Market News

Swatch Group terminates Tiffany Watch Deal

Swatch Group terminated its cooperation contracts with Tiffany & Co. This action became necessary following Tiffany & Co’s systematic efforts to block and delay development of the business, according to a recent statement received from Swatch Group spokesperson on 12 September 2011. In a similar move, Tiffany and Co. responded that Swatch is unwilling to honor the terms of their agreement. In late 2007, the companies signed a 20-year agreement to develop, produce and distribute worldwide Tiffany & Co. brand watches.

Harry Winston sales rise 45 percent in Q2 2011

During the second quarter, Harry Winston Diamond Corp. sales rose 45 percent though rising costs put downward pressure on profits. Total sales for Harry Winston in the second quarter ended July 31 were $222.4 million, up from $153.7 million in the same period in 2010. Operating profit fell from $29.9 million to $23.1 million, a 23 percent decline. Retail segment sales jumped 98 percent, from $66.9 million to $132.8 million due to few big-ticket transactions totaling $55.6 million. The company said demand for luxury goods remains strong worldwide but it is emerging markets that are driving sales growth. 

Hermes posts sales moved up 22 percent and net income 49.5 percent in H1

Hermes consolidated revenue in the first half of 2011 totaled €1,305.5 million, a rise of 22 percent at current exchange rates and of 21 percent at constant exchange rates. The current operating margin widened to 32 percent – the highest level recorded by the group since its initial public offering – and net income surged by 49.5 percent. All business sectors delivered handsome performances, underpinned by ongoing innovation and creativity. In Watches and Jewellery, sales staged an impressive rebound (up 30 percent). In 2011, Hermes will continue to invest both in its manufacturing sites and in its distribution network and plans to open more than ten branches.

Movado Group posts $4.4 million profit in Q2

The Movado Group reported a 33 percent year on year increase in second-quarter revenue for fiscal-year 2012 at $113.2 million and the cost of sales rose 28 percent to $52.3 million for the three months that ended on July 31.  Movado posted profit of $4.4 million compared with a loss of nearly $21 million one year ago. Gross profit rose to 53.8 percent of sales, compared with 52 percent one year ago.  The increase was primarily the result of leverage on certain fixed costs as well as a favorable shift in channel and product mix. Based upon second-quarter results, Movado reiterated its prior guidance for the full fiscal 2012 to anticipate net income in the range of $15 million to $16.5 million.

Company News

Cartier hosts a legendary Diamond and Bridal exhibition

Cartier hosts a legendary Diamond and Bridal exhibition at the Grand Atrium Dubai Mall, from the 27th of August to the 17th of September 2011. This unique exhibition sheds the light on the magic of Cartier’s dedication and eternal passion of a legendary Jeweler “par excellence” and continuous quest of beauty and excellence, through its treasured stories of exceptional diamonds which features some of the greatest figures of all times. Since in this part of the world, wedding ceremonies are treated with the biggest esteem, the house of Cartier has created special Bridal salons across the UAE to provide local brides an exclusive service by making their dreams come true.

Chopard hosts a Cocktail Diner in Venice

For the past 14 years, Chopard have been the Official Partner of the Cannes Film Festival. Therefore with her love of Cinema and appreciation for the magical ambience of Venice, it seemed only natural that the Co-President and Artistic Director of Chopard, Caroline Scheufele, would arrive at the 68th Mostra del Cinema di Venezia to join Charles Finch and Edward R. Pressman in celebrating the widely anticipated world premiere screening of “The Moth Diaries” with an intimate late night cocktail party for the cast at the world renowned Hotel Cipriani. Guest included Willem Dafoe, Sarah Gadon, Sarah Bolger, Valerie Tian,  Edward R. Pressman and Charles Finch. 

Hublot opens its first boutique in South Korea

To celebrate the opening of the first Hublot boutique in South Korea, located in Daegu at the prestigious “Hyundai” department store, Hublot organized a special event with brand ambassador Usain Bolt. Nicknamed "Lightning Bolt", pure talent combining exceptional physical qualities with a relaxed and generous attitude, the 24 year old Jamaican sprint star took the occasion to be in South Korea to participate in the IAAF World Championships. With the world’s fastest man, this event included a ribbon cutting ceremony, a scholarship presentation to future athletes and a signing event for Hublot VIP customers who discovered the Hublot Unico King Gold, limited to just 500 pieces.

