Market News

Luxury retail sector to grow by 8 percent in the Middle East

The Middle East’s luxury retail market is forecast to grow by eight percent this year, a senior manager from Bain & Company Middle East said. The region is poised to outperform the global luxury retail market, which is estimated to see six percent growth this year. However, while the Middle East’s anticipated growth is strong, it will remain more moderate than that seen prior to 2008, according to the same source.

Richemont profit soars in H1

Cartier watchmaker Richemont’s first half profit soared more than the forecast and confirmed a rebound in the sector as Asians splash out again on top-end watches and jewellery and the Americas fuelled the brisk pace of growth into October. Luxury groups have seen sales rebound strongly from their worst slump in decades and Swiss watch exports have soared this year, with Hong Kong, where mainland Chinese love to shop, still the prime export destination for Swiss watches.

GCC economies returning to solid growth

The member states of the Gulf Cooperation Council (GCC) - Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (UAE) - are recovering and returning to solid growth. International body sees region expanding 4.1 percent this year and 4.6 percent next year.

Gold sales drops around 10 percent despite of Diwali demand

Despite the Indian festive season, retail gold sales volumes in Dubai and Abu Dhabi drop by around 10 percent on the year in October as high gold prices discouraged consumers. Spot gold hit a record high above $1,397 an ounce, and then slipped back to $1,393.15. Investors often buy the metal as an inflation hedge and alternative to the dollar when the U.S. currency weakens.

Dh70k gold jewellery heist in Sharjah - UAE

Two unidentified men made away with gold jewellery worth more than Dh70,000 from a jewellery shop in Al Rolla area in Sharjah. The shopkeeper said the two men came in as customers when they were about to close the shop. When they were shown an exhibit box to choose a piece, one of them picked up the whole box with 63 gold ring pieces and ran away. Police believe the suspects to be Afghanis.

Company News

de GRISOGONO unveils latest Jewellery and Timepieces with Ahmed Seddiqi & Sons

The de GRISOGONO has unveiled unique collections in the Middle East in partnership with Ahmed Seddiqi & Sons. The arrival of some of the most exceptional pieces of jewellery seen on the international red carpets of the Oscars and Cannes comes to Dubai to exhibit the elegant and ornamental pieces that populate the latest collections.

Hu Bing wears Van Cleef & Arpels at Rome Film Festival

On November 2, Hu Bing wore the Mr Arpels watch Van Cleef & Arpels during the Premiere of the movie “The Back” at the 5^Th International Rome Film Festival. Mr Arpels Reveil GMT with black lacquer dial, pink gold case set with 2 rows of diamonds and brown alligator bracelet.

GRAHAM LONDON - Change of role of Eric Loth

After fifteen years as the head of the company, Eric Loth, the founder of Graham London, has decided to reduce his involvement as CEO. This change will allow him to pursue other personal projects and devote more time to his interests, in particular contemporary art and motor racing. He will however remain very involved with the brand on a strategic level as one of its key shareholders and as an active member of the board of directors.

Product Launch

Hublot unveils Ayrton Senna new timepieces

Hublot has presented an exceptional edition of new timepieces dedicated to Ayrton Senna and in support of Ayrton Senna Instituto. The King Power Ayrton Senna is a split second chronograph movement with power reserve indicator and stamped with Ayrton Senna's signature. The watch is made entirely from materials used in Formula 1. This is a limited edition of 500 numbered pieces.

Harry Winston offers Ocean Collection 2010

This year, two new ultimate sports watches are enriching the Harry Winston Ocean line: a men’s version, a surprising triple retrograde chronograph and a ladies’ version, a model unmistakably proving that mechanical watchmaking also has a feminine side. The watch is Mechanical with automatic winding and power reserve of 40 hours.

CONSUL presents Santorini 4D black visual

The visual of the “Santorini 4D" in black version with MOP white dial made by Consul is offered with 126 black diamonds Top Wesselton, full cut and water resistant to 50 M – 5 ATM (165 feet). This timepiece is available with 8 different dials and assorted leather straps with butterfly folded buckle.

Dior introduces Phone MOP Full Diamond & My Dior

Mother-of-pearl magnifies the diamonds’ angled interplay of light reflectance, each set within a polished stainless steel core. Thirty-one pieces of mother-of-pearl marquetry are inlaid, framed in the cannage pattern, by 538 diamonds. My Dior features one diamond inserted into a white gold ring setting, an echo of elegance, amid three pieces of mother-of-pearl in the cannage pattern. Its mirror screen is cool silver.

Montegrappa launches St Andrews Links 2010 Limited Edition

To represent the heritage of St Andrews Links, Montegrappa has created an exquisite St Andrews Links 2010 Limited Edition pen that reflects the legendary golf venue’s history. This St Andrews Links 2010 limited edition consists of two series of pens, one engraved in low relief and the other hand painted.

Exhibitions & Events

International Jewellery & Watch Show 2010

The International Jewellery & Watch Show (JWS) is an exhibition with an extensive showcase of exquisite Jewellery and timepieces from all over the world. The luxury event was held in Abu Dhabi National Exhibition Centre on November 10 to 14. JWS Abu Dhabi 2010 is organized by Reed Exhibitions, a part of Reed Jewellery Group.

Abu Dhabi hosts International Pearl Conference

The International Pearl Conference was held on November 10 at the Emirates Palace Hotel. The five-day event, under the theme "Pearls, Gems '&' Jewellery," was developed by the non-profit Pearl Revival Committee to encourage renewed interest in pearls in the Middle East. The conference will be presented under the patronage of Her Highness Sheikha Fatima Bint Mubarak, Chairwoman of the General Women’s Union and of the Family Development Foundation.

JewelEx Arabia 2011

JewelEx Arabia 2011, the Saudi Arabia International Fine Jewellery and Luxury Watch Exhibition, will be held from 29 November to 1 December 2011 at the Four Seasons Hotel located within Riyadh’s iconic Kingdom Centre. The exhibition will provide a unique platform for the world’s fine jewellery producers and luxury watch manufacturers to interface with the Kingdom’s discerning jewellery and watch buyers, collectors and investors, as well as high-end jewellery retail traders.

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