Graff's jewels in the crown: Group unveils $500m hair piece

The diamonds used in the hair piece are valued at more than half a billion dollars

Graff Diamonds, the jeweller that pulled its planned $1bn (£620m) Hong Kong IPO last year, has launched an advertising stunt in the shape of a $500m jewelled hair piece.

The group – owned and founded by Laurence Graff – is recreating a version of its 1970 “hair jewel” that was then worth $1m. This time the diamonds used in the new creation are valued at more than half a billion.

Claire Adler, a luxury goods consultant, said: “This leads people to question where jewellery ends and art begins. This is probably not by chance. Mr Graff, a well-known lover of contemporary art himself, is asking for a price which is double the amount paid for the most expensive piece of art ever sold.”

The recreation celebrates 60 years since the start of Mr Graff’s jewellery career and marks the opening of Graff’s 40th store in Seoul.

The news of the expensive hair piece comes as a new record was set for the sale of a white diamond this week. A 118-carat, flawless D-diamond was sold by Sotheby’s for $30.6m. But the record price for the white diamond does not beat Graff’s record $45.6m sale of its 24.78-carat pink diamond back in 2010.