Audemars Piguet honors Gerald Genta

Gerald Genta, the legendary watch designer has died on 16 August 2011 at age 80. His visionary mind gave rise to numerous watchmaking legends, and he made an unequalled contribution to the field of Haute Horlogerie. In 2001, Genta launched the Gerald Charles brand, which was a savvy synthesis of the two great passions of his life: watchmaking and painting. With his passing, the horological world has lost one of its last links to a more romantic era but the enduring popularity of the watches he designed including the Audemars Piguet Royal Oak, the Patek Philippe Nautilus and the Omega Constellation will ensure that his touch will always be at hand.

Breguet as principal sponsor of Bejart Ballet Lausanne Asian Tour

Montres Breguet is pursuing its commitment to European culture and arts by associating with the Bejart Ballet Lausanne as principal sponsor of its Asian tour, which will take it to South Korea and China between October 10 and 22, 2011. These two worlds where classic and contemporary forms meet and mingle are ideally matched. The choreographic works of Maurice Bejart are firmly rooted in academic ballet and mature through contact with modern dance, just as Breguet’s creations over more than two hundred years display the Manufacture’s extraordinary ability to marry innovation and time-honoured craftsmanship.

Damiani continues its expansion in China by opening its fifth Boutique

After opening two stores in Macao and one in Hong Kong and another in Ningbo, Damiani has opened a store in Chengdu, one of the largest cities in central China. It’s located in a prestigious department store, Maison Mode, which offers its Chinese customers a choice of all the most important European luxury brands. The new boutique was inaugurated with Group vice president Giorgio Damiani on hand, along with many VIP and local celebrities.  Damiani Chengdu offers a vast choice of high end collections most representative of the Italian brand to a Chinese clientele fascinated with Made in Italy and specifically the quality of craftsmanship and innovative design ever characteristic of Damiani.

2011 Blancpain Endurance Series

Maxime Martin took the chequered flag at the end of the 3-hour Blancpain Endurance Series race in Magny Cours, to give himself, Bas Leinders, Marcus Paltalla, the Marc VDS Racing Team and BMW their first victory in the series. Martin finished ahead of the nr9 AutOrlando Porsche of Paolo Ruberti after the Italian overtook Marcel Fassler's Belgian Audi Club Team WRT Audi R8 four laps from the flag to keep the driver's championship alive until the last round at Silverstone in October. Third place was enough to secure the Team's Championship for WRT.

Ritmo Brand Ambassador Helio Castroneves Judges Miss Universe 2011

RITMO Brand Ambassador Helio Castroneves, the three-time Indianapolis 500 champion and driver of the No. 3 Team Penske car in the IZOD IndyCar Series,  returned to his homeland proudly wearing his RITMO 202 Persepolis Stainless Steel as he helped select Miss Universe 2011 from a diverse group of women representing 89 countries.

Baume & Mercier achieves certification from the Responsible Jewellery Council

The Responsible Jewellery Council (RJC) announced that Baume & Mercier has achieved certification meeting the ethical, human rights, social and environmental standards as established by the RJC’s Member Certification System. The Responsible Jewellery Council is an international not-for-profit organization bringing together more than 320 member companies committed to promoting responsible ethical, human rights, social and environmental practices in a transparent and accountable manner throughout the jewellery industry from mine to retail. Their commitment aims to reinforce consumer and stakeholder confidence in diamond, gold and platinum group metals jewellery products.

Boucheron announces new Director of Creation

Boucheron has recently announced the appointment of Claire Choisne as Director of Creation. Effective immediately, she will be responsible for the House’s creative studio. Claire Choisne has a sound background in the creation of pieces for luxury jewelry brands. Claire Choisne, a 35-year-old French native, holds a jewelry degree from the famous Ecole de la Rue du Louvre, where she subsequently taught jewelry design. She will also be charged with the development of the brand’s creative potential over the long term, while conserving its identity and its unique aesthetic codes.

Officine Panerai partners with O'Clock Exhibition

Triennale Design Museum presents O’Clock. Time design, design time, curated by Silvana Annicchiarico and Jan van Rossem, with a special exhibition design by Patricia Urquiola, a great exhibition which will try to explore the relations between time and design. The exhibition is organised in partnership with the luxury watch brand Officine Panerai, which will present an installation about the design of its watches. The exhibition will be held on 11 October 2011 – 8 January 2012 at Triennale Design Museum, La Triennale di Milano.

Milus announces new General Manager and Production Director

Milus has recently announced that Mr. Cyril Dubois assumes the role of General Manager and Production Director.  Mr. Dubois started working for Milus in 2004 as Purchase and Logistic Director and in charge of product development. During these years he was able to use his extensive knowledge of the watch trade to lead and implement the creation of some exceptional masterpieces in the Milus collection. Mr. Jan Edocs, former CEO of Milus leaves the company to focus on a new direction. He led Milus to become a renowned and well respected global brand.

