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Riyadh International Luxury Week sees record number of visitors; Sotheby's Global Watches Auctions Surpass $100 Million Year-to-Date with $19 Million Sale in New York
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Market News
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Riyadh International Luxury Week sees record number of visitors
Riyadh International Luxury Week was held in the opulent surroundings of the Al Faisaliah Hotel from 24th-28th May and saw a record number of visitors. The second edition of the event was met with immense enthusiasm, with leading watch and jewellery brands presenting their creations to an audience of over 12,600 visitors across the five days, marking a 61% increase in visitors in the previous year’s event. Strong attendance was matched by a 33% increase in exhibition space. The 2,400 square metre showcase also played host to a number of new features, including the first Watch and Jewellery seminar programme in Saudi Arabia. Sponsored by Sotheby’s, the world’s largest and most trusted marketplace for luxury, the seminars provided visitors with a wealth of inspiring industry insights led by a panel of experts including special guest H.E. Evelyne Genta, President & Chairperson, Gerald Genta Heritage Association and Ambassador of Monaco to the UK. The event saw visitors from members of the Saudi Royal family, socialites, corporate buyers and collectors from across the Kingdom. |
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Sotheby's Global Watches Auctions Surpass $100 Million Year-to-Date with $19 Million Sale in New York
A unique Audemars Piguet Royal Oak Grand Complication, Reference 26605, was the standout star of Sotheby’s ‘Important Watches’ auction today in New York. Made in 2020 and crafted in hand-finished black ceramic, the extraordinary timepiece eclipsed the pre-sale estimate by more than 2x, selling for $1.1 million – a record for the reference at auction (est. $200/400,000). With today’s $19 million result, from which 89% of lots sold, Sotheby’s year-to-date totals for watches surpass $100 million, marking a 100% increase over the same period in 2021 – in what was a record year for the category. |
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De Beers raised the prices of smaller diamonds
De Beers has raised the price of smaller diamonds as sanctions on its Russian rival creates a growing shortage of some stones. De Beers raised the prices of smaller stones by between 5% and 7% at its sale in Botswana, according to people familiar who asked not to be identified because the information is private. Even after the price rises, there is strong demand for the goods, the people said. De Beers produces relatively few of the type of diamonds Alrosa specializes in: the smaller and cheaper gems that are used in lower-end jewelry sold by Walmart Inc. or Costco Wholesale Corp. That’s creating increasing shortages as Alrosa’s ability to supply the market remains uncertain. |
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Company News
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Chopard opens a new boutique at Place Vendôme Mall in Qatar
Chopard along with partner Alfardan Jewellery are pleased to announce the opening of a new Chopard boutique at the Place Vendôme Mall in Qatar, strategically located at the heart of Lusail city. The new boutique reflects the retail design concept of the Maison Chopard; a warm ambiance is created through the light-toned white oak wood and luxurious leathers assuring a comfortable modern charm. The new boutique, located in the ground floor at Gate 3 VIP entrance, welcomes visitors to view the Maison’s unique creations including watches, jewellery and accessories. Chopard is currently represented in 110 countries through 994 points of sale and 152 dedicated boutiques, located in the world’s major capitals and in the finest shopping centres. |
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LVMH group reveals the winners of the 6th edition of the LVMH Innovation Award
During the VIVATECH show in Paris (June 15-18, 2022), the LVMH group revealed the winners of the 6th edition of the LVMH Innovation Award, rewarding The ShowCase solution with the LVMH Award - Omnichannel & Retail category. No less than 950 start-ups from 75 countries applied for the LVMH Awards this year. Only 21 of them - including The ShowCase representing Switzerland - were selected thanks to their agility in rethinking the customer experience, across several dimensions. During a ceremony attended by Bernard Arnault, Chairman of the LVMH Group and members of the selection committee, the six winning start-ups, including The Showcase, each in their own category, received an LVMH Award in front of an audience of over 500 people.
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Roger Dubuis as the official timing partner of the 2022 Goodwood Festival of Speed
Ready, set, go: Roger Dubuis roars across the starting line to reveal the Maison is now the official timing partner of the 2022 Goodwood Festival of Speed presented by Mastercard. The new collaboration is set to whip up pleasure-seeking visitors with a series of unforgettable thrills and emotions. The hyper watchmaker already boasts two renowned partnerships within the motorsport’s universe, creating adrenaline-charged masterpieces with racing legend Lamborghini Squadra Corse and premium tyre expert Pirelli. Welcoming another partner to the fold with the Goodwood Festival of Speed is a natural next step. Held on the grounds of Goodwood House, and hosted by the Duke of Richmond himself, the Festival of Speed brings motorsport aficionados together to admire iconic cars while watching the main event: a thrilling uphill race known as the Hillclimb. |
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OMEGA presents its latest Women's Campaign
Captured in a new series of black and white portraits and videos, the Swiss watchmaker OMEGA is revealing the unique personalities of its inspiring female ambassadors. In this intimate campaign, each woman is shown with her choice of watch – and the words she lives her life by. My Choice is the latest continuation of OMEGA’s historic bond with women. For more than 100 years, the company has delivered ladies’ timepieces of true reliability, beauty and versatility – helping to support everyone from nurses and aviators, through to artists and actresses. OMEGA is proud to be represented around the world by a strong family of female stars. For the latest shoot, the brand was joined by the actresses Nicole Kidman, Zoë Kravitz, So-hee Han and Dongyu Zhou as well as the models Kaia Gerber and Kiko Mizuhara, and legendary athlete Allyson Felix. |
