Graff Profits Soar After Retail Expansion

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 morethan tripled to $52.1 million, last week's filing showed. The London-basedretailer saw UK sales slide 9% to $31.3 million, while revenue from the rest ofits global network climbed 24% to $661.5 million. Results for Graff Diamonds International do not include allof the group's activities, such as its controlling stake in diamondmanufacturer Safdico, a De Beers sightholder. New stores the company opened in Paris and Macau two yearsago continued to perform well, group chairman Laurence Graff (pictured) said in astatement. The luxury jeweler also opened three branches in Asia, includingone 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 roughdiamonds such as the 1,109-carat Lesedi La Rona, to generate strong revenueduring the year.Image: Graff Diamonds