Market Report

The 43rd Baselworld watch and jewellery show 2015 ends on a positive note

Baselworld comes to an end after 8 days of non-stop activity from March 19th to 26th. Swiss Exhibitors are in a positive mood. Despite a small drop in the number of buyers (-3%), this year's edition drew a record number of 4,300 media representatives (+7.5%), bringing total attendance to 150,000, in line with last year. Professionals travelled from around the globe to admire the latest Swiss-Made innovations from the 288 Swiss brands that put on a Show this year. In January 2015, Swiss watch exports increased 3.7%, and then fell by 2.0% in February, as did all exports. The situation for the first two months of the year is nonetheless positive, despite withdrawal of the floor rate, as Swiss watch exports gained 1.0%.

Market News

Qatar economy will grow by 7% in 2015

Qatar's economic growth is expected to rise to 7 percent this year from 6 percent in 2014, Prime Minister Sheikh Abdullah bin Nasser Al Thani told an economic conference on Sunday. He also said inflation this year was expected to be 3 percent, Reuters reported. Inflation was 2.7 percent in the year to December. The news is despite new laws been introduced in Qatar this month to give the country’s finance ministry more power over public spending.

Kuwait posts KD 3.3 bln trade surplus in Q4 of 2014

Kuwait's balance of trade realized a surplus worth KD 3.333 billion in the last quarter of 2014 marking a fall of 43.6 percent compared to KD 5.911 billion the same period in 2013. (1 equals KD 0.299). Over the period October-December 2014 Kuwait exports fell by 29.4 percent compared to the corresponding period last year to reach KD 5.671 billion the Central Statistical Bureau (CSB) said in a report sent to KUNA. Imports hit KD 2.338 billion with a 10.1 percent increase year-on-year. The CSB added that the volume of trade decreased by 21.2 percent compared with the fourth quarter of 2013 to hit KD 8.009 billion. In the last quarter of 2014 coverage rate (excluding oil) was 15.1 percent while it was 22.6 percent the same period in 2013. Kuwait's imports reached 24.9 percent compared to the same period of the previous year

Company News

Audemars Piguet kicks off the 2015 Art Basel shows

Audemars Piguet celebrated the announcement of Ruijun Shen as the guest curator for the Audemars Piguet Art Commission in 2016, and the unveiled their updated lounge in the Collectors Lounge at Art Basel in Hong Kong, on Friday, 13 March 2015. The late night party was held in honour of curator Ruijun Shen as well as Mathieu Lehanneur, renowned French designer who created Audemars Piguet’s new space for the Collectors Lounge entitled “MINERAL LAB”, and Alexandre Joly who designed a bespoke Audemars Piguet sound work for the updated version of the lounge. Ruijun Shen, the second guest curator for the Audemars Piguet Art Commission, will work with a selected artist to be announced in early 2016, to create a new work later that year.

Z7 Communications announces its appointment as the PR Agency for Franck Muller

Franck Muller appoints Z7 communications as Middle East PR Agency for Franck Muller in the Middle East. The heart of a Franck Muller watch beats at a pace that pays tribute to high precision, while its soul lies in the extreme finesse of its mechanism. This testament to the pinnacle of watchmaking craftsmanship has rightfully earned Franck Muller the title ‘‘Master of Complications’.

Cadenzza unveils its new exciting retail jewellery concept

Cadenzza has now opened its doors in Dubai at Deira City Center and Galeries Lafayette with plans to extend further in the Middle East. Bringing something unique to the Middle East, Cadenzza offers a multi-brand fashion jewellery experience.

Product Launch

Swiss watch exports off to a positive start in January 2015 with Qatar and Kuwait recording double digit increase

The year 2015 got off to a good start for watch exports, after two less favorable months. At 1.6 billion francs, their value was up 3.7% compared to January 2014. Steel watches registered a sharp rise in value terms, followed by bimetallic timepieces. However precious metals experienced a slight dip in demand. In volume terms, the level was identical to that of January 2014. The category of other materials showed a decline but this was offset by other segments. UAE had a decrease of 10.2%, Saudi Arabia had a decrease of 0.4% and Hong Kong showed the steepest fall in two years (-21.8%), with a considerable impact on the overall result while the trend of most other markets was more favorable. the best performances came from the most expensive watches.

