Market News

Gold sales up on June due to summer buying

Retail gold sales in Dubai and Abu Dhabi jumped over 30 percent in June due to holiday buying which is expected to stay robust into the first-half of July. During June and July many people travel for the summer and buy gold as gifts and this year people had a little more money to spend compared to last year. Gold futures volumes on the Dubai Gold and Commodities Exchange rose 24 per cent in June compared with the previous month.

Luxury BMW cars sales growth 13 percent in the first half of the year

BMW Group Middle East saw a 13 percent sales growth in the first half of the year over the same period in 2009. Luxury carmaker is citing a recovery in global markets and strong demand for new models. Across 14 Middle East markets, the premium automotive manufacturer delivered 8,096 BMW and MINI vehicles to customers in the Middle East, signaling the underlying strength of both brands in the region.

Damas expects debt standstill extension with banks

Damas International is currently in talks with banks to restructure about $872 million. The company expects to sign an extension of the standstill agreement it has in place with lenders. The extension would serve as an interim arrangement to negotiate debt restructuring according to company source.

Louis Vuitton celebrates the opening of its first store in Beirut

On 15^th of July, Louis Vuitton has opened its first store in Beirut, Lebanon. The store is located on Allenby Street, in the heart of Downtown Beirut and on the periphery of Beirut Souks. To celebrate the store opening, a press conference was held hosted by Louis Vuitton CEO and President Yves Carcelle and Damien Vernet, General Manager of Middle East and India.

Company News

Hublot and Manchester United Million Dollar Challenge

Hublot and Manchester United will team up for a unique outdoor event that will bring back the World Cup fever to the Big Apple. Professional players Paul Scholes, Ryan Giggs, Nani, Darren Fletcher, Michael Owen and the manager Sir Alex Ferguson will attempt to hit a target masked as a Hublot watch from 51 feet away in the hopes of scoring a one million dollar for MU’s United for UNICEF. This event will be held on today, 22^nd July.

Richemont revenues decline 4.5 percent

Richemont revenues decline 4.5 percent to €5.18 billion (£4.4 billion) in the year to March 31.  Jewellery sales by its Jewellery Maisons, Cartier and Van Cleef $ Arpels, declined 2.7 percent to €2.688 billion. Richemont’s profit was slashed to €600 million from €1.08 billion in fiscal 2009. Consequently, sales in the first six months of the year were 15 percent lower. During the second half of the year, while trading conditions remained challenging, sales were 7 percent higher.

Girard-Perregaux and Chronora as Official Sponsors and Time Keepers of the MENASART Fain in Beirut

Girard-Perregaux and Chronora has supported the arts across the Middle East, North Africa and South East Asia as Official Sponsors and Time Keepers of the MENASART-Fair in Beirut, Lebanon. MENASART is an annual cultural event and International Art Fair in the Middle East, gathering 40 of the leading renowned artists, MENASART aims at raising and supporting artistic and cultural awareness in the MENASA region (the Middle East, North Africa and South East Asia).

Frederique Constant as Official Timekeeper of The Peking to Paris Motor Challenge

Frederique Constant will be the Official Timekeeper of The Peking to Paris Motor Challenge, of which the first edition took place as far back as 1907.  This classic car event will take place from September 10th till October 16th, 2010. All participating cars will bear the Frederique Constant logo, and both the driver and the navigator of the winning equippe will be awarded with an exclusive Frederique Constant timepiece, upon their glorious arrival in Paris.

Dewitt chooses Academia Repetition Minutes Tourbillon GMT Antipode

DeWitt has announced their selection as a 2010 Best of the Best award recipient, Academia Repetition Minutes Tourbillon GMT Antipode. This award marks the beginning of a new era for DeWitt with another step forward in the pursuit of excellence in watchmaking creativity. The goal of being Best of the Best extends not only to the actual watches, but is evident in every aspect of the Company business.

Jaeger-Lecoultre offers Extract from the Archives, reflecting the excellence of the timepieces from the Manufacture

The new Jaeger-LeCoultre Extract from the Archives is intended to provide authentic added value for the objects it accompanies. Inspired by the aesthetic of the company’s 19^th century share certificates, each Extract from the Archives is made from precious paper, embellished with silver heat-embossed or laser-engraved motifs, and protected by a handassembled jacket. Each Extract is signed by the Jaeger-LeCoultre Antique Watch Expert, and bears the official seal of the Heritage department.

