Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Graff Diamonds Ltd., the jewelry retailer whose founder twice set records buying gems at auction, plans to use funds from a proposed share sale to add stores in Asia as the region’s demand for luxury goods grows.
The company plans to open outlets in Macau and Hangzhou, the largest city of Zhejiang province in eastern China, next year, Laurence Graff, 73, the chairman and founder of the London-based company said in a Nov. 18 interview with Bloomberg TV. The retailer has 32 stores worldwide including in Tokyo, Hong Kong, Shanghai and Taipei.
Sales of luxury items in China including clothes, handbags, fine jewelry and watches will more than double to $28 billion in 2015 from last year, McKinsey & Co. estimates.
Continue reading at Washington Post.
Image of the Wittelsbach diamond courtesy of Christie’s auction house. Bought by Graff in 2008 for $24.3 million, the 35.56-ct. Wittelsbach diamond was once owned by King Philip IV of Spain, who purchased it for his daughter, Margarita Teresa (in the background) for her engagement to Leopold I of Austria in 1664. It was mined in India and owned by the same private collector since 1964. In a controversial move, Graff recut the diamond to remove imperfections, prompting criticism that he had essentially painted over a Rembrandt. The Wittelsbach Graff sold recently for an undisclosed amount.
