Market News

8 percent growth in the Swiss watch industry foreseen in 2010 and continues to 2011

Vontobel has forecasted that growth in the Swiss watch industry's export markets will slow over the second half of 2010 and progress by 8 percent for the year overall. After posting 15.8 percent growth for the five months of January to May 2010, Vontobel forecasted that the Swiss watch sector will drop below the 10 percent mark between July and December. The bank is forecasting an average of 8 percent growth for the twelve months of 2010 that will continue into 2011.

Swatch Group posted soaring sales and profit in the first half

LVMH jewelry and watch sales rose by 24 percent

LVMH Moet Hennessy Louis Vuitton Jewelry and watch sales rose by 24 percent in the first half of the year, with the luxury giant citing a "robust rebound in orders," from jewelers and customers as a reason for the double-digit rise. The watches and jewelry category sales totaled 443 million euros (about $576 million under current exchange rates), up from 346 million euros in the same period in 2009. Profits rose a whopping 145 percent, from 20 million euros in the first half of 2009 to 49 million euros (about $63.8 million) in the first half of 2010.

Bulgari mid-year sales increase by 8.2 percent

Bulgari has reported that overall sales totaled about $579 million (443.3 million euros), an increase of 8.2 percent over the same period for the previous year at current exchange rates. Jewelry sales for the first half of the year ended 30 June has rose by 10.5 percent to about $264 million (202.5 million euros). Meanwhile, watch sales decreased by 4.6 percent about about $115 million ($88.2 million euros).

With significant uncertainty Damas pronounces Dh1.91 billion net loss

Damas International Limited reported a full year net loss of Dh1.91 billion due to a drop in sales and after it set aside Dh1.92 billion for outstanding receivables. In a statement, Damas said its revenue fell 31 percent to Dh3.3 billion in the 12 months ended March 31, while gross profit declined 33 percent to Dh565 million in the same period. According to the company’s auditors, Damas may face “significant uncertainty” to operate its business if the jeweller is unable to execute its restructuring plan or extend a debt standstill agreement.

UAE Gold demand rise by 10 percent in July

Gold demand volumes in Dubai and Abu Dhabi were up around 10 percent in July on the year as gold prices dipped, according to the statement. Gold demand was mainly driven by non-Western markets, where consumers appeared to have adjusted their price expectations, the WGC report said. Among the strongest performers were the UAE which saw volumes climb 29 percent during the second quarter of 2010, on the year and Saudi Arabia where volumes rose 29 percent, the report said.

Travel industry in the Middle East continues to grow

Company News

Dubai Duty Free wins Brand of the Year

Superbrands Middle East has announced that Dubai Duty Free has won the ‘Brand of the Year’ at the sixth annual Superbrands tribute event, which was held at the Intercontinental Dubai Festival City. The country’s strongest brands were individually honoured at the event, which also saw the unveiling of the 2010 Superbrands book featuring many of the country's best brands.

Cartier files lawsuit against HauteLook over watches

Cartier has sued HauteLook, Inc. in federal court in New York alleging that the online designer goods retailer falsely claims to offer new Cartier goods at deep discounts based on a special relationship with the brand. Cartier’s complaint states that it has no relationship with HauteLook, and that the retailer is selling secondhand Cartier watches and other goods as new.

Frederique Constant teams up with Actress Eva Longoria for the prestigious Par Coeur Gala 2010

Frederique Constant is the official sponsor of the Par Coeur Gala 2010.  This annual charity Gala event, hosted by the founders of the Par Coeur Association, actress Eva Longoria and NBA star Tony Parker, will be held this September 20th in Paris. The Par Coeur Association, a French foundation, seeks to bring attention to fiscally responsible charities that continuously make substantial differences in the lives of countless families and children worldwide.

Blancpain hits the Spa-Francorchamps track

This weekend's third and last Super Trofeo race has just ended on the Spa-Francorchamps track in Belgium, while the two Murcielagos racing under the colours of the Manufacture Blancpain have competed throughout the weekend in the FIA GT1 World Championship. Moreover, in the fifth leg of the FIA GT1 World Championship, the Manufacture from Le Brassus lined up two Lamborghini Murcielagos and handled the official timing of the competition as the exclusive watch partner of this championship.

