Dubai offers unique opportunities for diamond jewellery industry

DUBAI - Dubai with its unique features and ideal locale offers tremendous opportunities for business expansion especially the diamond jewellery industry, said Francois Graff, Managing Director, House of Graff.

By Clarence Michael

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Published: Mon 6 Oct 2003, 12:14 PM

Last updated: Wed 1 Apr 2015, 9:32 PM

In an interview with Khaleej Times, Graff said: "The $60 billion diamond jewellery industry over the past years has become increasingly consumer-driven and House of Graff with its specialised and custom-made products has found itself a niche market for future growth."

Graff said: "As a true diamond company working from the rough through to the finished product, Graff not only has one of the largest facilities for polishing and cutting diamonds in Johannesburg but for buying rough directly from the mines in South Africa." The company polishes and cuts yellow diamonds brought directly from the mines and collects rare and fine rubies, sapphires and pearls from mines and other worldwide sources.

The House of Graff has been the first company that has been vertically integrated with the diamond giant De Beers, he said and added that due to the niche market it enjoys the company is in a position to offer products that are completely customised. And according to him this vertical integration has given the company an edge over others in terms of competitive pricing as this has removed the several layers in the business process that were impediments to healthy growth. The company which according to him has grown 20-fold over the years, has been successful in the Middle East and as a part of its expansion it will be opening a boutique in one of the shopping malls in Dubai.

Graff said: "Since we are going to make Dubai our central hub, we feel opportunities would come along for expansion in the Middle East." He added: "The House of Graff has made its reputation as one of the most exclusive jewellers and extraordinary purveyor of treasures gemstones, and we would prefer to maintain our exclusivity to cater to the top clientele we have at present."

Being active in production, he has made his company virtually self-sufficient in terms of from rough-to-finished-product, and is planning to take it to the next stage by giving a momentum to the expansion of its retail business.

He said: "Along with Middle East the company also plans to open outlets in Palm Beach, Florida, early next year in Chicago and by end of next year or early 2005 in Las Vegas. It already has three outlets in Japan and one in Moscow, New York, Geneva, Johannesburg and Monte Carlo. At present negotiations are going on for opening an outlet in Taipei."

He said: "The diamond jewellery industry has a bullish future and we at the House of Graff expect nearly 30-40 per cent growth in a couple of years."

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