UAE President issues VAT Decree-Law ahead of January 2018 roll-out; DMCC partners with VOD Dubai International Jewellery Show

Market News

UAE issues VAT Decree-Law ahead of January 2018 roll-out

The much-awaited law on valued-added tax (VAT) was issued by the President His Highness Shaikh Khalifa Bin Zayed Al Nahyan on Sunday in preparation for the introduction of VAT from January 1, 2018. The Federal Decree-Law No 8 of 2017 for value-added tax, comes with one of the lowest rates in the world. The tax rate is fixed at 5 per cent on the import and supply of goods and services at each stage of production and distribution, including what is deemed to be a supply. VAT, which is set to be implemented across all GCC countries over the next two years, is expected to bring a new revenue stream for the national economy.

DMCC partners with VOD Dubai International Jewellery Show

VOD Dubai International Jewellery Show has strengthened its commercial proposition for more than 500 local, regional and international exhibitors by partnering with DMCC (Dubai Multi Commodities Centre). The partnership will enhance VOD Dubai International Jewellery Show’s platform as a conduit for increased jewellery trading - specifically gold, precious metals and gems - out of Dubai. As part of the agreement, DMCC support the wider industry by encouraging innovation, technology development and the implementation of value-added services across the emirate’s jewellery trading ecosystem. One of five strategic partnerships earmarked by VOD Dubai International Jewellery Show - which runs November 15 – 18 at Dubai World Trade Centre (DWTC) - to enhance the show’s regional and international networking capacity, the DMCC alliance will facilitate trading potential among manufacturers, retailers, distributors and end buyers to further underline Dubai’s position at the fulcrum of the global jewellery industry.

Passenger traffic at Dubai International Airport hits record with over 8 million in July

According to the latest data from operator Dubai Airports, Over 8 million passengers used Dubai International airport in July as the airport recorded its busiest month on record. The figure for passenger numbers in July marks a 5.9 per cent increase from the 7.6 million passengers passing through the airport in the same month in 2016. It also brings the total number of passengers using the airport in the first seven months of 2017 to 48 million passengers, up 6.2 per cent year-on-year. South America was the fastest growing region in July, with traffic surging 59 per cent. It was followed by Asia, at 20 per cent, with China and Thailand as top contributors to traffic from Dubai. In terms of destinations, India retained its position as the top country with over 1 million passengers, followed by the UK (610,151 passengers) and Saudi Arabia (571,170 passengers).

Company News

Van Cleef & Arpels presents Couture and Movement at Saudi Design Week

Van Cleef & Arpels is proud to partner with Saudi Design Week which will be held from October 5 - 8, 2017 at KAPSARC’s Apex Convention Center in Riyadh. Saudi Design Week is the Kingdom’s first and premier exploration of local and international design. “An ardent supporter of the arts, Van Cleef & Arpels is proud to partner with Saudi Design Week, a unique design initiative supporting local and international talent.” says Alessandro Ma?, Van Cleef & Arpels Managing Director Middle East and India.

Recent changes announced at Gemfields & Fabergé

In a recent statement issued by Gemfields & Fabergé summarizes the new structure of the company as follows:

a. PRL will own 100% of Gemfields plc;
b. Gemfields plc will continue to own 100% of Fabergé;
a. PRL, previously a 10 year “closed-end investment fund” and which was due to reach maturity in September 2017, is converting from its prior limited-life fund structure into a long-life operating company with its own board and management team working on behalf of shareholders; and
b. the long-held vision for both Gemfields and Fabergé remain unchanged and we very much expect it to be business as usual.

In summary therefore, the transaction greatly simplifies the ownership of both Gemfields and Fabergé, and also converts PRL from a limited-life investment fund into a long-life operating company. PRL remains listed on the Johannesburg Stock Exchange.

Management changes at Fabergé

Sean Gilbertson will remain CEO of Fabergé. For the day-to-day running of the business, the following Fabergé veterans will henceforth constitute the Fabergé Executive Committee:

1. Antony Lindsay (who will lead the ExCo and has been appointed Managing Director of Fabergé);
2. Aurelie Picaud (Timepieces Director);
3. Chris Jones (now Finance Director);
4. Josina von dem Bussche Kessell (Business Development Director); and
5. Meredeth Moss (Global Retail Director).

Fabergé will continue to pursue the vision established in 2007 and remains committed to excellence across three key product categories: jewellery, timepieces and objects.

Fabergé mono-brand stores will open in Houston and Dubai in September and November of 2017 respectively.

Audemars Piguet Ambassador Henrik Stenson wins the Wyndham Championship

Henrik Stenson breaks tournament record and secures his first victory of the 2017 season at the Wyndham Championship in Greensboro, US, on Sunday 20th August. With four birdies on the last six holes and a final day score of 64, Henrik finished on 22-under par to take his 6th PGA Tour title. This makes him the most decorated male Swedish player on the American circuit. On the way to his 20th professional win, Henrik took his driver out of the bag and only used his 3- and 4-wood or long irons off the tee. After Ollie Schniederjans birdied holes 17 and 18 in an impressive manner to finish on 21-under, Henrik demonstrated excellent composure and holed a remarkable 30-foot putt on hole 17 followed by par on the final hole to take the trophy.

Product Launch

Bell & Ross launches BR03-92 Black Camo

The new BR 03-92 Black Camo is the latest addition to the successful series of Bell & Ross camouflage watches. For this model, the brand has developed an original military-type tricolor coating. Its dial is covered with a patchwork of matte greys, its case and strap in matte black. This high-tech timepiece is practically undetectable, especially at night. Its matte-treated colors also avoid the risk of undesirable reflections. This means it can be worn during tailing missions or operations in hostile territory with no risk of detection. The BR 03-92 Black Camo retains all the amazing technical features: its display is perfectly legible both day and night thanks to the photo luminescent coating on its hands, indices and numerals. Elite units must be able to read the time easily and accurately during missions.

Buccellati Macri Giglio Collection at Harvey Nichols

The ‘Macri Giglio’ collection, based entirely on the repetition of a stylized lily, introduces a new motif to the Macri line. This ancient flower is incorporated for decorative purposes – a historic, traditional token, and symbol of sublime love within Greek and Roman ancestry. The lily today is a sign of purity. Buccellati interprets this lily on the trademark silk surface of the Macri line, executed with an openwork technique and set with diamonds, thus creating a transparency which exudes a lightness to cuff bracelets, earrings, pendants and rings. 3.5cm cuff bracelets are to be introduced for 2017 in new colour combinations: pink and white gold, white and yellow gold, and black DLC treated gold finished with yellow gold bezels.

Selim Mouzannar Mina Collection at Harvey Nichols Dubai

This season a new line has just landed where enamel gives its best shot. This three times millenary technique, still difficult to master, was born on the shores of the Mediterranean as indicated by traces found in some ancient vestiges. Appreciated by the creators of Art Nouveau and Art Deco movements for its refinement, exoticism and colours, enamel immediately evokes the great figures of the Hollywood glamor, the likes of Lauren Bacall, Joan Fontaine or Ava Gardner. Available in trios of rings and pendants of blue tanzanite, green tsavorite and red rhodolite, the Mina collection imitates in their round and sensual shapes venomous flowers blossoming in the deep darkness of this precious material.

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