Jaeger-LeCoultre presents the Master Grande Tradition Minute Repeater

The case now features a concave bezel, creating an optimal effect that makes the dial appear significantly larger. A satin-brushed caseband and polished lugs further enhance the refined air of this model. The Dauphine hands display two facets – one polished and the other sandblasted – over which the light skims and plays to pleasing effect. The case appears in Pink gold. Tradition Minute Repeater is activated by a single push-button instead of the traditional slide system. Redesigned in a slimmer guise, it fits precisely into the case, on a diagonal from the crystal gong and thus enhancing the distinctive symmetry of this model. The striking regularity is ensured by the silent regulator that controls the energy delivered by the barrel of the minute repeater. The Strap is made of alligator leather with high-end pin buckle.

Carl F Bucherer reveals Patravi ScubaTec

Carl F. Bucherer presents Patravi ScubaTec diver's watch in a new dimension: the sporty, eye-catching case is now available in gleaming rose gold, a combination that radiates style and dynamism. The black and blue ceramic inlays on the unidirectional rotating bezel create striking highlights that harmonize perfectly with rose gold. Equally impressive is the black dial, which has a gleaming scale-like structure that creates myriad reflections similar to the effect of light striking the surface of the sea. Equipped with a helium valve, luminescent hands and indices, an ultra precise automatic movement and a rugged rubber strap, diving clasp made of rose gold and blackened titanium.

Charriol presents St-Tropez timepiece

The St-Tropez timepiece with its cable bracelet and delicate adjustable chain is a signature collection. “Sun”, “Seashells”, “Flowers” and “Love” – four whimsical, Summery themes have been worked into the delicate mother of pearl. The “Sun” variant, in shades of gold and stainless steel, displays a shimmering sun on a white dial. “Seashells” is a study in relaxed living, worked in stainless steel and mother of pearl. “Flowers” sees the shimmering mother of pearl dial etched with a pretty floral motif accompanied by a pink gold PVD and steel twisted bracelet strap and chain. The quartet of timepiece is completed by the “Love” variant with ‘love’ written in sweeping Super Luminova script.

Exhibitions & Events

Van Cleef & Arpels is a partner in Design Days Dubai

Van Cleef & Arpels is a partner in Design Days Dubai for the fourth consecutive year. Renowned for its exceptional savoir-faire, the Maison presents Timeless Design: a High Jewelry exhibition that brings together beautiful creations, combining refinement and elegance. It includes unique pieces from the Pierres de Caractère™ – Variations collection, along with iconic models such as the Zip necklace. To highlight the timeless elegance of the Maison’s style and patrimony, a rare selection from the Van Cleef & Arpels’ Collection is also showcased. The exhibition started from March 16 till 20, 2015 to discover Timeless Design, by Van Cleef & Arpels.

Christie's Dubai Watch sale sold 100%

The watch sale at Christie’s in Dubai this evening was 100% sold, a first for a Christie’s sale in the Middle East after 18 consecutive seasons. The 185 lots offered sold for a combined total of $3,327,188 / AED 1,693,253 with a very rare platinum and  pink gold Patek Philippe minute repeating perpetual calendar Ref 5104P making the highest price when it sold for $461,000, also making it the most expensive watch ever sold at auction in the Middle East.  This was the 4th watch auction held in Dubai and the largest, an indication of the growing interest in fine, vintage and unique watches from a increasing client base within the region.  The sale welcomed bidders from 30 countries in the room, on the phone and with a strong internet presence of half of all registered clients, buying 12.5% of the sale. The top lot bought online was Lot 159 selling for $68,750, above its estimate. In addition, this was the first Christie’s Important Watch auction of 2015, marking the start of the 55th year for the international department.

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