Market News

Swiss Watch exports scored High in the Middle East during the month of November 2015

According to the recent figures of the Swiss Watch Exports the total world exports have dropped by 5.6%, while the Middle East has scored higher with an average growth percentage of 21.05% increase during the month of Nov 2015 when compared with the same period in 2014.

While UAE maintained its ranking of 10th position worldwide; it scored an increase of 5.5% in November 2015 when compared with November 2014.

Kingdom of Saudi Arabia remains at No. 14 worldwide with a massive growth of 15.4%.

Kingdom of Bahrain has climbed up to no. 21 worldwide (due to Jewellery Arabia Exhibition) with 21.1% increase in imports of Swiss Watches during the month of November 2015.

Qatar and Kuwait ranked no. 22 and 26 respectively with an increase of 36.50% for Qatar and 5% for Kuwait.

It’s notable that Lebanon has claimed no. 28 in worldwide rankings with a massive increase of 42.8% in imports of Swiss Watches during the same period in 2015.

Ahmed Bin Sulayem Executive Chairmen of DMCC appointed Chairmen of Kimberley Process

The UAE has been an active member of the Kimberley Process (KP) since its inception in 2003. In a recent move the UAE Ministry of Economy has officially appointed Ahmed Bin Sulayem, Executive chairman of the Dubai Multi Commodities Centre, as chair of the Kimberley Process (KP) for 2016.

“It is a great honor to have been appointed Kimberley Process Chair by both the KP and the UAE, with the great responsibility to implement the KP’s vision and plans for the diamond industry in 2016,” said Bin Sulayem. 
 
Bin Sulayem outlined his objectives to strengthening the ties between government, industry decision makers and with the KP’s civil society, which has vowed to boycott the process over the decision to appoint the UAE to chair the KP.
 
He also expressed his goal to assist newly admitted countries, along with those that seek to join the KP, with technical assistance, training and consensus building through seminars and conferences.

UAE retail market to expand in 2016

The UAE retail market is expected to be valued at $53.7 billion in 2016, up 7 per cent over 2015, a lower rate compared to 8 per cent projected for 2015, according to data from consultancy Euromonitor International.

The UAE has seen softer retail sales last year due to a strong dollar against certain currencies, leading to reduced spending by European and Russian tourists, as well as lower oil prices, which have dampened consumer confidence in the country, according to industry analysts.

Dubai Shopping Festival 2016 to give away more gold

A substantial 56 kilograms in gold with a current market value of Dh7 million will be on the line for the daily raffle draw winners as part of the promotions during DSF 2016. Not just that, there will be more daily winners this time with the first winner bagging one kilo, the second 500 grams and the third 250 grams. Until now, there was only a single winner announced daily who would take home one kilo of the metal.

Company News

Dubai to raise 2016 spending by 12 pct on balanced budget

Dubai plans to raise state spending by 12 percent in 2016 as it invests in infrastructure to sustain economic growth, but an equal rise in revenues will allow the emirate to balance its budget, the government said last Sunday.

The ruler of Dubai, Sheikh Mohammed bin Rashid al-Maktoum, approved spending next year of 46.1 billion dirhams (12.6 billion), up from 41.2 billion dirhams in the 2015 budget plan. The 2015 budget featured a 9 percent rise in spending.

It is the second year in a row that Dubai, which came close to defaulting on its debt in 2009 because of a real estate crash, expects to avoid posting a deficit.

Economies in the Gulf, where Dubai is a leading trade and business Centre, are slowing because of low oil prices. But the government said it expected to boost its income by 12 percent next year through additional revenue from government services, which would provide 74 percent of total income. It said revenue would increase on the back of strong economic growth and changes to the fees for some services.

Chopard celebrates Porsche Motorsport’s 2015 titles at The Avenues Mall in Kuwait

Chopard along with partner Trafalgar Company launched a two-week Porsche Motorsport exhibition at the renowned The Avenues Mall in Kuwait, enabling all visitors to discover the avant-garde Porsche 919 Hybrid that led Porsche Motorsport to win the 2015 WEC World Champion title. For the second year in a row, Chopard is proud to be the Official Timing Partner of Porsche Motorsport. Perfectly in line with the spirit of Chopard’s Superfast watch collection, this prestigious partnership is an extension of the company longstanding commitment to automotive sports.

