Market Report

Richemont sales in Middle East/Europe rose by 8 percent

Sales for the six-month period ended Sept. 30 rose for Richemont due to international demand for its jewelry and high-end watch brands, which include names such as Cartier and Jaeger-LeCoultre. The Geneva-based luxury goods conglomerate reported last week that total sales reached $7.12 billion, up from $6.83 billion in the prior-year period, a 4 percent increase. Gross margin declined from 64.8 percent to 63.9 percent. Profit increased 10 percent from $1.44 billion to $1.59 billion. In the period, jewelry sales grew 2 percent in a “subdued environment” while operating margins increased to 36.9 percent. Sales of watches were up 9 percent while operating margins declined from 32.2 percent to 31.7 percent.

Market News

Louis Vuitton to double the size of Dubai Mall store

Louis Vuitton, the world’s biggest luxury brand in terms of sales, plans to double the size of its existing Dubai Mall store, Roberto Eggs, the company’s president for Europe, the Middle East and Africa told in an interview last week. Work on expanding the store, which covers an area of 800 sq/m, is expected to begin in 2014, and is slated for completion in 2015.

Lamborghini gold toy $ 7.4m debut in Dubai

The world’s most expensive model car was unveiled early last week with the $7.4m gold Lamborghini Aventador to go on display at Bloomingdale’s Atrium in The Dubai Mall. According to media reports the car, which is a 1:8 scale model of the real thing, will be unveiled by designer Robert Gülpen. The model is wrapped in solid gold over a carbon fibre body and also features platinum, sterling silver and gemstones, which adorn the interior. The cost of the materials alone has been reported as $2.4m, with the remainder of the price tag down to the craftsmanship.

Jaeger-LeCoultre celebrates its 180th anniversary in the Dubai Mall

On November 7, Jaeger-LeCoultre celebrated its 180th anniversary in the Grand Atrium of The Dubai Mall. A VIP dinner was organized by Jaeger-LeCoultre at The Lounge in The Dubai Mall. Jaeger-LeCoultre Artistic and Design Director, Janek Deleskiewicz entertained the crowd by playing the saxophone during dinner, and Friend of the Brand Wonho Chung did a stand-up comedy performance in both Arabic and English.

Company News

GTN Luxury Holding SA acquires Manufacture Royale

GTN Luxury Holding SA has acquired Manufacture Royale, a brand founded in 1770 near Geneva, which create and produce its own mechanical calibers; this new holding will bring its unique expertise and insight to give a fresh boost to the industry. Gérard Gouten, Marc Guten, David Gouten and Alexis Gouten have decided to combine their expertise and passion for the industry in a unique family holding. Four men, four personalities, an extensive array of specialisations, a family history and a philosophy geared towards the craftsmanship, service and quality. These are the founding values that GTN Luxury Holding firmly shares with the Swiss Haute Horlogerie.

Van Cleef & Arpels opens new boutique at the Galleria in Abu Dhabi

Van Cleef & Arpels celebrated the opening of the new boutique in Abu Dhabi located at The Galleria, Al Maryah Island. In celebration of this special event, the Palais de la chance High Jewelry collection made its debut in the United Arab Emirates. The official inauguration was held in the presence of Guy Chatillon, President Van Cleef & Arpels Europe, CIS & MEA and Alban Belloir, Managing Director Van Cleef & Arpels MEA & India.

Mouawad's jewelry pieces Discover during the Victoria's Secret Fashion show

Mouawad showcased its exclusive diamond masterpieces on the runway of this year’s Victoria’s Secret Fashion Show in New York City. The show will air on December 10th on the CBS television network. This year’s Victoria’s Secret super models were adorned with ‘one-of-a-kind’ Mouawad creations which helped usher in a triumphant statement at this year’s show. Mouawad revealed the latest Mouawad Fantasy Bra the eighth created to date for Victoria’s Secret. The Royal Fantasy Bra & Belt were the highlight of this year’s Fashion Show and was modelled by Candice Swanepoel.

Poinçon de Genève launches its website

Poinçon de Genève remains the oldest watchmaking certificate in the world, issued by a neutral and independent organisation operating under State control. Since it was updated in 2011, it guarantees the quality of craftsmanship and correct operation of the principal functions of every watch certified.

Swarovski opens new boutique at the Galleria in Abu Dhabi

Swarovski celebrated its new boutique opening at the Galleria in Abu Dhabi. Manar Al Hinai was the guest of honor. Being a young Emirati designer and aspiring writer, she perfectly represented the mood of the night. The guests enjoyed an evening of fashion and style while discovering the new Swarovski Secret Treasures Fall/Winter collection 2013. For Fall/Winter 2013/14, Nathalie Colin has designed a collection named “Secret Treasures,” reminiscent of a journey.

