Market News

UAE ranks among the Top Ten importers of Swiss timepieces

According to first half 2012 results released by the Federation of the Swiss Watch Industry FH, the UAE ranks amongst the Top 10 counties importing Swiss watches, translating into a value of 488.8 million Swiss Francs for watch imports alone. The luxury timepiece retail sector within the UAE is currently the only Middle Eastern country to be featured in the Top 10 round up, ahead of Saudi Arabia at number 14 and Qatar at number 21. As the leading retailer of luxury timepieces, Ahmed Seddiqi & Sons offer the largest portfolio of Swiss watches and remains optimistic about the future of the Middle East’s consumer market. Encouraged by the appetite of patrons and growing consumer interest, Ahmed Seddiqi & Sons opened 8 new retail outlets in the first half of 2012 and currently operate 58 outlets across the UAE.

Richemont reports a slowdown in sales since May

The luxury goods conglomerate noted a moderate slowdown in sales growth over the past several months. Globally, the gross sales of all brands rose 23 percent in the period, with sales up 19 percent in the Americas, 27 percent in the Asia-Pacific region and 19 percent in Japan and with sales increase in Europe by 23 percent. Richemont Executive Chairman and CEO Johann Rupert said he expects the company’s operating and net profit for the six-month period ended Sept. 30 to be up 20 to 40 percent over last year. “The prevailing economic uncertainties, the moderation in sales growth since May and the very strong basis of comparison do not prevent us from maintaining our ambitious investment program,” he said. “Indeed we remain confident in the long-term potential of our Maisons.”

Harry Winston Profit dropped by 52 percent

GCC to reach record oil revenues of $ 572 bn

Gulf economies now appear fairly firmly on track for historically high surpluses, according to a new report from the National Commercial Bank (NCB). According to the Institute of International Finance had estimated that the GCC countries can expect to reap record oil revenues of $ 572 billion this year. Last year's intake was $ 538 billion. The GCC countries have enjoyed an exceptional fiscal windfall since the oil price rebounded from its lows of late 2008-early 2009, it said.

UAE enjoys the most developed travel & tourism in Mideast

According to the recent Visa's latest "Tourism Outlook: The UAE is ranked No.1 in the Middle East for having the most advanced travel and tourism sector. The study stated that in 2011, 8.2 million overseas visitors sought out the UAE as a holiday destination, although this was 8.8 per cent lower than the previous year's nine million visitors. According to VisaVue Travel Data, international Visa account holders spent $4 billion on their cards, while in the UAE a 28.7 per cent increase was indicated over 2010. It is vital to remember that despite the volatility in the Middle East due to the Arab Spring in 2011, which saw the number of tourists in the region as a whole drop by seven per cent in 2011, the UAE emerged as a safe haven in the region and continued to attract international visitors. Dubai International Airport recorded the highest air traffic movements within the UAE (312,009 in 2011), with December listed as its busiest month (28,229 air traffic movements).

Company News

Audemars Piguet Ambassador Rory McIlroy wins Deutsche Bank Championship

On 3^rd September, Audemars Piguet Ambassador Rory McIlroy took a giant leap toward establishing himself as the best in the game with a victory at the Deutsche Bank Championship in Boston. Rory McIlroy joins Tiger Woods as the only three-time winners this year on the PGA Tour following his successes at the PGA Championship last month and the Honda Classic earlier this year. Rory McIlroy goes to number 1 in the FedEx Cup (the end of PGA Tour season playoffs) with two tournaments remaining. He also has a comfortable gap at the top of the world ranking, and could be tough to catch the rest of the year unless Tiger Woods were to win the next two FedEx Cup events.

Mouawad and Premier Gem Corporation establish the “Premier Diamond Alliance” Joint Venture

Mouawad and Premier Gem Corporation have announced the establishment of “Premier Diamond Alliance”. This newly formed  joint venture company will assure a vertical integration of the two companies through the value chain of the diamond pipeline, from rough diamond production to retail sales of polished diamonds and diamond jewelry. Mouawad also opened its new flagship boutique at Jameel Square in Jeddah, Saudi Arabia, which encompasses 700-square-meters. The boutique is designed in the gray and gold colors of the Mouawad brand image, and includes a private viewing room.

