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DGCX to launch Shariah-compliant Spot Gold contract; London’s Big Ben to stop chiming for Four years; Costco to Pay $19M to Tiffany & Co. in Trademark Lawsuit
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Market News
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DGCX to launch Shariah-compliant Spot Gold contract
The Dubai Gold & Commodities Exchange (DGCX) and Ayedh Dejem Group, a conglomerate from the Kingdom of Saudi Arabia, have agreed to develop and launch the Middle East’s first-ever Sharia compliant Spot Gold contract to be traded on an international exchange. The partnership enables both entities to increase their presence in the Saudi Arabian and wider GCC Islamic Finance market, and attract the interest of regional Islamic financial institutions and banks, the DGCX said in a statement.
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London’s Big Ben to stop chiming for Four years
The famous Big Ben is going to fall silent for four years for a crucial refurbishment project. The clock tower that was erected in 1859 next to Westminster Palace chimes over the River Thames, and has become one of the city's greatest landmarks.
The iconic London landmark will stop chiming from August 21, 2017, Big Ben will undergo a £29 million restoration to restore its iron roof and pendulum. The clock will be completely disassembled and cleaned as well, and all four of the dials will undergo restoration as well. However, the bell will still toll on special occasions such as Remembrance Sunday (November 11, 2017).
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Costco to Pay $19M to Tiffany & Co. in Trademark Lawsuit
A federal judge has ordered Costco to pay Tiffany & Co. more than $11.1 million in damages, in addition to the $8.25 million a jury awarded Tiffany last year in its trademark infringement lawsuit against the warehouse club.
Tiffany sued Costco Wholesale Corp. in early 2013 for selling rings in their stores next to signage labeled “Tiffany” as a standalone term, without the use of a modifier such as “setting,” “set,” or “style.”
Costco argued that “Tiffany” is a generic term for a pronged ring. In 2016, a jury awarded Tiffany $3.7 million for profits Costco earned from sales of “Tiffany” rings. Jurors also ordered Costco to pay Tiffany an additional $8.25 million for punitive damages.
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Company News
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Ulysse Nardin appoints Patrick Pruniaux as new CEO
Kering announces the appointment of Patrick Pruniaux as the CEO of Ulysse Nardin, effective on 28 August 2017. He will report to Albert Bensoussan, CEO of Kering Luxury – Watches and Jewellery division.
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Van Cleef & Arpels supports Dubai Opera and L.A. Dance Project
Dubai Opera will host a GCC Premiere by dancer and choreographer Benjamin Millepied, with the support of Van Cleef & Arpels. Born out of Van Cleef & Arpels’ partnerships with Dubai Opera and L.A. Dance Project, this contemporary dance show brings together visual artists, musicians, designers and composers, and the Gems Trilogy.
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Seiko opens flagship boutique in London
Seiko opened a new chapter in its 136 years of history with the opening of a flagship location at 57, Brompton Road in Knightsbridge in the heart of luxury shopping in London.
At the inauguration ceremony on August 10, the President and COO of Seiko Watch Corporation, Shuji Takahashi, along with the Japanese Ambassador to Britain and British television presenter Jonathan Ross were on site to commemorate the opening.
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Product Launch
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Audemars Piguet Royal Oak Extra-Thin arrives in the Middle East
To mark the 40th anniversary of the first precious metal Royal Oaks, Audemars Piguet has created a new series of Extra-Thin versions in yellow gold. The so-called 18-carat yellow gold “Jumbo” with a vintage-inspired gold colored “Petite Tapisserie” dial has now landed in the Middle East.
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A. Lange & Sohne presents 1815 CHRONOGRAPH in white gold with black dial
As an extension of the 1815 watch family, A. Lange & Sohne is presenting a further version of the 1815 CHRONOGRAPH with the stopwatch function. It persuasively combines a white-gold case and a black dial with a pulsimeter scale. A sapphire-crystal caseback reveals the sublime architecture and lavish finissage of the chronograph movement. It provides an enlightening glimpse of the complex switching sequences. Among others, it shows the column wheel that controls the chronograph functions, the levers of the flyback mechanism, and the snail of the precisely jumping minute counter. The escapement is readily visible as well. Hallmarks of the Lange style include the whiplash spring of the precision beat-adjustment system on the hand-engraved balance cock.
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Ulysse Nardin presents Classico Zheng He
Ulysse Nardin cloisonné dial involves immense effort and patience, requiring 50 hours of artisanal expertise and 26 separate processes to bring a scene to vivid life. Handcrafted from 18-karat rose gold and powered by the self-winding UN-815 COSC-certified movement and the bracelet is of leather strap.
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Casio unveils new G-Shock x Stash limited-edition watch at the new Concepts store in Dubai
Casio has officially inaugurated its posh shop-in-shop at Concepts store in The City Walk Dubai in a grand fashion and with style with the simultaneous launching of its G-Shock x Stash limited-edition watch. The newly opened G-Shock outlet in Concepts store in Dubai is Casio’s third globally, with the first two being located in the United States. The new GA-100ST-2A watch, which features original splash pattern and unique spray can packaging, is the result of collaboration between Casio and legendary New York street artist Stash, who is now widely regarded as an innovator in the world of urban design.
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