EU orders Apple to pay up to $14.5B in back taxes; Apple to appeal the ruling; E-commerce to hit $20b in Gulf Cooperation Council (GCC) by 2020; Damas opens Dubai production plant

Market Report

Audemars Piguet welcomes three ambassadors for a golf challenge in Le Brassus

Three members of Audemars Piguet’s Dream Team of golf Ambassadors travelled to Le Brassus to visit the Swiss watchmaker’s workshops and private museum: Miguel Angel Jimenez, Bernd Wiesberger and Andy Sullivan. All three were given a spectacular challenge by the Manufacture’s CEO and golf enthusiast François-Henry Bennahmias: to hit archery targets from the headquarters’ rooftop terrace into a nearby field, at distances as far as 200 meters, with scenic views of the Vallée de Joux as backdrop. Only four balls hit the targets out of the forty played, three of them by the accuracy competition’s eventual winner Bernd Wiesberger – perhaps the most used to altitude play as he comes from nearby Austria.

Market News

EU orders Apple to pay up to $14.5B in back taxes; Apple to appeal the ruling

According to the European Union, US tech giant Apple must repay a record €13 billion ($14.5 billion) (Dh53.2 billion) in back taxes after ruling that a series of Irish sweetheart tax deals were illegal. “The European Commission has concluded that Ireland granted undue tax benefits of up to €13 billion to Apple. This is illegal under EU state aid rules because it allowed Apple to pay substantially less tax than other businesses.

E-commerce to hit $20b in Gulf Cooperation Council (GCC) by 2020

According to a report by global consultancy AT Kearney, the e-commerce market in the Gulf Cooperation Council (GCC) countries is expected to grow to $20 billion (Dh73.4 billion) by 2020 from $5.3 billion in 2015, as online shopping grows in the region. In its ‘Getting in on the GCC e-commerce Game’ report, AT Kearney stated that e-commerce contributes about 0.4 per cent to the region’s gross domestic product (GDP). In addition, 34 per cent of major GCC retailers have an e-commerce presence.

Damas opens Dubai production plant

The UAE-based jeweler Damas has opened its first production facility in Dubai as the gold and jewellery company expects to ramp up the number of retail units in the UAE and Saudi Arabia. According to the company, phase one investments on the machinery have come to Dh15 million and the raw materials would take up another Dh200 million. (Raw materials in this case would include scrap bullion and jewellery, while pure bullion comes from the banks. The factory employs 200 people. The Dubai facility will produce about 40 per cent of its needs, with the capacity to ramp up to 80 per cent by 2020. The factory can handle 3 tonnes of gold a year and 180,000 pieces on non-gold jewellery annually.

UAE hotels post higher occupancy rates in July

According to the latest report from global consultancy EY, hotels in the Middle East and North Africa (Mena) posted a mix of increases and drops in July 2016 over the same period last year. Hotels in Dubai recorded a 6.2 per cent increase in occupancy year-on-year in July to 67.4 per cent and 5.1 drop in average room rates (ARR) to $168 (Dh616.6) during the same period. This resulted in a 4.5 per cent rise in revenue per available room (RevPAR — an industry measure of occupancy and rates) to $113. Similarly, according to a report from research firm STR Global, occupancy in Dubai rose 17.6 per cent year-on-year in July to 67.5 per cent, while RevPAR increased 7.5 per cent to Dh365.08. However, in the January to July period, occupancy in the emirate edged down 2 per cent year-on-year, to 79 per cent, and RevPAR fell 7.7 per cent to $203, as per EY’s estimates.

Company News

TAG Heuer unveils the much-awaited “Max Verstappen Special Edition” watch

TAG Heuer recently brought together almost 200 guests from the world of media and business along with celebrities to celebrate Formula 1 driver Max Verstappen. During the event TAG Heuer presented the Max Verstappen Special Edition to honour his victory at the Spanish Grand Prix in Barcelona as the youngest Formula 1 winner ever. With a perfect combination of charm and professional racing expertise, the event was hosted by Kristina Bozilovic and former Formula One driver and TV commentator Robert Doornbos. The highlight was a BATAK© #DontCrackUnderPressure contest in which Max Verstappen competed against the reigning Kickboxing World Champion Rico Verhoeven, as well as Robert Doornbos and a guest selected by the jeweller Gassan as part of an online competition held before the event.

Richard Mille announces Wayde Van Niekerk as new partner athlete

Wayde van Niekerk has had an exceptional 2016 season. At the beginning of the year, he competed in the 100-metre dash for the first time in five years at Bloemfontein (South Africa). With determined confidence, he completed the race in 9”98, becoming the first sprinter to hold a personal best under 10 seconds in the 100 metre, 20 seconds in the 200 metre and 44 seconds in the 400 metre sprints. A native of Cape Town, Wayde is a multidisciplinary sprinter, who feeds on competition and a diversity of playing fields as an essential means to progress and surpass himself. He has chosen to wear an RM 27-02 for its comfort, technical sophistication and its dynamic lines.

