Market News

UAE gold sales drop 15 percent in Ramadan

Retail gold demand volumes in Dubai and Abu Dhabi dipped by around 15 percent in August on the year. Overall, retail gold demand volume in the Middle East during the second quarter of the year was mixed, with Saudi recording a five percent rise on the year, while the UAE fell by 15 percent, according to a report by the World Gold Council.

Demand for luxury products set to rise in Eid

Luxury goods retailers in Abu Dhabi are anticipating thousand of shoppers to throng malls in the city in search of the perfect Eid Al Fits gift. Retailers are setting up stalls for one of the busiest phases in their calendar. Many shoppers will in fact be looking to splurge on high-end products after holding back for some time due to the lingering effects of the economic crisis.

Richemont reports 37 percent increase in sales

Richemont has announced that its sales for the five months ended 31 August 2010 increased by 37 percent at actual exchange rates. Europe (including the Middle East) accounted for the largest proportion of sales at 41 percent. The Americas, however, was the region that showed the most growth, with an improvement of 52 percent. Asia-Pacific followed closely behind on 51 percent.

Damas transfers 20m shares to Amwal as part of settlement

According to Damas International, Amwal Al Khaleej Commercial Investment Co. has received 20 million shares of the Dubai-based jewellery retailer as part of a settlement with its founder Abdullah Brothers and Damas Investments. The shares were transferred on August 19 at a price of 16 cents a share and a value of $3.2 million, Damas said in a statement.

Company News

His Highness Sheikh Mansoor bin Mohammed bin Rashid Al Maktoum inaugurates A. Lange & Sohne Watchmaking Exhibition

A. Lange & Sohne Watchmaking Exhibition was inaugurated with His Highness Sheikh Mansoor bin Mohammed bin Rashid Al Maktoum on 8^th September at the Dubai Mall Atrium. The inauguration was also attended by Abdulmagied Ahmed Seddiqi, Chairman, and Mohammed Abdulmagied Seddiqi, VP Sales & Retail, Ahmed Seddiqi & Sons, and Daniel Rogger, International Director and Matthieu Dupont, Middle East Brand Manager, A. Lange & Sohne.

Damiani opens new boutique in China

Damiani S.p.A. has opened a new Damiani boutique in Ning Bo, one of the oldest   cities in China and a Bliss store in the tourist town of Harbin Quilin, as part of a series of activities devoted particularly to the Chinese market. The Damiani Group is continuing its strategy to expand into Asian markets: after the recent opening of a Damiani boutique in Singapore and a Bliss boutique in Shangai.

Jessica Alba in Bvlgari at the Venice International Film Festival

Actress Jessica Alba wore Bvlgari High Jewellery earrings in platinum with pear shaped diamonds, round brilliant cut diamonds and diamond baguettes when she attended the Uomo Vogue Hosts Dinner For Quentin Tarantino during the 67th Venice International Film Festival on August 31st, 2010 in Venice, Italy. Jessica also chose to wear a Serpenti yellow gold bracelet with mother of pearl and demi pavè diamonds.

Bertolucci announces new Marketing Department

Bertolucci has announced the new structure of its Marketing Department to better provide information concerning news, activities and launch of any new products. The new contact for all Marketing and Communication issues will be Ms. Carly Chung, Marketing & Communication Manager who is located in Bertolucci’s office in Hong Kong.

Product Launch

HUBLOT presents the exclusive official FIFA 2010 World Cup Winner's watch

To honour the incredible journey of the World Cup winning Spanish team, HUBLOT, is dedicating the ultimate and exclusive official competition watch, the "FIFA World Cup^TM Winner’s watch", the official timepiece of the World Cup Champions, to them. The model is a Big Bang 44 mm Gold Ceramic Automatic Chronograph, which proudly bears the Spanish national colors and the gold of the legendary FIFA World Cup trophy.

Blancpain introduces L-evolution Super Trofeo watch

Blancpain has introduced an exceptional model dedicated to the world of mechanical passion. Presented in a titanium case, the L-evolution Super Trofeo 2010 features a dial and lugs entirely made from carbon fibre. This flyback chronograph model is distinguished by its appliques symbolizing the tail-lights of the Lamborghini Gallardo, its oscillating rotor shaped like a double chequered flag, and last but not least by the alcantara strap subtly evoking the upholstery of these prestigious cars.

Bell & Ross launches Vintage BR 123 & 126 Heritage

Bell & Ross has launched a new Vintage Collection which includes two quality movements: an hours, minutes and seconds version (BR 123) and a chronograph (BR 126). Both watches have 41mm round stainless-steel cases. The BR 123 time and date model puts the small seconds and date at 6. The BR 126 chronograph has central seconds, a 60 second counter at 3 and a 30 minute totalizer at 9.

Tiffany & Co. launches Atlas Dome Gold watch

Tiffany Watch Co. Ltd enlarges its Atlas Dome line with the launch of an opulent gold timepiece crafted in a choice of 18-carat red or yellow gold. The prominent Roman numerals of the Atlas Dome are paramount to the personality of this watch. Reminiscent of those featured on the Atlas Clock, the numerals take center stage allowing for a highly visible view of the passing hours.

Montegrappa to unveil new collections

Montegrappa has announced that it will be creating a series of pens honoring the Swiss resort of St Moritz, coinciding with the 2010 St Moritz Arts Masters. The luxurious fountain pens and roller balls are apt representations of both the village itself and the aura that surrounds it. The collection will be manufactured as a limited edition of 1856 pieces, the figure representing the altitude of St. Moritz.

Exhibitions & Events

Jewellery Arabia 2010

The largest jewellery and watch exhibition in the Middle East returns to the Bahrain International Exhibition and Convention Centre from 26 to 30 October. Jewellery Arabia 2010 will showcase over 600 exhibitors from 30 nations, including some of the world’s most prestigious brands. Spanning 18,000 square metres of space, the exhibition is taking place for the 19^th year. Over 40,000 trade and high net worth individuals are expected to attend this prestigious 5 day event.

Geneva Time Exhibition 2011

Geneva Time Exhibition is an Independent Watchmaking Exhibition in Geneva and offers a unique opportunity for all watch industry professionals to discover the exceptional creativity of the independent watchmakers. During the GTE 2010 there were about 5,500 visitors from 5 continents in attendance, of which 500 were media people. Accordingly, the exhibition would be back in 2011.

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