Officine Panerai opens its first boutique in Abu Dhabi

Officine Panerai has recently opened its first boutique in Abu Dhabi and the second in the UAE, following the one in Dubai Mall. The new Officine Panerai boutique is in Avenue at Etihad Towers, located in the capital’s most desirable and exclusive beachside, the Al Ras Al Akhdar district. The design of the new boutique, which will have a floor space of around 53 square metres, is typical of all Officine Panerai boutiques, where shapes, colours and materials contribute to recreating a classic, Italian style environment that takes inspiration from the sea, the element that more than any other characterizes the distinctive identity of Panerai watches.

Young Watchmakers to participate in F. A. Lange Excellence Award 2012

Eight young watchmakers from Austria, Denmark, Germany, the Netherlands, Sweden and the USA line up for the F. A. Lange Excellence Award 2012. The participants have to construct a date display on the basis of an ETA 6498 movement. A. Lange & Söhne is sponsoring the award for the third time in a row. Until 9 November 2012 the prospective watchmakers have time to assimilate with the new impressions and send in their competition entry. A jury of watch experts will examine their works carefully. The assessment criteria are innovation and originality of idea, functionality, technical quality and craftsmanship as well as artistic realisation.

Hermes opens a new Watch Boutique in Beijing, China

In June 2012, La Montre Hermes opened a new and exclusive boutique dedicated to its watch collections in Beijing, China. The 83 square meter space is located in the Fu Xin Meng Parkson Shopping Center, ideally situated in the Beijing financial district. This dedicated Hermes watch boutique is the latest of 17 strategically located stores within key markets in Asia, USA and Europe.

Hamilton Exhibit in Geneva “Born 120 years ago…ahead of time ever since”

From 4^th September to 31^st October 2012, Hamilton presents its proud and eventful history in a special exhibition containing over 30 timepieces. "Born 120 years ago…ahead of time ever since" by Hamilton presents a selection of watchmaking, historical and communication firsts in a display never before shown in Switzerland. Exhibits take you on a journey by land, at sea and in the air via watches and visual elements, beginning in Lancaster Pennsylvania in 1892 and arriving in 2012 with the brand's 120th anniversary celebration highlights.

Product Launch

Hublot unveils the King Power Bayern Munich

HUBLOT and record champions FC Bayern München have worked closely together to develop a collective masterpiece. The “King Power FC Bayern Munich” is now on display in the heart of the legendary FC Bayern München club. The eagerly awaited timekeeper was unveiled in the presence of Jean-Claude Biver (Chairman of HUBLOT), Karl-Heinz Rummenigge (Executive Board member of FC Bayern München AG), FC Bayern players (including Ribery, Boateng, van Buyten, Luiz Gustavo, Can as well as the newly acquired Shaqiri and Pizarro) and selected representatives from the German and Swiss press. The titanium chronograph with a 45-minute display specially developed for football is limited to 200 pieces.

Graham introduces new Chronofighter Oversize GMT

Combining elaborate technical processes and a gutsy design, the automatic Swiss made chronograph is a defying milestone in modern horology. The Chronofighter Oversize GMT Blue and Red with a big double discs’ date at 12 o’clock and an easy-to-read second time zone device (GMT) is GRAHAM’s traditional bi-compax chronograph.  This high spot visibility timepiece will give an extra sensitive perception of the world. The Chronofighter Oversize GMT Blue and Red features a GMT function (2 time zones’ simultaneous reading) which provides a technical answer to the needs of people who are constantly on the move, juggling time zones.

Gc launches new ceramic watches this summer

Gc has launched a new additions to the ceramic series, for both male and female lovers of the brand this summer. For ladies, the new Gc MiniChic Ceramic embodies the characteristic style elements of the current Gc Diver Chic series; the Gc MiniChic Ceramic retains the same round steel face design, but in a 28mm version, enhanced by a plad ceramic bezel with minute markers, T-bar strap attachment and Roman numeral details, which give the watch its sporty and dynamic look. For the gentlemen, the Sport Class XL and XXL ceramic watches are bold trend-setting timepieces, made for an active lifestyle and powered by a precision Swiss Made chronograph movement.