TAG Heuer opens its newest flagship boutique in Paris

TAG Heuer CEO Stéphane Linder and Brand Ambassador Leonardo DiCaprio opens its newest flagship boutique at Paris Opera in Paris. The TAG Heuer had two excellent reasons to throw the epic bash: the opening of its new flagship boutique near Opera Garnier and the 50th Anniversary of its iconic CARRERA line of racing-inspired sports watches and chronographs. The setting for the ribbon-cutting event was the new TAG Heuer shop at 12, boulevard des Capucines a 120m2 bijou of glass, steel and exotic wood.

Bomberg watches enter the Middle East with 'Made for Men' only range

With Brand Ambassadors that include WBA Junior Middleweight Champion of the world, Austin Trout, Racing driver, Martin Fuentes and superstar Basketball player for NBA champions Miami Heat, Chris ‘The Birdman’ Andersen, Bomberg is a brand that is made for men, who live life on their own terms. Aimed at daring men looking for a positively unique design, Bomberg encourages one to seize the moment. Bomberg is now available in the UAE at select Ahmed Seddiqi & Sons and 1915 stores.

DMCC signs MoU with Reuters

Dubai Multi Commodities Centre Authority (DMCC) has signed a Memorandum of Understanding (MoU) with Reuters Ltd. (Thomson Reuters) to further explore cooperation between the two parties by enhancing value added products and services that benefit customers and free zone members. The MoU signing ceremony was attended by DMCC and Reuters officials who discussed the terms of the new agreement, which include a range of initiatives that add value to current products and services available, with a focus on events, networking and thought leadership.

Product Launch

OMEGA presents De Ville Prestige timepiece

OMEGA De Ville Prestige Dial is adorned with nine diamond indexes set white gold holders. The butterfly motif on the dial is inspired by Chinese popular culture which associates the delicate being with love and longevity. This timepiece is a diamond-paved butterfly positioned between 7 and 8 o’clock, which complements the white gold bezel set. A domed scratch-resistant sapphire crystal with anti-reflective treatment on both sides protects this lively dial. The case is presented on a white satin-brushed leather strap with a mother-of-pearl effect and a white gold buckle.

Arnold & Son’s UTTE Asprey awarded ‘Luxury Watch of the Year 2013’

Arnold & Son announces the UTTE Asprey Special Edition awarded ‘Luxury Watch of the Year 2013’ by the UK watch magazine ‘WatchPro’. The winners are announced in time for the start of the Salon QP 2013 hosted in London. The UTTE has a movement that is just 2.97 mm thick and a case thickness of only 8.34 mm, making the UTTE one of the thinnest tourbillion watches. The spherical tourbillon occupying the lower portion of the breathtaking hand guilloché dial. the exquisite movement is crafted in nickel-silver. A black alligator leather strap secures the watch to the wearer’s wrist.

Vacheron Constantin introduces the Legend of the Chinese Zodiac

Vacheron Constantin presents the Métiers d’Art collection - The Legend of the Chinese Zodiac. A symbol of a lively and independent spirit, the sign of the horse will take over from the snake on February 1st 2014. The leaf motif, stemming from classic Chinese iconography, is directly engraved in the gold dial. The dial is Gold hand-engraved, coated with “Grand Feu” blue / bronze enamelling, Hand-engraved platinum gold snake. The enamel specialist further enhances the visual intensity of the blue or bronze-toned dial. The caseback has transparent sapphire crystal. The strap Dark blue / Brown Mississippiensis alligator, large square scales, hand stiched, saddle-finish. The Clasp Platinum pink gold folding clasp, Half Maltese cross.

Chaumet launches new Jewellery “Chaumet Hortensia"

Chaumet new Jewellery line "Chaumet Hortensia" has created Emotions that are inspired by three shades of precious stones: the irresistible charm of powder pink for budding emotion, the power and grace of blue for bold emotion, the intensity of red for deep emotion. The first BUDDING EMOTION is made of White blushed with pink, the stone becomes a flower as the hydrangea unfolds into myriad blossoms of pink tourmalines, sculpted opal cabochons and pink sapphires on pink gold. The second is BOLD EMOTION is made of Blue sapphire; tanzanite and sculpted lapis lazuli on white gold. The third is DEEP EMOTION is made of Radiant, glamorous or sensual, bouquets of imaginary hydrangeas burst into vibrant colour combinations of red on pink gold. Rubies, garnets and red tourmalines.

Saint Honore introduces Worldcode watch limited edition

Saint Honore presents limited edition Worldcode watch on the occasion of the country’s 42ndNational Day. This limited edition watch is exclusively available at Paris Gallery. The Worldcode watch is crafted in a unique ceramic matt black case with a matching strap also in ceramic. The watch features a carbon dial emblazoned with the UAE colours on the central counter, exclusive red hands and a rotating bezel marked with 60. The watch back will be engraved with a map of the UAE and carry the limited edition serial number.