HYSEK opens its first flagship store in Singapore

HYSEK has opened its first flagship store in the heart of Marina Bay Sand in Singapore. HYSEK presents here its latest creations entirely designed, developed and manufactured by its own Swiss manufacture located in Lussy-sur-Morges, dedicated to a connoisseur and demanding public. This first boutique will be the vector of a watch making legitimacy acquired over the last five years and which places the brand HYSEK among the major actors of the sector.

Product Launch

Abou Watfa introduces new Bertolucci watches

Bertolucci presents their latest novelties with the new Giro models. Following the introduction of the All black PVD models, GIRO claims to be more classical by adorning new white dials. Proposed on a traditional punched leather strap, the new executions play with polished and fine-brushed finishing on white silvered opalin dials with stylised indexes, to offer a pure, chic and classical style. These timepieces were recently introduced by Abou Watfa as their sole distributor.

Breguet offers Grande Complications watch

This year marks the 200th anniversary of the design of the first wrist-worn watch, ordered from Breguet by Caroline Murat, Queen of Naples. The anniversary offers Breguet the opportunity to add the first Grande Complication design to the Reine de Naples collection for ladies only, automatic strike. This elaborate complication marks the hours automatically every hour on the hour with two strikes, repeated three times, a charming and discreet way of signalling the passage of time.

FRANC VILA introduces FV EVOS 8Ch Cobra Chronographe Grand Dateur Automatique Yellow Edition

The FRANC VILA Cobra collection introduced the first evolution of the characteristic esprit unique watchcase. Built to withstand a depth of 300 meters, the Cobra timepieces are specially conceived for hard and intense water activities. The carbon fiber inserts ensure the protection of the watch even for the most exigent sports. This timepiece is limited edition of 88 pieces.

Dior launches La D de Dior Opal

Dior has launched La D de Dior Opal watch in a limited edition of 5 pieces. The face of the dial on the 38mm La D de Dior reveals any exceptional Australian black opal, the favorite stone of Dior Fine Jewellery’s designer. This timepiece is equipped with a hand-wound Elite movement by Zenith.

Raymond Weil introduces Maestro Tradition Collection

Raymond Weil has introduced the new Maestro Tradition Collection. Round cases, 39.5 diameter dials, date windows delicately positioned at 3 o’clock, a seconds counter at 6 o’clock on one of the models, maestro tradition reinvents itself, while taking care to conserve a chic, well-groomed appearance. The silver or black dial, enhanced with a clou de Paris relief, emphasized by a polished and black leather strap and steel bezel endow each watch with a refined style.

Liali Jewellery unfurls exclusive gifts for Ramadan

Liali Jewellery unfurled exclusive collections of 18 karat gold jewellery specially designed for Ramadan. Since time immemorial, gold has been the singular choice of those wishing to express their love. One such collection is its vividly beautiful Coloured Flowers set that blends 18k yellow gold with deep pink enamel work to present eye catching necklaces, pendants, earrings and rings.

Exhibitions & Events

Beirut Jewelry Week Joaillerie Liban 2010 - A weak start

The 13^th International Jewelry and Watches Exhibition organized by IFP (International Fairs and Promotions) opened its doors on Tuesday, 20^th July for visitors. The exhibition is held under the Patronage of Fadi Abboud, the Minister of Tourism of Lebanon with less exhibitors and less space contracted than in 2009 edition. Exhibitors expressed their dissatisfaction on the first day of the show. BJW will open its door till Friday the 23^rd July.

Piaget at the 25th Biennale des Antiquaires in Paris

Piaget is taking part for the first time this year at the Biennale or Antiques Fair in Paris to be held on September 15^th - 22^nd with 60 models to illustrate the brand’s creativity and exceptionally rich watchmaking heritage. Piaget booth is located right in the middle of the Allee des Joailliers (Jewellers’ Avenue), at the centre of the Grand Palais beneath the 45 metre-high glass dome.

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