Eberhard & Co. at the Rugby World Championship in New Zealand

Centre, Yannick Jauzion, star of the Toulouse team winner of the French championship and key player in 2010 Six Nations Tournament, together with Andrea Masi, best player of the same tournament in 2011 and fullback for the Aironi, will be in charge of regularly updating Eberhard & Co. Facebook page fans on the Rugby World Championship, starting in New Zealand on September 9. Jauzion will post reports on the most important matches, providing forecasts and technical analyses, while Masi, engaged in playing a key role in the Italian team to achieve a first-time in final quarters, will be the voice of Italy from the Antipodes.

LEVIEV announces charitable initiative

The LVD Foundation, the charitable division of LEVIEV has announced a broad based initiative that will benefit a variety of local and international charities. The LVD Foundation was recently formed to give back to and support the communities in which LEVIEV boutiques are located, including New York City, London, Dubai, Moscow and Singapore. The foundation’s formation also commemorates the company’s fifth anniversary. The first LVD grants have just been awarded to two Manhattan based charities; the Breast Cancer Research Foundation (BCRF) and the Fashion Institute of Technology (FIT).

Montegrappa supports cursive handwriting

Montegrappa, which manufactures pens for the contemporary connoisseur, but which are redolent of a bygone era, appreciates more than most the attack on cursive handwriting and endeavors to support of the art of longhand writing.  Recently, Montegrappa was made aware of a feature article in one of the world's leading newspapers, The New York Times, alerting its readers to the disappearance of the teaching of cursive handwriting in schools. Deftly, Katie Zezima explains what is gained by learning how to write with elegance, while explaining what its loss would mean to modern culture.

Product Launch

Jaeger-LeCoultre introduces the Master Grande Tradition a Tourbillon

The Grande Maison now proudly presents a new model equipped with this already legendary calibre, the Master Grande Tradition a Tourbillon. This timepiece brilliantly combines the traditional know-how of a Manufacture dedicated to the quest for precision since its founding in 1833, and a spirit of innovation illustrated by the development of avant-garde technical solutions. Featuring a 43 mm case crafted in platinum or pink gold and an understatedly elegant design that has become the hallmark of Jaeger-LeCoultre creations, the Master Grande Tradition a Tourbillon embodies the triumph of precision expressed in an inimitably legible manner.

Montblanc introduces Haute Joaillerie White Nights Collection

Celebrating the sophisticated elegance and the rich cultural heritage of St Petersburg, Montblanc presents a handcrafted collection of delicate beauty made of six one-of-a-kind pieces. A show-stopping set with a diamond necklace and earrings, a unique timepiece of the Montblanc Collection Villeret 1858, two pairs of men’s cufflinks and a limited edition writing instrument form this set dedicated to the romanticism and cultural offerings of the world’s northernmost metropolis. Inspired by the artistry of the celebrated Kirov ballet, the exquisite Haute Joaillerie necklace is set with over 27 carats of diamonds against white gold. Its lyrical design flows like a well-choreographed ballerina pirouetting around a stage, entwined with diamond snowflakes.

OMEGA presents the Elegant Hour Vision Blue

The OMEGA Hour Vision Blue wristwatch is a special edition of the elegant Hour Vision. It has a robust 41 mm stainless steel outer case and is equipped with OMEGA’s Co-Axial caliber 8500, the movement that signaled a revolution in series-produced mechanical watch making. The movement can be viewed through the 360° sapphire crystal case body. Adding distinction to the timepiece is its sun-brushed blue dial designed especially for this Hour Vision Model. It has 18 Ct white gold facetted hour, minute and seconds hands and features a date window at the 3 o’clock position. The OMEGA Hour Vision Blue is presented on a black leather strap.

BRM watch finely crafted as a Formula 1 car

Perfect for the F1 racing enthusiast, BRM’s core is its man and machine ethos. Every watch is hand made in Paris by founder, Mr Bernard Richards himself. BRM's emblematic watch, the R50 movement is inspired by a racing bike engine, with a cylinder resting on three glass-fibre or carbon fibre triangles. The R50 design is based on the isolastic® principle of mounting the flexible movement on carbon arms. The arms are held under pressure in a casing circle via progressive pitch springs, which isolates the movement from shocks and any intrusive vibrations, like an engine is isolated from the chassis by Silentblocs.