Baume & Mercier to sponsor the Fashion Forward Dubai (FFWD)

Fashion Forward Dubai (FFWD), has recently welcomed Baume & Mercier as a celebratory sponsor of Season Eight. During the four day, bi-annual event from October 20th – 23rd 2016, Baume & Mercier will host a series of activations at the bespoke location, Hai 3 at Dubai Design District (d3). As part of the luxury watch brand’s collaboration with FFWD, Baume & Mercier will partner with three of the region’s top fashion stylists tasked to create a photoshoot featuring FFWD apparel designers and inspired by Petite Promesse, a new women’s collection to be officially launched at the regional fashion event. The chosen stylists are Teresa Karpinska, Samantha Francis and Salma Awwad.

Messika New Campaign by Terry Richardson

Valérie Messika takes the world by surprise once more with this year’s extraordinary advertising campaign. In collaboration with the celebrated photographer Terry Richardson and the sublime Andreea Diaconu, she has imagined an unreservedly modern scenario set in the very heart of Paris. The alchemy between these two protagonists provided a perfect opportunity for the designer to pay tribute to one of her greatest sources of inspiration: Paris, by day and by night. The bright lights enhance the resplendent parures of diamonds, illuminating the sensuality of Andreea and her captivating sincerity and beauty. The model is a perfect reflection of the Maison, delicate, elegant and unique. She embodies the Messika woman, free, independent and full of life, blossoming in jewelry crafted by the technical expertise of the Maison.

Product Launch

Hermès presents Médor Secrète

The new Médor Secrète appears in a boldly luminous interpretation, draped in white diamonds and studded with pyramids entirely encircling the wrist. Thousands of gems cover the walls of this signature motif and create a precious jewellery cuff watch. To create a pleasing contrast, the edge of each pyramid base is accentuated with a line of gems. In all, the Médor Secrète is adorned with 4,427 diamonds totalling 12 carats. Nestling inside this articulated bracelet, the secret watch appears when a special push-button is pressed to unlock its lid. The pyramid pivots to one side to reveal the white lacquered dial also featuring four pyramid-shaped hour-markers. The Médor Secrète houses a quartz movement and displays the hours and minutes. It features a subtle adjustment system, since the crown is positioned on the case-back and remains invisible from the front.

Jaeger-LeCoultre celebrates High Jewellery in Venice

For the twelfth consecutive year, Jaeger-LeCoultre is partnering with the 73rd edition of Venice International Film Festival and will be running till 10 September, 2016. To mark this significant event in the international cinema calendar, the Grande Maison is unveiling its very latest jewellery creations. Exuding femininity with a light-infused gem setting, the Reverso One High Jewelry white gold watch draws inspiration from the first ladies’ Reverso watches of the 1930s, adorning the female wrist like a true piece of jewellery. The white gold Rendez-Vous Moon watch brings together the jewellery and watchmaking expertise of the Jaeger-LeCoultre craftsmen to present women with a jewellery piece worthy of the heavens. A prized treasure created by jeweller-craftsmen, the Rendez-Vous Secret white gold watch is inspired by a Jaeger-LeCoultre model from the 1960s.

Van Cleef & Arpels presents new creations to its Perlée™ collection

In keeping with the Perlée™ collection’s inventiveness, Van Cleef & Arpels is presenting new creations that reassert its rounded aesthetic. Encapsulating ancestral savoir-faire, the Perlée collection’s border of gentle and sparkling golden beads is now associated with one of Van Cleef & Arpels’emblematic signatures: the Between the Finger Ring. Matching these creations, a pendant and earstuds reinterpret the diamond-set cabochon in yellow, white and pink gold. Feminine and timeless, these jewelry pieces illuminate the silhouette with discretion.

Celebrity News

Chiara Mastroianni and Anita Caprioli wear Chopard to the Venice Film Festival opening ceremony

French-Italian actress Chiara Mastroianni was wearing a pair of earrings from the Red Carpet Collection in platinum set with oval-shaped diamonds (1.8cts), pear-shaped diamonds (2cts) and diamonds (2.8cts) and an 18ct white gold ring from the High Jewellery Collection set with a breathtaking oval-shape diamond (10.3cts) and diamonds (3.75cts). While Italian theatre and film actress Anita Caprioli was wearing an 18ct white gold pair of earrings from the High Jewellery Collection set with pear-shaped sapphires (70cts), sapphires and diamonds. She completed her look with a unique ring from the High Jewellery Collection set with a heart-shaped diamond (5cts) and diamonds.

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