Market Report

UAE and Qatar have the highest average wealth rate in the Middle East

UAE and Qatar boast the highest average wealth per adult in the Middle and North Africa (Mena) region, according to the latest Global Wealth Report from Credit Suisse. Qatar recorded the highest average wealth per adult of $153,294 in mid-2013, growing 2 per cent from the same period last year, while UAE followed closely with $126,791, rising 4 per cent. However, in terms of total wealth, Saudi Arabia ranked first in the region with an estimated $0.6 trillion, closely followed by UAE with an estimated US$0.5 trillion. Egypt ranked third, with an estimated $0.4 trillion. Global wealth is projected to rise by nearly 40 per cent in the next five years, reaching $334 trillion by 2018 as emerging markets are expected to increase their share of global wealth to 23 per cent by 2018, with China alone expected to represent over 10 per cent of global wealth then.

Market News

flydubai plane found $1.9m of gold in toilet

Cleaners discovered 280 gold bars worth £1.17m ($1.9m) inside a toilet after landing on a flydubai flight from the emirate to Bangladesh, according to the UK's Daily Mail. Armed police were called on board the plane when it landed at Hazrat Shahjalal International Airport in Dhaka, where the bullion was discovered during cleaning. Custom officials said they knew the bars weighing 32kg in total were on board and believe the person trafficking them sensed there was a police presence and abandoned the gold before fleeing the scene, the newspaper said. Gold trafficking has increased this year as the price of gold rises and exchange rates in countries such as India decline.

Passenger traffic at Dubai International Airport up 13.1% in September

Passenger traffic at Dubai International was up once again in September, with nearly five-and-a-half million travellers passing through the airport. According to a Dubai Airports press release, September’s passenger traffic totalled 5,407,326 million and was a 13.1 per cent increase on the same period in 2012 when 4,780,394 million passengers went through the airport. Dubai’s main airport continues to witness increasing passenger traffic throughout 2013. Eastern Europe drove Dubai International’s strongest markets in terms of percentage passenger growth with an increase of 65.1 per cent. According to Dubai Airports, this was largely driven by flydubai’s expansion into the region and a new Emirates service to Warsaw.

Company News

Audemars Piguet Complication Timepieces Celebrated In Kuwait in a style

Audemars Piguet together with Ahmed Behbehani, the Official Retailer in Kuwait, organized a dinner presenting a rare collection of some of the most sophisticated icons of time telling. In an event organized at the JW Marriot Hotel in the heart of Kuwait city, guests had the opportunity to share their passion in the world of Haute Horology, in presence of Mr. Giulio Papi, Director of Audemars Piguet and Papi.

Hublot & Ferrari celebrated their 30th anniversary in Hong Kong

Jean-Claude Biver, Chairman of Hublot, and Luca di Montezemolo, Chairman of Ferrari Spa, celebrated together a Double Jubilee. to mark this double jubilee, Mr Biver Chairman of Hublot unveiled the Big Bang Ferrari Hong Kong Limited Edition, The Big Bang Ferrari Hong Kong Limited Edition (45.5 mm in diameter) houses a black ceramic case with a cylindrical bright red ceramic bezel that dramatically showcases the in-house flyback chronograph UNICO movement (can be reset at any time) visible through the sapphire dial. Clad in a shade of distinctive red bright red ceramic for the bezel, sapphire crystal glass housed in a black ceramic case, red hours, minute indexes on the dial and a black rubber and Schedoni leather strap with red stitching.

OMEGA ambassador Rory McIlroy defeats current top-ranked golfer

OMEGA ambassador and golf sensation, Rory McIlroy, defeated world number one Tiger Woods by a single stroke in the unique head-to-head exhibition match on 28 October. Woods seemed to have momentum on his side going into the 18-hole match, but the PGA Player of the Year was defeated by the Northern Irishman. McIlroy’s six-under-par 67 was enough to claim victory over Woods, who finished five under par. OMEGA was present as the Official Timekeeper at The Match in Mission Hills.

Tiffany & Co. announces the new tiffany.com

The new tiffany.com website is designed as a personal invitation to visit Tiffany & Co. for a quick shopping trip or to explore the site’s many stories of the company. Stunning high-resolution visuals create a vivid environment, where users may customize searches by category, designer, price, materials and gemstones, with enhanced zoom capability and myriad views of jewelry on models and in videos.

