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The recovery of the Swiss watch industry exports continued with a positive trend in June; UAE President announces new UAE Tax Procedures Law.
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Market News
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The recovery of the Swiss watch industry exports continued with a positive trend in June.
The value of products (Watches) crossing the Swiss border stood at 1.7 billion francs, 5.3% higher than in June 2016. This increase follows the good result posted one month previously.
Growth was sustained on several markets. Italy (+16.5%) reported a second month of strong growth with a substantial further upturn. The United Kingdom (+35.6%) benefited again from its currency and recorded the strongest growth for more than two years. After three months of exceptional performance, China (+11.5%) continued to grow and completed an excellent first half. Hong Kong (+4.6%) was closer to the global average and further strengthened its recovery. The United States (-1.3%) saw no change in its general situation with a slight fall in June. Sharply lower, Japan (-15.4%) remained in the red. In the Middle East June 2017 exports recorded the following: UAE up by (18.4%), K.S.A down by (-17.9%), Qatar increased by (66.6%), Bahrain (no changes) and Kuwait (-37%).
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UAE President announces new UAE Tax Procedures Law.
President His Highness Shaikh Khalifa Bin Zayed Al Nahyan has issued the landmark Federal Law No. 7 of 2017 for Tax Procedures, which sets the foundations for the planned UAE tax system, regulating the administration and collection of taxes and clearly defining the role of the Federal Tax Authority (FTA).
The Federal National Council (FNC) approved the draft law in March this year and with the presidential approval to the tax law, the country now has a legal framework for taxation, implementation and administration.
The Law defines a clear set of common procedures and rules to be applied to all tax laws in the UAE, namely, value added tax (VAT) and excise tax laws, and clearly states the respective rights and obligations of the FTA and the taxpayer.
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Product Launch
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Bvlgari presents Serpenti Viper.
BVLGARI introduces Serpenti Viper, a dangerously beautiful new band ring collection. Serpenti Viper celebrates the powerful snake, capturing the viper’s sensuality and colour, in a precious new species of BVLGARI Jewellery. |
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Van Cleef & Arpels presents Holiday Season Alhambra Earrings.
Van Cleef & Arpels reveals their limited edition earrings to perfectly match last year’s Holiday Season pendant. The Maison shines its spotlight on onyx, with its vivid black color imbuing the symbol of luck with exquisite sobriety. |
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Exhibitions & Events
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GJEPC eyes $80 billion exports by 2025.
India International Jewellery held from 28th to 31st of July reflected signs of positive growth. Praveen Shankar Pandya, chairman, GJEPC (India Gem and Jewellery Export Promotion Council), said in a media gathering held during the show, “we have set the exports target of $60 billion by 2022 and $80 billion by 2025. The trend this year is good and we target growth of 10% in the current year. We will be happy to register $47 billion exports this year.”
Pandya mentioned that the trade body is devised a strategy named Vision 2022 to enable India attain global leadership position in gems and Jewellery.
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Bonhams to auction the largest private collection of Andrew Grima jewellery.
Bonhams announces that it is set to auction the largest private collection of Andrew Grima jewellery, when 55 pieces go up for sale as part of its Fine Jewellery auction on 20th September. |
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Cartier in Motion at the Design Museum in London.
Cartier in Motion unravels the unique story of Cartier’s approach to watchmaking and how the invention of the modern wristwatch came about.
Cartier in Motion, an exhibition on Cartier and design curated by architect Norman Foster, was held on 25 May to 28 July 2017 at the Design Museum in London.
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Celebrity News
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Aymeline Valade wears Chopard Jewellery.
French Model and Actress Aymeline Valade attends the United Kingdom premiere of “Valerian and The City of a Thousand Planets” wearing jewelry by Chopard. |
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