesedi La Rona, to generate strong revenue during the year.

Image: Graff Diamonds
Tags: De Beers, Graff, Graff Diamonds, Graff Diamonds International, Laurence Graff, Rapaport News, Safdico
Similar Articles
NRF 150US Retail Sales Up in July, Says NRF
Aug 19, 2018
US retail sales increased in July, as consumers continued to spend despite fears over the escalating trade war.
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First
© Copyright 1978-2018 by Martin Rapaport. All rights reserved. Index®, RapNet®, Rapaport®, PriceGrid™, Diamonds.Net™, and JNS®; are TradeMarks of Martin Rapaport.
While the information presented is from sources we believe reliable, we do not guarantee the accuracy or validity of any information presented by Rapaport or the views expressed by users of our internet service.