The New Panerai Book

Published in Italy on 2 July, the new book Panerai tells the story of the past and present of the Florentine high quality sports watchmaking brand Officine Panerai, which in just a few years has transformed what was a niche product for collectors into a global brand which is among the most sought after by enthusiasts throughout the world. Available in four languages – Italian, English, Chinese and Japanese – the Panerai book has been distributed throughout the world by Rizzoli International from 15 September 2015. The book consists of five essays covering five different aspects of the identity of Officine Panerai, each one written by a different author. The essays take the reader on a journey through the fascinating worlds which define the distinctive identity of the Florentine brand: the history, the technology, the sea and the design.

Walter Lange receives the Order of Merit of the Federal Republic of Germany

The founder of Lange Uhren GmbH, Walter Lange, has been awarded the Order of Merit of the Federal Republic of Germany (First Class) by German President Joachim Gauck in recognition of his services to re-establishing Saxony’s watchmaking industry. The award was presented by Stanislaw Tillich, Minister-President of the Free State of Saxony, on 25 November at Saxony’s State Chancellery in Dresden. In his laudatory speech, the Minister-President of Saxony described Walter Lange as an entrepreneur who had shown extraordinary commitment to ensuring that German precision watchmaking found a new home in Glashütte. Thanks to his outstanding contribution, the town had once again become a unique watchmaking centre, said Mr Tillich.

GJEPC opens doors to ‘India Diamond Trading Centre’ at BDB

The Gem & Jewellery Export Promotion Council (GJEPC) and Bharat Diamond Bourse (BDB) launched the India Diamond Trading Centre marking a significant milestone in PM Modi’s ‘Make In India’ campaign to promote India as a global diamond-trading hub. Chief Guest, Smt. Nirmala Sitharaman, Hon’ble Minister of State (Independent Charge) for Commerce & Industry, Govt. of India inaugurated the Centre in the presence of Ashish Shelar, MLA, Alka Kelkar, Deputy Mayor; and Special Guests including leading Global Miners -Mr. Jean-Marc Lieberherr, Managing Director, Rio Tinto Diamonds, Mr. Andrey Polyakov, Vice President, ALROSA and Mr. Marcus Lung, Senior Sales Manager (Asia Pacific), De Beers.

Product Launch

Saudi Arabia plans to introduce VAT in two years

Saudi Arabian finance minister Ebrahim Al Assaf said the kingdom expects to introduce value-added tax in two years, aiming for a tax rate of around 5 per cent.

“VAT will be introduced gradually and be completed within two years, which is the time set for application in GCC [Gulf Cooperation Council] countries in 2018. It will be around 5 per cent, which is the lowest worldwide,” Alassaf was quoted as saying.

The International Monetary Fund has suggested the UAE consider imposing VAT at a 5 per cent rate.

Ulysse Nardin introduces the New Ulysse Anchor Tourbillon

Flowing forward on a crest of innovation, the latest Ulysse Anchor Tourbillon brings with it a cascade of sapphire hues. Inspired by the depths of the sea, Ulysse Nardin delights with the timepiece’s genuine translucent blue enamel dial. An evolution of the award-winning Ulysse Anchor Tourbillon that premiered in 2015, this limited edition in rose and white gold showcases artistic tradition and inventive modernity coming together in sharp – yet beautiful – contrast. A rare and classic art form, enameling is a hallmark of Ulysse Nardin. Handcrafted in-house at Donzé Cadrans, a member of the Ulysse Nardin group of companies, the enameling technique is specialized and intricate, mastered only by a few. Cavities, or cells, are formed in a thick metal surface then filled with moist, powdered, blue enamel and fired until it melts.

The Ploprof OMEGA Co-Axial Master Chronometer

This year, the OMEGA Ploprof is back as the “Ploprof OMEGA Co-Axial Master Chronometer”, with four dramatic editions that add even more new technology and aesthetic allure. In all models, the case is built from titanium (around 40% lighter than stainless steel and more resistant to corrosion). The polished mesh bracelet is titanium too, and comes with a reassuring “Sharkproof” title. Rubber versions of the straps can also be added in corresponding colours. On the bezel of each model, Super LumiNova has been added to illuminate the watch in dark conditions. While retaining the original sturdy and bold appearance, these new editions have also been updated with OMEGA's Co-Axial Master Chronometer Calibre 8912.

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