Maurice Lacroix Bering Strait Expedition

The Maurice Lacroix Bering Strait Expedition has begun on July 2010 with the motto of “Follow Your Convictions”. A team of adventurers has set out to cross the Bering Strait from Alaska to Russia by kiteboard, setting three world records: The first crossing of the Bering Strait by kiteboard, The first crossing from America to Asia by kiteboard, The first crossing of the International Date Line by kiteboard.

Launch of the F. A. Lange Scholarship & Watchmaking Excellence Award

165 years after Ferdinand Adolf Lange founded the brand, A. Lange & Sohne has launched the “F. A. Lange Scholarship & Watchmaking Excellence Award”, a programme of further training for talented young watchmakers across the globe. This inspirational programme for aspiring watchmakers culminates with a prize of $13,000, earmarked for further watchmaking studies. The winner will be announced on 7 December, the day A. Lange & Sohne was established in 1845.

Romain Jerome unveils the making of Moon Silver watch

Romain Jerome has unveiled the making of Moon Silver watch. A few grams of moon dust have been injected into the silver, accordingly named Moon Silver. The moon dust (a certified sample) is amalgamated with the precious metal in a crucible. This amalgam requires perfect mastery of silver fusion, at a temperature of exactly 961°C: the operation was successfully conducted at Cendres + Metaux, a company based in Biel, Switzerland and specialising in the treatment of metals for high-end watchmaking.

Jaeger-LeCoultre welcomes Razan Moghrabi

Jaeger-LeCoultre welcomes the Arabic star, Razan Moghrabi, as a fan of Jaeger-LeCoultre timepieces. Spotted wearing Jaeger-LeCoultre’s Reverso Joaoillerie, an exquisite 18 carat timepiece combining style and elegance through a 552 diamonds and sapphires setting with the legendary Jaeger-LeCoultre mechanical movement, Razan sparkled at a high profile fashion event in the region.

Product Launch

Officine Panerai Radiomir Oro Rosa - 42 MM launches in the Middle East

Officine Panerai has launched the Radiomir Oro Rosa - 42 mm watch. This timepiece combines the unmistakable design of an icon in high-end, sport watches with the new mechanical movement, the P.999, designed and produced at the Neuchâtel manufacture.

With a diameter of 12 lignes and a thickness of only 3.4 millimetres, the new hand-wound P.999 movement features 19 jewels, a 60-hour power reserve and a balance wheel oscillating at 21,600 alternations/hour.

Damiani launches Symbolic Eid gifts

This Eid, Damiani has launched a symbolic gift with one of these Belle Epoque pendants. With its balance of volumes and shapes - universal symbols such as the heart, star, crescent and full moon - the design of the Belle Epoque collection enhances the chromatic effect of pairing diamonds with rubies, sapphires or emeralds, set in white gold.

Exhibitions & Events

Boucheron opens a boutique in Beirut

The House of Boucheron has announced the opening of its first boutique in Beirut, Lebanon. After 20 years of presence in Lebanon through distribution channels and a corner at the ABC Mall, Boucheron, who celebrated its 150^th anniversary in 2008, has now opened a 55 square meter boutique at the Gold Souks, with neighboring boutiques, such as Girard Perregaux, IWC, Cartier and Rolex.

TAG Heuer presents two avant-garde instruments inside a handcrafted luxury box

To celebrate its first 150 years, TAG Heuer has launched an ultra-exclusive gift box edition of its breakthrough Grand CARRERA Calibre 17 RS2 Chronograph, the first mechanical chronograph with double Rotating Systems, and the MERIDIIST, the world’s only Swiss-engineered communications instrument. The avant-garde chronograph and communication instrument, redesigned in a special black and orange limited edition, are audaciously housed in a handsome steamer-trunk coffret designed by Paris master craftsman Fred Pinel.

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