IWC Schaffhausen unveils the Portuguese Automatic Edition Dragon Year

To mark the significance of the Lunar Year of the Dragon, IWC Schaffhausen is proud to unveil the Portuguese Automatic Edition Dragon Year in 18-carat red gold, limited to 888 pieces. The Portuguese Automatic Edition Dragon Year captures the dynamism and good fortune of this sign of the zodiac with a dragon engraving on the rotor. The strongly symbolic design of this timelessly elegant watch is paired with an outstanding movement that includes Pellaton winding, a 7-day power reserve and date display.

Milus presents the Tirion TriRetrograde in 42 mm

Milus is offering the Tirion TriRetrograde in a 42-mm case, with two dials expressing very individual styles. The brand is enriching its flagship collection with a 42- millimetre version, a pure delight for every wrist to accompany the 45- and 47-millimetre models. The innovative aspect is not just only the size. The Tirion 42 is in fact a new model in and by itself, and it comes with two very distinct dials. The two models have a domed sapphire crystal and a transparent case back allowing a deep look into the high-precision Swiss movement.

Discover one of Harry Winston’s most exquisite timepieces at the Dubai Mall

Varying its geometry by playing with straight lines and curves, asymmetry and contrasts and with a total of 21.6 carats, Avenue C Large embodies a unique style, which is the culmination of efforts and skills between gemologists, designers and craftsmen, working together to create incredibly beautiful timepieces. This exclusive piece is now on display at Harry Winston in the Dubai Mall until December 2012.

Movado introduces the Movado BOLD™ Collection in the Middle East

The Movado BOLD collection is innovative in both design and use of materials.  Revealing a new side of Movado, the collection appeals to a consumer base that is more cutting-edge, willing to take chances and follow the brand into new creative territory. The collection features oversized men’s and women’s watches with modern Museum^® dials detailed by bold new textured dots and bright color accents. The cases, crafted of glossy black or white TR90 composite material over stainless steel, come on matching coated leather straps surprisingly lined in eye-popping purple. Water resistant to 3 ATM, all these Movado BOLD timepieces have precise Swiss made quartz analog movements and scratch-resistant K1 crystals.

Gucci Fine Jewelry presents Icon Stardust Ring collection

Gucci Fine Jewelry has presented the Icon Stardust collection of elegant and refined rings designed by Gucci Creative Director Frida Giannini, now available at Bloomingdale’s – Dubai. This line includes a pink version in 18kt pink gold set with pink sapphires and a more dramatic black version composed of black ruthenium-plated 18kt white gold ring adorned in brilliant cut black diamonds. They are adorned with diamonds or precious stones adding significant allure to this unique collection.

Faberge celebrates Twenties Glamour

Faberge presents a collection of extravagant jewels from sumptuous pearls and dazzling white diamonds to opalescent enamels inspired by 1920’s styling and Great Gatsby glamour. Faberge’s Impérial pearls comprising necklaces, bracelets, rings and earrings - simultaneously evoke the elegance and decadence of the Roaring Twenties and the lavish parties celebrated in F. Scott Fitzgerald’s famed novel. Set with white diamonds and a lavish pearl tassel, Faberge’s new Zenaide Pompon pendant incorporates Art Deco motifs within its magnificent diamond-encrusted centre piece. Lastly, the Collier Pur is a modern interpretation of the lariat necklace, a design popular in the 20’s.

Celebrity News

Sylvester Stallone wears Patravi TravelTec by Carl F. Bucherer

During the premiere of “The Expendables 2” in the UK and France, International movie icon and noted watch enthusiast, Sylvester Stallone was spotted on the red carpet wearing the Patravi TravelTec by Carl F. Bucherer.

Stars shine in Chopard to the opening night of the 69th Mostra del Cinema in Venice

Australian actress Naomi Watts selected a pair of rose gold earrings set with brown and cognac diamonds as well as a rose and white gold  bracelet set with diamonds and fancy coloured diamonds. While Lebanese director and actress Nadine Labaki chose to wear white gold  earrings set with fancy coloured sapphires and a rose gold ring set  with a heart-shaped yellow diamond and brilliants.

Kate Hudson wears Farberge at Venice Film Festival

On 29th of August, Kate Hudson wore Faberge jewels to the premiere of the film “The Reluctant Fundamentalist” and opening ceremony during the 69th Venice International Film Festival at Palazzo del Cinema in Venice, Italy. She wore the Charmeuse Creoles Earrings, Charmeuse Bangle and Charmeuse Blanche Ring from Fabergé High Jewellery collection – Les Fabuleuses.

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