London-based high-end jeweller Graff Diamonds will seek approval from the Hong Kong Stock Exchange on May 3 for an initial public offering (IPO) of up to $1 billion, according to a Reuters report.

No specific timetable has been set for Graff Diamonds and its advisers to meet with potential investors, Reuters cited sources with direct knowledge of the plan. The company aims to complete its IPO listing in the second quarter of the year, according to another source.

Founded by Laurence Graff in 1960, Graff Diamonds has a prestigious clientele comprising royalties and celebrities. An IPO filing in Hong Kong would give its expansion plan in China’s thriving luxury goods market a boost. The company’s retail network in Asia currently covers Beijing, Hong Kong, Shanghai, Taipei and Tokyo.

Credit Suisse Group AG, Deutsche Bank AG, Goldman Sachs Group Inc and Morgan Stanley have been engaged as the company’s joint global coordinators for the listing. HSBC, Barclays and ICBC International were also hired to help underwrite the deal.

This will be the biggest IPO in the Asia-Pacific region in 2012, exceeding the $600 million listing by the property fund of Tesco's Thai unit, according to data released by Thomson Reuters.