Hublot announces new Brand Ambassador Pelé

Hublot announces Pelé would be joining the organisation as Hublot’s Brand Ambassador for the 2014 FIFA World Cup Brazil. Pelé - The King of Football - was also presented with the highly prestigious Legend of Football Award, a tribute from the entire international foot balling community in recognition of his extraordinary career and lifetime achievements. Hublot was the Key Sponsor of the evening's event. Pele is the only footballer to have been three-time world champion, in 1958, 1962 and 1970, with the Brazilian team.

Product Launch

Arnold & Son announces the Time Pyramid awarded 2nd place 'Watch of the year 2013'

The Swiss magazine ‘Montres Passion’ has hosted the ‘Watch of the year’ ceremony in Switzerland. Arnold & Son was among the winners of the competition Arnold & Son announces that its Time Pyramid is awarded 2nd place in the category “Watch of the year 2013”.Arnold & Son’s Time Pyramid unveils a watch movement with unique architecture. The skeletonised pyramid-shaped movement A&S1615 seemingly floats between two sapphire crystals. Diameter 44.6 mm, cambered sapphire with anti-reflective coating on both sides; the case is red gold and case back see-through sapphire. Hand-stitched brown or black alligator leather.

Montegrappa celebrates UAE National Day with a 1971 limited edition pen collection

Montegrappa is paying homage to the great nation of UAE by producing a unique set of pens. The collection includes a 1971 fountain and ball point pen in sterling silver; 1971 being the year of formation of the United Arab Emirates. For the occasion, Montegrappa has also fashioned seven unique fountain pens, each bearing the emblem of an emirate. Montegrappa has replaced its trademark 1912 emblem with the number 1971.

RAYMOND WEIL presents freelancer Lady Urban Black timepiece

The freelancer Lady Urban Black watches with an “all black” appearance, it continues the fantasy by matching the black diamonds on its bezel with the black PVD coating of its case. The steel of the 38mm diameter case and the folding clasp of the freelancer Lady Urban Black are covered in this coating. The dial, the Arabic numeral indexes, the hands and the sharkskin-style leather strap of this urbane article are black.

RJ-Romain Jerome launches the “Día de los Muertos Diamante”

RJ-Romain Jerome launches “Día de los Muertos Diamante” these new timepieces have been designed to shine in the face of death by decorating each model with brilliant-cut diamonds, black sapphires or black spinels. The bezel echoing the scrolling motifs adorning the skull on the dial; these models are available with either brilliant-cut diamonds or black sapphires. the bezel and the dial with precious stones, RJ-Romain Jerome further accentuates the contrast between the dark, deep matt and thrilling feeling of the timepieces and the shine of the stones which recall the lights of past lives. The first with a skull set with black spinels and the second reproducing the set skull and adding an entirely diamond-pavé dial of stones totalling around.

Exhibitions & Events

Christie’s Dubai watch auction of Important Watches was 96% sold

Christie's re-launched Dubai auction of Important Watches was 96% sold by lot and made a total of $1,591,750 / AED5, 844, 906. It is Christie’s highest watch sale result established in the Middle East. The top price of the sale was paid for an impressive 18karat white gold and diamond set wrist watch by Piaget which sold for $106,250.

Patek Philippe achieves World Record Results at Antiquorum Auction

Antiquorum’s fall auction of “Important Modern and Vintage Timepieces” held at the Mandarin Oriental Hong Kong recently concluded with an outstanding result. The highlights of the auction included a Patek Philippe Ref. 5104P and a Patek Philippe Ref. 3939HR which both achieved world record results in the sale. Patek Philippe Ref. 5104P piece is a platinum wristwatch and a platinum Patek Philippe buckle. Patek Philippe Ref. 3939 Tourbillon Minute Repeater with Special Dial in Pink Gold and with brown dial and red numeral has appeared at auction. Collectors can now look forward to Antiquorum’s next auction, which will be held on November 10 in Geneva, offering an impressive collection of modern and vintage timepieces.

Dubai International Jewellery week shines bright as UAE consumer demand for Gold, Diamond rises

Dubai International Jewellery Week is set to shine once again at Dubai World Trade Centre from 4th – 7th December 2013, meeting the unrepentant consumer demand for fine jewellery, precious stones, diamonds, pearls and watches. UAE residents and tourists spent a total of AED10.2 billion on gold and jewellery in 2012, while the final quarter of the year saw a 6% increase in jewellery spending, up from AED1.4 billion to AED1.5 billion, according to Dubai Customs. With the UAE economy forecast to grow by 3.3% in 2013, and the GCC economy to reach a record high of US$1.46 trillion, consumer spending should remain strong, which bodes well for the 350 exhibitors from more than 25 countries who have signed up to participate in the sold-out show this year.

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