Salvatore Ferragamo presents Lungarno Christmas Edition

This new exclusive limited edition has a dial opening at 12’oclock revealing the movement within, its balance, and offering glimpses of the finely decorated components. The automatic movement, an accurate and reliable ETA 2842 caliber has been with Doré finishing, a Perlée bridge and an Adoucie rotor. The Ferragamo red lining of the alligator strap is a style detail which reflects the Maison’s DNA, as well as representing the colors of Christmas.

Linde Werdelin introduces Oktopus Moon Tattoo timepiece

Oktopus Moon Tattoo timepiece is in the rose gold case intricately engraved with a hand drawn octopus. The entire surface is subsequently treated with microbillé, followed by a gentle hand satin finish. A firm black ceramic bezel seals protects the entire case. The movement is sealed in the chamber by a titanium DLC screw in back-case featuring the iconic hand-drawn octopus. The dial consists of multiple skeletonised layers, on the lower part lays the moon disk; a metallic cut out surface carrying each luminous moon. The upper dial is skeletonised. Featuring three diamond-cut hands, it bears a beautifully engraved hand-drawn octopus in the centre.

Girard-Perregaux unveils Cat's Eye High Jewellery

Girard-Perregaux’s the Cat’s Eye High Jewellery watch the dial, the case and the bracelet, are all entirely fashioned from white gold and case back is sapphire crystal secured by 4 screws. Case and bracelet is emerald-cut diamonds. The embodiment of Girard-Perregaux expertise, the GP03300 caliber. White gold bracelet with diamonds fold-over catch buckle.

Avakian introduces full diamond Airplane miniature of Boeing 747

Avakian presents a full diamond pave miniature model of a Boeing 747 Airplane. This beautiful creation is made of 1354 pave diamonds with a total weight of 23.48 cts and set in 18ct white gold, showing off the exquisite hallmark of Avakian.

Exhibitions & Events

Jewellery Arabia 2013 to take place at the Bahrain International Exhibition

The 22nd edition of the Middle East’s premier jewellery and watch exhibition, Jewellery Arabia 2013, is set to take place from 19 to 23 November 2013 at the Bahrain International Exhibition and Convention Centre under the patronage of His Royal Highness Prince Khalifa bin Salman Al Khalifa the Prime Minister of the Kingdom of Bahrain. This 5-day spectacular will feature over 600 exhibitors from 30 nations.

The 9thMiddle East Premier Awards for Watches, Jewellery and Pens

The Middle East Premier Awards for Watches, Jewellery and Pens will be held on 19 November 2013 at the Ritz Carlton Hotel Bahrain. Hosted by MPP ME, publishers of the industry magazine title Arabian Watches and Jewellery (AWJ), the Awards are the culmination of an online public voting system and the analysis of an elite committee comprising of watch, jewellery and pen experts.

Breguet at Sotheby’s Geneva auction of Important Watches

Sotheby’s Geneva auction of Important Watches was led by the Breguet pocket watch of the great collector Sir Richard Wallace which soared above estimate and sold to the Breguet Museum for CHF 1,025,000 ($1,112,945). Covering two hundred years of watch history, the auction concluded with a total of CHF 10,938,000 ($11,876,480) - the highest total ever achieved in this category by the company in Geneva - bringing the 2013 total for Sotheby’s watch sales in Geneva to over CHF 18.1 million ($19.1 million).

Eberhard & Co. welcomes Gennaro Gattuso to Dubai

Gennaro Gattuso received a warm welcome on his recent visit to Dubai. Gattuso was in Dubai as Brand Ambassador for Eberhard & Co., Gattuso has been lionised by fans of the beautiful game the world over, for his tenacious tackling and supreme mastery as a defensive midfielder, Presenting Eberhard & Co.’s exquisite line of timepieces to the discerning watch lovers of the Middle East, Gattuso’s partnership with the Swiss maison reflects the spirit of excellence each have attained in their respective fields – football and watchmaking.

Antiquorum Achieves World Record at November Auction

Antiquorum's auction of "Important Modern & Vintage Timepieces," held last week at the Mandarin Oriental Hotel in Geneva. The impressive collection of 610 timepieces sold 80% by lot and 127% by value. The top lot of the sale was the highly anticipated Patek Philippe Ref. 5016 Tourbillon Minute Repeater with Perpetual Calendar, moon phases, black dial, and a pink gold Patek Philippe buckle.

Celebrity News

Scarlett Johansson wears Chopard at the Rome Film Festival 2013

Scarlett Johansson wore a beautiful pair of white gold earrings entirely set with diamonds as well as a red gold ring from the Copacabana collection set with yellow and orange sapphires and diamonds

Wonho Chung wears Jaeger-LeCoultre at Abu Dhabi Film Festival

Wonho wore a Jaeger-LeCoultre semi-skeletonised Duomètre à Chronographe watch in pink gold at 7th Abu Dhabi Film Festival.

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