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Louis Vuitton opens in Place Vendôme, Qatar
Louis Vuitton has announced the opening of its latest store in the newly-opened Place Vendôme. 14 years after the inauguration of its first store in the Qatari capital, Louis Vuitton opens its second store in the highly awaited mall located in Lusail. The two-floor store – now Louis Vuitton’s biggest in the Middle East - will also be one of the three stores in the region with an Objets Nomades offer. This newest store flaunts an expansive collection of Louis Vuitton universes. Clients are welcomed through two entrances leading into either the Men’s or Women’s Leather Goods. The store is divided into two floors, the ground focused on the Women’s and Men’s universes, and the second floor the Salon Privé and the White Box - an exhibition room which will be rotated every six months. |
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De Bethune presents a unique collaboration with Marc Newson
De Bethune and HG Timepiece are proud to announce their unique collaboration around the iconic hourglass by Marc Newson. It is a magical moment when two creative minds and art enthusiasts meet around their passion: Marc Newson, one of the most influential designers of his generation, and Denis Flageollet, one of the greatest living master watchmakers. Each colour corresponds to a different type of energy. At De Bethune, the colour blue carries a broad and deep meaning. Evoking water, sky and space all at once, it is envisaged by Denis Flageollet, Master Watchmaker and Founder of the brand, as a luminous vibration. |
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Product Launch
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Introducing Mille Miglia 2022 Race Edition by Chopard
A new vintage brings a new livery for the Mille Miglia 2022 Race Edition chronograph. Chopard's emblematic watch collection appears attired in grey and blue as a tribute to the most prestigious of the classic open-road races. The 1000 Miglia is celebrating the 40th edition of its re-enactment, for which its partner and official timekeeper Chopard is once again lining up on the starting grid. Featuring a 44 mm case in ethical 18-carat rose gold and stainless steel or all-steel versions, this chronometer-certified chronograph picks up all the codes that Chopard instils into the identity of this sporting collection: masculine elegance, mechanical precision, watchmaking performance, racing ergonomics – all dedicated to the beauty of driving. |
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Presenting Bulgari Aluminium GMT Amerigo Vespucci Special 1000 Limited Edition
The watch is a tribute to the Italian Navy ship, the Vespucci, named after Amerigo Vespucci, a famous 15th-century merchant and explorer who was the first to reach the American continent. The "Aluminium GMT" model enables the time in the second time zone to be read off with the help of the luminescent arrow-shaped hand that makes one full turn of the dial in 24 hours. Two contrasting 12-hour zones in black and yellow help distinguish between day and night. The GMT hand is independently adjusted when the watch's titanium crown is pulled out to the second position. The yellow rhodium-plated hand displays the seconds. The date function is integrated at 3 o'clock. This 40 mm-diameter aluminum model is water-resistant to a depth of 100 meters. |
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H. Moser & Cie. × UNDEFEATED
Building on almost two centuries of watchmaking tradition, H. Moser & Cie. has launched its summer season with a bold and irreverent collaboration. Blending two seemingly contrasting universes, the manufacture has partnered with globally recognized sportswear brand UNDEFEATED to create a limited edition. Espousing a number of shared values, the two brands are resolutely minimalist in their aesthetic, with an eye for detail and a desire to constantly push boundaries. Produced as a limited edition, the Streamliner Chronograph UNDEFEATED is a sport-inspired model built around the themes of victory and virtue. It also gives a nod to the street culture brand's mantra: "Play Dirty". Its fluid lines are fortified by a bold design that spotlights minimalism and legibility. |
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Perrelet presents the new “Turbine Seigaiha” collection
Perrelet's iconic TURBINE collection expands its range and presents the new “Turbine Seigaiha”collection, in a limited edition of 20 pieces. The turbine, a component that took years of research to develop its patented technology, has quickly become one of the hallmarks of the Swiss Perrelet Manufacture. At the slightest movement of the wrist, the turbine spins and generates attractive optical effects, depending on the decoration of its sub-dial. Thanks to this signature element, the versatile Turbine collection is perfect for exploring ever-changing themes. With the new “Turbine Seigaiha”, the limitless creativity of the Perrelet team, with its profound watchmaking know-how dating back to 1777, delves into the rich artistic heritage of the Land of the Rising Sun. For this latest creation, the Bienne-based watchmaking House chooses the Seigaiha wave pattern as the leitmotif of its new timepiece. |
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Damas Jewellery updates its preeminent Alif Collection
Damas Jewellery has grown its signature Alif collection with a new, exquisite line, named Unity, breathing new life into the brand’s most iconic collection. Launched in November 2020, the Alif collection was designed as a symbol of women’s empowerment and independence, characterized by the “Alif”, the first letter of the Arabic alphabet and widely considered to be the origin (“Assel” in Arabic), foundation, and beginning of all else. Made of 18K gold and diamonds, the Unity line consists of bracelets, necklaces, and earrings, with subvarieties of bangles, chains, and pendants. Interlocking Alif-shaped structures hold at center-stage the main Alif piece, embellished with diamonds, and lending the item a unique, impeccable beauty. Round rivets add soft movement, while engraved grooves add a touch of elegant artistry. |
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Introducing Maria Tash’s June Birthstone Edit
In honor of June birthdays, Maria Tash is delighted to shine a spotlight on its collection of jewelry featuring freshwater cultured pearls. Add a touch of glamour to your day with Maria Tash’s hand-picked edit of pearl jewelry. From the Pearl Eternity Hoop Earring to the Pearl Coronet Hoop Earring, the June birthstone is no longer a byword for boring. These designs make the classic luminous stone standout amongst the crowd. |
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