F.P.Journe launches LineSport watch

F.P.Journe is launching the first mechanical chronograph of high horology on a wrist watch entirely in aluminium: case, bracelet and movement, in the search for absolute comfort and extreme lightness. The brand has chosen the Centigraphe as first timepiece to introduce its new collection, the “lineSport”. This collection has been inspired by an important collector, aficionado of F.P.Journe watches, who committed himself in numerous marathon and triathlon competitions and wished to have an ultra light sports watch, coupled with a movement of authentic high horology. With its measure of a 100^th second, the Centigraphe Souverain seemed to be the perfect match to excel in his activities, where every second is counted. The watch in its totality only weighs 55 grams.

Gc introduces new men’s collection

A stylish addition to the Gc men’s collection, the Gc-4 Executive is everything that the young modern and ambitious business executive requires: class, precision and an infinite attention to detail. A statement of success and self-assurance, from the detailed execution of its chronograph dial to the bold elegance of its 44 mm XL case with its tapered lugs and bevelled bezel. This expressive chronograph is equipped with a Swiss precision movement featuring a 30-minute counter, a stop second and a counter measuring up to 1/10^th of a second precision. The hand- applied indices as well as the hands are coated with Super LumiNova allowing an effortless reading the time in the dark.

Guy Ellia's Time Space Watch

The Time Space, geometric ambassador of Guy Ellia, is extremely refined watch that reinvents the concept of the dial, while revealing its stunning technical features. An important detail: The cut sides reinforce the overall finesse of the piece, which measures just under 5.95 millimetres thick providing a case – in black, white or pink gold – of impressive dimensions: 43 x 43 millimetres. With its Frederic Piguet 15-line extra-thin mechanical hand-wound calibre displaying hours and minutes in the centre, the Time Space demonstrates exceptional finesse with a ‘cavalier’ function. This timepiece is water resistant to 30 metres, mounted on an alligator leather strap with a gold pin buckle.

Exhibitions & Events

First Ever International Colored Gemstone Mines to Market Conference to be organized by GJEPC

The Gem and Jewellery Export Promotion Council of India (GJEPC) will be organizing the first ever International Colored Gemstone Mines to Market Conference on the 2^nd & 3^rd of November 2011 in Jaipur. The two day conference will witness experts from various countries assemble here and discuss the various aspects involved in global colored Gemstone trade. Based on Council’s existing initiative of International Diamond Conference held last year, Mines to Market for Colored Gemstone aims at reinforcing India’s position as the global hub for colored Gemstones.

The Gemstone Industry & Laboratory Conference (GILC) to meet in Hong Kong

The Gemstone Industry & Laboratory Conference (GILC) will meet in Hong Kong, 22^nd September 2011, during the HK Jewellery & Gem Fair. The Gemstone Industry & Laboratory Conference (GILC) has been organized by the International Colored Gemstone Association (ICA) since 1992. GILC has met in various parts of the world, bringing top industry leaders including gemological laboratories, gemstone traders, retailers and more, together to present research findings and discuss gemological and certification issues relevant to the trade and to the consumer market.

Exhibitors celebrates after a successful International Jewellery London show

Exhibitors at International Jewellery London 2011 reported on the success of the show as the event closed, with IJL revealing an increase in visitors compared to the year before (2 percent increase to 9084, unaudited). This year, exhibitor numbers were also high with 580 including sharers. Many new designers and brands joined the established companies which showcase their new collections each year. IJL is known for fresh and exciting initiatives and the IJL Runway, a catwalk running down the length of the Boulevard, added a vibrant energy to the show floor. The seminar programme was bigger than ever, and features such as the Editor’s Choice, Bright Young Gems and KickStart highlighted some exceptional talent. The show was held on September 4 to 7, 2011.

Celebrity News

Damas appointed as official jeweller of new Pan Arab TV series

Damas has announced that it has been appointed as the official jeweler of a new Pan Arab TV series, providing around AED 10 million in jewellery for some of the Middle East’s top celebrities. Viewers will see Damas’ newest designs in over 150 scenes, including exclusive new designs that were crafted especially for the series. The program, called Ma Natafeg, which translates in English as ‘We will never agree’, will air over 60 episodes on Abu Dhabi TV from September 4^th 2011 onwards.  The filming of the series took place in two different Damas Les Exclusive stores at the Dubai Mall and at the Abu Dhabi Mall in April and May 2011.

Richard Mille launches the RM 051 Phoenix-Michelle Yeoh

Michelle Yeoh, the international renow­ned actress alongside Melanie Treton-Monceyron, Artistic Director of Richard Mille has created the RM 051 watch, designed for women looking for highly technical performance timepieces around a very sophisticated package.  The timepiece features the phoenix, adorned with diamonds and encapsulates the movement in harmony with the barrel, power reserve and tourbillon.  Another attribute of the RM 051 is its baseplate made of black Onyx, a gemstone known for its properties in absorbing negative energy and producing emotional stability as well as inspiration.

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