Market Report

Economy growth of Saudi Arabia seem to be 3% to 3.5% in 2013

Saudi Arabia’s economy is likely to grow anywhere between 3.0 per cent to 3.5 per cent this year as the drag on growth from the oil sector appears to be easing while the non-oil sector continues to grow at a robust pace, London-based research firm Capital Economics has said in a report. This year’s budget envisages a 20 per cent rise in planned expenditure, while bank lending continues to grow at over 15 per cent, year-on-year. The Saudi government, which derives about 90 per cent of revenue from oil sales, benefited from higher production last year. The economy grew an estimated 6.8 per cent in 2012 as King Abdullah allocated oil wealth for projects to expand airports, build roads and real estate. Saudi Arabia raised its 2013 expenditure target by almost a fifth to a record 820 billion riyals ($219 billion).

Market News

Dubai retailers see steady growth in sales during the current Eid Holidays

Retailers recorded an increase in sales of five and 20 per cent during the weekend of Eid Al Fitr on the back of higher purchasing and gift giving. Companies report rises of between five and 20 per cent compared to last year. Dhamani Jewels recorded a rise in sales between five and six per cent, according to marketing manager Uditha Obeysekere. He said most of the demand came from visitors from Saudi Arabia, Qatar, as well as UAE nationals. Consumer electronics retailers recorded higher sales figures for Eid. Sales during the weekend were up 15 per cent compared to the Ramadan period. According to recent report by Gulf News.

Abu Dhabi Duty Free sales up 17% in H1

Total sales revenues increase to more than $118m during the first half of 2013. The sales growth represented a 17.4 percent increase compared to the first six months of 2012. Figures revealed that the growth in revenue was largely attributed to the growth witnessed in the spend per passenger which rose from AED53.96 in 2012 to AED55.10 in 2013. Revenue growth for H1 exceeded the 12.6 percent growth in passenger traffic that Abu Dhabi International Airport registered in the sanme period, the statement added. The Midfield Terminal Complex, soon to be the new home of Abu Dhabi Duty Free, has been designed to cater to over 30 million passengers a year.

Company News

Qatar-backed Louis Vuitton expands hotel portfolio

Louis Vuitton Moet Hennessy, the French luxury goods conglomerate has expanded its hospitality division with the acquisition of the Hotel Saint-Barth Isle de France on the Caribbean island of Saint Barts. The latest addition to LVMH Group’s growing portfolio of five-star hotels consists of 39 rooms, suites and villas and was bought for an undisclosed sum. Other luxury hotel portfolio already includes properties in Paris, the Maldives and Oman. LVMH was formed in 1987 by the merger of fashion house Louis Vuitton with champagne and liquor makers Moët Hennessy. Sovereign wealth fund Qatar Holding bought a 1.03 percent interest in the Group, which was valued at around 699m euro ($914m) last year.

Vacheron Constantin joined hands with TASVEER

Vacheron Constantin echoes its key values in India; a quest for excellence, respect for traditions and a calling to perpetuate the skills that combine virtuosity with precision by partnering Tasveer through its ‘Season 8’ photography exhibitions in the country this year. Brilliant works of the avantgarde photographers such as Andreas Volwahsen, Karen Knorr, Michael Kenna, Jyoti Bhatt and a collection of rare photographs by Women in Indian Photography 1850s-1950s’explore how photographers and curators look back at the history of art and reinterpret it for the 21st century. The retrospective photographs in Tasveer are Season 8, illustrate and recall the art, culture, heritage and architecture of India with an innovative vision.

Rory McIlroy and OMEGA auctioned Seamaster Aqua Terra “Golf” for The Rory Foundation

OMEGA’s “Precision Experience” Co-Axial exhibit in the brand’s hospitality tent at the PGA Championship in Rochester, New York, OMEGA ambassador Rory McIlroy signed the watch certificate and watch box of the Seamaster Aqua Terra 150M “Golf”, which features his signature metallised on the inner surface of the sapphire crystal caseback. The timepiece, certificate and box are all part of an auction which took place recently. The Seamaster Aqua Terra 150M “Golf”, along with its box and certificate, will go to the highest bidder and the proceeds will be given to The Rory Foundation.

Product Launch

Adler showcased the Pour Julia ring collection at ISTANA in the UAE

The spectacle and shimmer of the gems as Geneva-based jeweller Adler showcased the Pour Julia ring collection at ISTANA in the UAE. Featuring adored precious stones like diamonds, sapphires, rubies and amethysts, these pieces are perfect to put a spark in every woman of style and substance. The chic, charming and ultra-wearable Julia ring collection is available in five and seven rows on white and pink gold settings, with each stone cut individually to create a domed effect. Available in white gold settings are blue sapphires, brown diamonds, white diamonds, amethyst and rubies while the pink gold sets are with pink sapphires and rubies.

