Arab economies expected to grow by 2.8% in 2016; Dubai retail market to expand by 7.7 per cent in 2016; Swatch Group announces Stephen Urquhart to Retire, and names Omega’s New President

Market News

Arab economies expected to grow by 2.8% in 2016

Arab economies are expected to grow by 2.8 per cent in 2016 and 3.1 per cent in 2017, the Arab Monetary Fund said in a report.

The report said that OPEC producers will reach an agreement at the April 17 meeting in Doha to cap oil production, which in conjunction with the decline in oil shale production will strengthen oil prices and bring about a relative stability in the oil market. It is projected that the average price of oil will be $40 (Dh147) per barrel in 2016.

Dubai retail market to expand by 7.7 per cent in 2016

Dubai’s retail market in 2015 is estimated to have reached $35.4 billion (Dh 129.9 billion ), achieving annual growth rates of 3.5 per cent to 7.5 per cent since 2010, according to analysis by the Dubai Chamber of Commerce and Industry based on data from Euromonitor International.

Consumer spending is expected to support the retailing activity to expand by 7.7 per cent in 2016, with growth thereafter at a CAGR of 8.1 per cent until 2020, when retailing sales turnover are expected to surpass $52 billion.

Swatch Group announces Stephen Urquhart to Retire, and names Omega’s New President

Swatch Group announces that Omega President Stephen Urquhart will retire on June 1st and will be succeeded by Raynald Aeschlimann.

Mr. Urquhart, 69, had been Omega’s president and CEO since 1999, He retires in June, but will continue to work closely with Omega as a consultant on special projects.

Raynald Aeschlimann has been announced as the new president. Mr. Aeschlimann has been a member of the Extended Group Management Board since 2013, and currently serves as the Vice President and International Director of Sales at Omega.

Dh400, 000 diamond necklace stolen from Mideast Watch and Jewellery Show- Sharjah Expo

An expensive white gold necklace studded with diamonds, which is worth Dh400, 000, has been stolen from an exhibition at Sharjah Expo.

The theft took place during the Mideast Watch and Jewellery Show, held at Sharjah Expo from April 5-9.

The CID department of Sharjah Police is investigating the case and has launched a manhunt to nab the culprits after it received information from the owner of the shop about the theft.

Company News

Damas Jewellery Mega Watch Sale in Dubai

Damas announces Mega Watch sale, up to 90% off on a large selection of International watch brands at The Jewellery Vault which is located next to Damas headquarters in Jumeirah Lakes towers, Dubai.

Jaeger-LeCoultre marks the “85th anniversary of the Reverso” in Dubai

Jaeger-LeCoultre’s 85th anniversary of the Reverso watch with a special celebration was at the Dubai Polo and Equestrian Club. Guests and friends of the brand who were present at the evening hosted by Jaeger-LeCoultre, were welcomed by Brand Director Marc de Panafieu.

Chopard as the principal sponsor of the International New York Times Luxury Conference 2016

Chopard builds on a tradition of excellence as the principal sponsor of the International New York Times Luxury Conference 2016, in Paris. Caroline Scheufele, Co-President and Creative Director of Chopard, hosted the second industry leading Chopard Eco-Age Futures Roundtable on the first day of the International New York Times Luxury Conference 2016, in Versailles, with Stephen Dunbar-Johnson President of the International New York Times.

Richard Mille opens first German boutique in Munich

Richard Mille announces the opening of its first dedicated boutique in Germany. The boutique is located at the eastern end of Maximilianstrasse, one of Munich’s four royal avenues. The new jewel of a store, covering 160 square metres on two levels, thus emphasizes the masculine aesthetic characteristic of the Richard Mille brand.

Product Launch

Bulgari presents The Divas’ Dream Heart of Ruby watch

The Divas’ Dream watches evoke the Dolce Vita period. The case is in pink gold diameter set with brilliant cut diamonds, pink gold crown set with a rubellite cabochon. Heart of Ruby stone dial with brilliant-cut diamond hour-markers, burgundy satin strap with pink gold pin buckle.

Movado launches the new Movado Edge watch collection

Movado announces the launch of the new Movado Edge watch collection, developed in collaboration with world-renowned industrial designer Yves Béhar and his design firm fuseproject. Uniting the talents of two of the most important industrial designers of the last 70 years, Nathan George Horwitt and Yves Béhar, Movado has brought a dynamic new level of design innovation and sophistication to the legendary Museum Dial.

Exhibitions & Events

INDIA participates at Vicenzaoro Dubai for the second consecutive year

The Gem & JewelleryExport Promotion Council (GJEPC), the apex body of the gem & jewelleryindustry in India, in its effort to cater to the rapidly emerging Middle EastGems & Jewellery market is organizing India Pavilion at this year'sVicenzaoro Dubai (VOD) scheduled from April 14 to April 17 at the Dubai WorldTrade Centre, Dubai. After the successful association with Vicenzaoro Dubai in2015, GJEPC is all set to showcase India’s scintillating collections in its 2^ndedition too. The India Pavilionshowcases 66 leading Indian manufacturers & retailers spread across 90booths, who exhibit a vast array of diamonds, gems & jewellery developedespecially for the visitors of the VoD show.

Celebrity News

Jessica Chastain shines in Piaget jewellery at the Singapore premiere

Piaget International brand ambassador Jessica Chastain dazzled in Piaget diamonds, by pairing Limelight Couture Précieuse High Jewelry white gold earrings with her show-stopping outfit on the red carpet at the Singapore premiere of the much-anticipated The Huntsman – winter’s War.

Rihanna wears Chopard Happy Hearts Bangles in New York

American singer Rihanna spotted wearing Chopard Happy Hearts Bangles in New York.

Olivia Palermo radiates in Piaget Possession jewellery

International style icon Olivia Palermo shines in PiagetPossession, and styles her favorite creations from the iconic jewellery line inan exclusive collaboration.

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