How Graff Became A Billion-Dollar Brand And What Makes Its Products So Expensive
Olivia Shea Quick Links
From the most famous jewelry shop to the lowkey indie designers, all jewelers have one thing in common: making pieces that can withstand the test of time. Whether in their unrivaled designs, the materials they use, or the branding they market themselves, the goal is to make a name for their business. One company has done that and more. The House of Graff has always been committed to creating some of the world's most beautiful jewelry. From royalty to celebrities, it seems their pieces have donned the most influential people in the world. Laurence Graff, a self-made billionaire, kept their business branding the same ever since he founded the company. So they wondered how he managed to score such a wealthy client base or how he started it all in the first place.
RELATED: Million-Dollar Bubbly: What Makes 'Taste Of The Diamonds' The Most Expensive Champagne In The World
Beginnings Of Laurence Graff's Diamond Business
Graff's beginnings started with English jeweler, billionaire, and the business founder Laurence Graff. He was born in Stepney, London, in 1938, to parents Harry Graff and Rebecca Segal. Laurence was just 15 years old when he accepted his first job as an apprentice in Hatton Garden under the tutelage of one Mr. Schindler, who was also a jeweler. His first job was to repair rings and create small jewelry pieces inside the small shop. After it went out of business, Laurence decided to sell his jewelry designs independently to shops all over England. In doing so, he managed to get a Rolodex of clientele and earned enough money to open his jewelry shops, the first being in Hatton Garden.
After being fascinated by diamonds all his life, Laurence finally established the Graff Diamonds company in 1960. After that, Laurence commissioned Robert Thomas to design a diamond jewel on his company's behalf so they could enter the prestigious De Beers Diamond International Awards Competition. The design Thomas created won the competition. Through hard work, determination, and sheer talent at designing jewelry, Laurence Graff and Graff Diamonds started gaining international attention.
Selling Designs And Jewelries To Wealthy Individuals
Laurence focused on selling his designs and jewelry to wealthy buyers from the Middle East. He decided to buy 51% of the controlling stake in a Johannesburg diamond wholesaler and manufacturer, the South African Diamond Corp. This move allowed him to cut the usual middleman. The latter takes a cut in the business chain. It also solved the problem of needing a steady supply of ethically-sourced diamonds and allowed him to further his reach in the global market. While expanding the business, Laurence amassed a very high-profile client base. This included royalty, such as Hassanal Bolkiah, the Sultan of Brunei, who eventually became his lifelong client and friend.
In addition, his business started to gain the attention of other royalty, one of them being Prince Turki Il bin Abdulaziz Al Saud, a Saudi Arabian prince, and businessman. Laurence continued to cultivate his high-end client base, going so far as to meet up with potential customers in their private yachts and palaces himself. Because of his marketing brand, the business started to get pretty well-known. Soon, Graff managed to expand Graff Diamonds to have over 35 stores worldwide. He opened the first shop outside of the UK in the year 2000 in Monaco, at the Hotel De Paris. As of late, Laurence Graff is touted as the King of Diamonds and is often thought of as the wealthiest jeweler by far.
Creating Noble And Historic Diamond Jewelry Pieces
Laurence Graff built his business with his talent and passion for designing pieces of jewelries. He says he attributes most of his success to the personal touch his brand offers to his clients, often saying that the people who enter his stores become a part of their family. Laurence also believes that the overall success of Graff Diamonds is thanks to his love for the things he creates. He's often quoted as saying he loves his jewels just like his children and that every piece he creates is very special to him and the brand. This claim is further backed by the fact that most – if not all – of his clients are the rich and famous, including royalty. In this regard, he's strived to create pieces that include noble and historic diamond jewelry, combined with modern designs that are set to withstand the test of time.
Graff Diamonds makes sure to adhere to the Kimberley Process, which is a process established to prevent non-ethically sourced diamonds from entering the rough diamond market. Their ethos includes working actively to ensure each piece isn't bought or traded from areas that would encourage conflict or human suffering. Laurence also says that Graff Diamonds will stay as a family business. His son, Francois, is now the CEO of the billion-dollar company. The company's net worth stands at an estimated $6.59 billion as of 2022.
READ NEXT: These Are The Most Expensive Diamonds In The World, As Of 2022
Sources: Graff, Reuters, Rich Diamonds
