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Dubai announces Dh66.4 billion 2020 budget; LVMH to shut Hong Kong store amid protests; Dubai gold price hits its highest in six months
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Market News
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Dubai announces Dh66.4 billion 2020 budget
The Government of Dubai has allocated a record Dh66.4 billion ($18.1 billion) for the 2020 budget compared Dh56.8 billion budgeted in 2019. His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, has approved the 2020 budget along with a three-year Dh196 billion 3-year budget for the Government of Dubai, for the 2020-2022 period. The total budget outlay for 2020 is higher by 16.9 per cent compared to the previous year. This comes as part of supporting the Dubai Plan 2021 and the Expo 2020 Dubai, as well as moving forward in support of the emirate’s economy. |
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LVMH to shut Hong Kong store amid protests
Louis Vuitton is closing a major store in a high-end Hong Kong shopping centre often targeted by democracy protesters, local media reported. The international retailer plans to shut its shop in the financial hub’s Times Square mall after its landlord, Wharf Real Estate Investment Corporation, refused to lower the rent, according to the South China Morning Post’s report. The store in the commercial heartland of Causeway Bay — one of the brand’s eight shopfronts in the city — occupies 10,000 square feet of prime second-floor space in the mall. Monthly rent reportedly costs an estimated HK$5 million ($642,000) according to industry consultants. |
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Dubai gold price hits its highest in six months
Dubai’s 22K gold price was set at just under Dh180 a gram recently, putting further pressure on the jewellery sector in its attempts to win back shoppers. Gold will sell at Dh179.25 a gram, but the pressure on the price could be relentless in the days ahead. For comparison’s sake, all through 2019, the highest gold reached was Dh175 a gram, and that in itself was enough to significantly bring down demand in the second-half of the year. |
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Company News
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Montblanc re-opens its boutique in Dubai Festival City
Montblanc has re-opened its Dubai Festival City boutique following extensive refurbishment to install the luxury Maison’s new retail concept currently being rolled out globally. The boutique, managed by Montblanc’s longstanding partner Rivoli Group, promises an enhanced customer experience with defined areas for watches, writing instruments, leather goods, jewellery and accessories. Montblanc’s Neo² retail concept, designed by French designer and interiors architect Noé Duchaufour-Lawrance, articulates the Maison’s long-standing passion for craftsmanship, presenting a pure and uncluttered aesthetic, mixing black, white and wood for a contemporary retail environment. |
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Richard Mille introduces biathlon champion Johannes Thingnes Bø as its new partner
As a young boy skiing round the mountain peaks of his native Norway with his brother Tarjei, also a top level biathlete, Johannes Thingnes Bø’s dream was to become Olympic Biathlon Champion. Little did he know that both brothers would one day scale the heights of the world’s biathlon podiums. Johannes achieved his personal dream 2018, at the age of 25 in PyeongChang, where he collected no less than 3 medals, topped off with his first individual Gold after a near faultless performance in the 20 km. As the newest member of the Richard Mille family, he is negotiating the slopes with a bespoke RM 67-02 Automatic Extra Flat. ‘The RM 67-02 fits so close to the wrist that it actually feels like it is part of the skin.
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Longines presents another successful edition of the HH Sheikh Mohammed Bin Rashid Al Maktoum Endurance Cup
Once again, Longines marked a successful turn as the Presenting Partner, Official Watch of His Highness Sheikh Mohammed Bin Rashid Al Maktoum Endurance Cup. Featuring some of the top names from the world of endurance riding, the keenly awaited race has participants compete over a distance of 160 km. This year, the Endurance Cup had the top first and third winners from the F3 stables and 2nd Winners from the M7 Endurance stables; Salim Said Al Owais in 1st place and Martina Siplanzone in 2nd place while the third place was won by Saiid Al Harbi from the F3 stables. The winners received an impressive trophy and a stylish Longines timepiece.
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Christophe Claret chose Darya Klishina as his ambassador for women's collection
Darya Klishina is rightly considered one of the most beautiful female athletes in the world. Passion and perfectionism are two qualities shared by Darya Klishina and Christophe Claret and it is only natural that this collaboration is born now. The double long-jump European champion and world vice-champion is in full preparation for the 2020 Tokyo Olympic Games now. Nonetheless, she took time to go to the Manufacture du Soleil d'Or to formalize this partnership. |
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Product Launch
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Panerai presents Luminor MS Dhoni Editions
A remarkable athlete and a true gentleman both on and off the field. That is the essence of Mahendra Singh Dhoni. An authentic cricketing star who is recognised and acclaimed throughout the world, he captained the Indian national team for no fewer than ten years, leading it to great international success. He has long been an admirer of Panerai and at the end of 2018 the champion became brand ambassador for India. The company is now celebrating this collaboration with the launch of two new models: the Luminor GMT – 44 mm (PAM01056) and the Luminor Chrono Flyback – 44 mm (PAM01057). |
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Breguet Classique 9065 Tahitian mother-of-Pearl
Presented for the first time with a deeply lustrous Tahitian mother-of-pearl dial, the new Classique 9065 adds a touch of passion to Breguet’s classic style. Vermilion notes warm the composition, echoing the vibrant red of the ruby set on the crown. Encircled by the gold of the second hand, a delicate, crimson heart beats out the passing time. The date is shown in cream numerals through a garnet window, while the iridescent red satin strap shimmers and accentuates the sparkling timepiece. For even more luster, 88 brilliant-cut diamonds illuminate the bezel of the fine rose gold case, and the lugs of the strap. |
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Gucci announces campaign for the Chinese New Year
For the upcoming Chinese New Year, beginning 25th January 2020, Gucci’s creative Director Alessandro Michele celebrates the Year of the Mouse with a specially designed collection of items that feature Walt Disney’s True Original, Mickey Mouse. This collection sits centre stage in a new campaign shot by photographer and director Harmony Korine and starring Gucci ambassador and actress Ni Ni, actor Earl Cave and designer, stylist and poet Zoë Bleu. The imagery portrays a playful narrative that follows Mickey Mouse as he goes about his day in Disneyland. |
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Precious Valentine’s Day by Harry Winston
Harry Winston unveils a romantic high jewelry timepiece for Valentine’s Day. Passionate red rubies and brilliant white diamonds, expertly set in platinum, are artfully arranged to recall some of Harry Winston’s most beloved motifs. A limited edition of just 14 pieces, this timepiece delivers a clear and enduring message of love. This dazzling limited-edition Valentine timepiece pays tribute to two House icons: the sophisticated silhouette of the emerald cut and the signature cluster motif. Inspired by high jewelry timepieces from the Winston archives, the Precious Valentine’s Day by Harry Winston is rich with romantic symbolism told through sparkling gemstones that will shine for eternity. |
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Exhibitions & Events
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The top brands in the international gold and jewellery sector will sparkle in the heart of the Icon District
The best high jewellery brands will be sparkling at the heart of Vicenzaoro, the leading international gold and jewellery show, organized by Italian Exhibition Group (IEG). From 17th to 22nd January, the ICON community will, in fact, be hosting the Luxury Brands that will be taking advantage of the international Vicenzaoro stage to preview all their latest items and trends for 2020. Completing the ICON community panorama is THE DESIGN ROOM, the selection of twelve Top Independent high jewellery Designers, a unique and exclusive appointment with experimentation and creativity to discover new international market trends and find exclusive and original items.
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Celebrity News
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Camila Morrone wears Messika
Actress Camila Morrone shone in Messika Paris at the Best Performances party hosted by W Magazine in Los Angeles. She wore the Miss Hepburn High Jewelry Tie necklace. |
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