TAG Heuer Carrera UAE Limitied Edition

TAG Heuer introduced the ultimate exemplar of national pride, the TAG Heuer Carrera UAE Limited Edition. The timeless TAG Heuer Carrera Calibre 5, emblazoned with the UAE national flag at 6 o’clock, will be available this September 2013 in only 250 limited edition pieces. The watch symbolically commemorates the birth of the United Arab Emirates with stand-out hand-applied rose gold plated indexes at 12 and 2 o’clock. The words ‘UAE Edition’ are clearly and proudly inscribed on the scratch resistant sapphire glass case back. The features, including a sterling silver dial with azure and sunray parts.

Officine Panerai presented Luminor 1950 3 Days Chrono Flyback in the Middle East

Officine Panerai presented the Luminor 1950 3 Days Chrono Flyback, a new chronograph with a flyback function and an automatic movement with a power reserve of three days. Available in a purely sports version in steel or as a more elegant one in red gold. The case of the new Luminor 1950 3 Days Chrono Flyback is 44mm in diameter and water-resistant to 10 bar or 5 bar in the gold version. On the back of the case, the 12-sided caseback has at its centre a sapphire window which reveals the manufacture P.9100 movement. The Luminor 1950 3 Days Chrono Flyback (PAM00524) and the Luminor 1950 3 Days Chrono Flyback Oro Rosso (PAM00525) are part of the Contemporary Collection. The steel model is supplied with a black leather strap and the red gold one with a brown alligator strap.

Vacheron Constantin revealed Patrimony Traditionnelle 14-day tourbillon

The Patrimony Traditionnelle 14-day tourbillon Collection Excellence Platine is equipped with Calibre 2260 a mechanical hand-wound tourbillon movement supplying an exceptional 14-day power reserve. In addition to the tourbillon coupled with small seconds at 6 o’clock along with slightly off-centred hours and minutes functions, it also features a power-reserve display. A “dragging” or “trailing” hand shows the remaining energy on a 280° sector. This surface area, which is larger than on classic indicators, enables a precise division of the 14 days, themselves divided into two 12-hour slices and thus enhancing the readability of the power reserve.

Fendi revealed its Fendimatic Collection of Automatic Watches

The Fendimatic was released only on genuine alligator straps. Still, Fendi understands that some men prefer the classic look of a bracelet. As such the brand added a highly polished and brushed stainless steel bracelet to the Fendimatic Collection. The bracelet complements the round 42mm polished and matt finished stainless steel case. Finished with a butterfly push-button deployant buckle, the steel bracelet brings new versatility to this classically elegant, yet visually modern series of automatic watches for gents. The Fendimatic exudes a sense of confidence and style to the curved sapphire crystal and the distinctive dial that offers both rose gold tone applied markers and Arabic numerals.

Hamilton introduced new Jazzmaster Face 2 Face watch

The Hamilton Jazzmaster Face 2 Face are two different sides to the design concept and to the timepiece itself. A unique rotating case houses two dials, one presenting a sophisticated “boy racer” chronograph, the other a calm, elegant three-hand timekeeper. The common denominator of the two contrasting faces is the decorated, skeletonized rotors of each automatic movement, fully visible in the oval-shaped case. The crystal on the chronograph dial has a smoky tint and edgy blue detail. The black leather strap signs off the message of uniqueness with blue, soft-touch lining and double stitching, together with a new design of folding clasp to confirm its individualistic flair.

Linde Werdelin introduced SpidoLite II Tech watch

The new Linde Werdelin’s watch SpidoLite II Tech’s case weighs only 33gr, comes in two limited series of 75 pieces each. Alloy Linde Werdelin in the inner case has been combined with forged carbon on the outer case to guarantee our lightest yet strongest case to date. SpidoLite II Tech Gold features rose gold bezel and crown. SpidoLite II Tech Green bears a black ceramic bezel and titanium crown treated with an innovative ceramic coating.

Exhibitions & Events

The 30th edition of the India International Jewellery Show (IIJS) 2013

IIJS was organized by the Gems and Jewellery Export Promotion Council (GJEPC), was inaugurated recently by Chief Guest, Mr. Prithviraj Chavan, Honorable Chief Minister of Maharashtra. The paramount show for the trade in Asia was being held this month and had participates for over 860 companies from India and Overseas. The Guest of Honour for the show was H E Mr. Tlali Khasu, Minister of Mines and Kingdom of Lesotho. Mr. Vipul Shah, Chairman, GJEPC and Mr. Pankaj Parekh, Vice Chairman.

Istanbul Jewelry Show October will be held from 03 - 06 October 2013

Istanbul Jewelry Show October will be held in October 2013 in three halls at the Istanbul Fair Center (CNR Expo). The four-day event is expected to occupy more than 30,000 square metres of exhibition space and gather over 600 exhibitors from 25 countries with an extensive display of the latest products and trends exclusive for industry professionals. UBM Rotaforte is UBM Asia’s JV company in Turkey. According to a recent statement by the exhibitors organizers.

Celebrity News

Lea Michele wore Tiffany Atlas® at The Teen Choice awards

Lea Michele wore Atlas® hinged bangle in rose gold with diamonds and Tiffany Victoria™ diamond cluster earrings in platinum at the Teen Choice awards.

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