Laurence Graff is an English jeweller and billionaire businessman renowned for founding Graff Diamonds, a prominent supplier of exquisite jewelry and precious gems. With a successful career spanning over several decades, Graff has established himself as a prominent figure in the luxury jewelry industry. This article delves into the life, career, and accomplishments of Laurence Graff, covering his early life, career journey, notable achievements, personal life, and his passion for art collection.
Early Life And Career Beginnings
Laurence Graff was born on June 13, 1938, in Stepney, London, UK, into a Jewish family. His mother, Rebecca Segal, was of Romanian descent, while his father, Harry Graff, hailed from Russia. Graff’s mother played a significant role in shaping his future by encouraging him to learn a trade. At the age of 14, Graff left school to become an apprentice in a jewelry manufacturing workshop in London.
Graff’s talent and passion for jewelry soon became evident as he partnered with a jeweler named Schindler, repairing rings and creating small jewelry pieces in a small shop. Though the shop eventually went out of business, it didn’t deter Graff, who began independently selling his jewelry designs to various jewelers across England. By 1962, he had established two jewelry shops, including his first one in Hatton Garden, a renowned jewelry district in London.
Founding Graff Diamonds
In 1960, Laurence Graff founded Graff Diamonds, a company that would later become synonymous with luxury and elegance in the jewelry industry. The company quickly gained recognition for its exceptional craftsmanship and exquisite designs. In 1966, Graff commissioned the talented English jewelry designer Robert Thomas to create a diamond jewel for the prestigious De Beers Diamond International Awards competition. Thomas’s ribbon bracelet design emerged as the winner, further solidifying Graff’s reputation for excellence.
Specializing in serving the newly affluent buyers from the Middle East, Graff’s business flourished. His clientele included notable figures such as Hassanal Bolkiah, the 29th Sultan of Brunei, who became a lifelong client and friend. Graff’s reputation for delivering exceptional jewelry and gems continued to grow, attracting high-profile customers from around the world. His dedication to quality and craftsmanship propelled the expansion of his company, which now boasts over 35 shops across Africa, Asia, Europe, the Middle East, and the United States.
Notable Achievements And Recognition
Laurence Graff’s contributions to the jewelry industry have earned him numerous accolades and recognition. In 2013, he was appointed an Officer of the Order of the British Empire (OBE) for his exceptional services to the jewelry industry. This prestigious honor highlighted his significant impact and achievements within the field.
According to the Sunday Times Rich List 2020, Graff and his son Francois jointly possess a staggering personal net worth of £3.785 billion. This immense wealth is a testament to Graff’s business acumen and his ability to establish Graff Diamonds as a global luxury brand.
Re-cut Of The Wittelsbach Diamond
One of the notable moments in Laurence Graff’s career was his acquisition of the Wittelsbach Diamond in 2008. Graff purchased the diamond for £16.4 million, surpassing the £9 million guide price. However, Graff’s involvement with the diamond did not end there. Almost two years later, he decided to have three diamond cutters repolish the stone to eliminate chips and enhance its clarity. This process resulted in the reduction of the diamond from 35.52 carats to 31 carats.
Critics compared this action to making the Mona Lisa prettier. However, gemologist Richard W. Wise argued that the recut significantly improved the diamond. The Wittelsbach-Graff Diamond’s grade was elevated from Fancy Deep Grayish Blue to Fancy Deep Blue, and its clarity grade improved from VS2 to Internally Flawless (IF). The recut retained the original double stellate brilliant facet pattern, preserving the overall look of the stone.
Personal Life And Art Collection
Laurence Graff’s personal life has been marked by both success and controversy. In 1962, he married Anne-Marie, a French woman, with whom he had three children: François Xavier, Kristelle, and Stéphane. However, the couple later divorced, and Graff’s ex-wife is now credited as Anne-Marie Graff Ali. François Xavier Graff, his son, now serves as the chief executive of Graff Diamonds.
Graff’s personal life has been in the media spotlight due to reports of an affair with jeweler Josephine Daniel, resulting in the birth of their daughter in July 2009, and later the birth of a second child. Graff has a total of five children from various relationships.
Beyond his business ventures, Laurence Graff is an avid art collector. His early interest revolved around impressionist paintings, but he later extended his collection to include contemporary art. Notably, Graff purchased Andy Warhol’s “Liz” for a staggering $12.6 million, showcasing his appreciation for iconic artworks.
Laurence Graff’s Net Worth
Graff’s net worth is primarily derived from his ownership and success of Graff Diamonds, his internationally renowned jewelry company. With over 35 shops across the globe, Graff has established a reputation for providing exquisite jewelry and precious gems to high-profile clients, including royalty and celebrities.
As of October 2023, Laurence Graff’s net worth is estimated to be $3.4 billion. This immense wealth places him among the wealthiest individuals in the jewelry industry. His business acumen, dedication to craftsmanship, and ability to cater to the demands of the affluent have contributed significantly to his financial success.
