Swiss watch industry lost 14.2% in export value in July 2016; UAE richest in Gulf Cooperation Council (GCC) by individual wealth

Market News

Swiss watch industry lost 14.2% in export value in July 2016

According to the Federation of the Swiss Watch Industry, the month of July was a weak month for Swiss watch industry exports. The industry saw the value of its exports lose 14.2% compared to July 2015 at 1.6 billion francs.
In terms of the number of pieces, the decline was spread over several different materials, foremost among them steel, other materials and other metals, each of which lost more than 100,000 units in the space of one month.
Hong Kong fell by more than 30% after a year and a half of highly negative variations. Two European markets posted substantial growth: Italy and the United Kingdom. France did not achieve the same performance and the downturn which began in February gathered pace. The situation in Germany, the eighth largest market, also deteriorated sharply from the month of April onwards. Growth of watch industry exports to Japan began to slow after five months of negative variations, including a double digit fall in the month of July.

UAE richest in Gulf Cooperation Council (GCC) by individual wealth

Despite the economic headwinds, the UAE can still lay claim to being the richest place in the Gulf Cooperation Council (GCC) region as residents’ combined wealth continued to climb in June. According to the latest data released by New World Wealth, a global intelligence and market research company, indicated that the total amount of fortunes held by all individuals in the country — including property, cash, equities and business interests — increased by three per cent over the past six months to reach $710 billion (Dh2.6 trillion), the highest in the region. The UAE is also one of the only two countries in the Gulf that posted an increase in private wealth. The latest data also showed that UAE residents now earn more than most people in the region, with private wealth per capita estimated to be around $75,800, the second-highest in the GCC.

Company News

Mohammed Rasool Khoory & Sons for Watches and Jewellery opens the new main gallery in Abu Dhabi

Mohammed Rasool Khoory & Sons for Watches and Jewellery continues its growth and expansion by opening the new main gallery at World Trade Center in Abu Dhabi. Mohammed Rasool Khoory & Sons are the partners and sole selling agents for a number of international watch brands including Rolex, Parmigiani, Hermes, Tudor, Charriol and Frederique Constant among others.

Product Launch

TAG Heuer presents Aquaracer Black Titanium

The Aquaracer Black Titanium features Grade 2 titanium with black titanium carbide coating, a strap made from blue nylon with a rubber inner, and a case measuring 43 mm in diameter. The ceramic bezel has a sophisticated new design featuring engraved numerals with blue lacquer. The crystal of the date window also features a magnifier, reintroduced last year. At its heart beats the Calibre 5 automatic mechanical movement, offering proven accuracy and reliability. The high quality of the Aquaracer's finishes and functions make it one of the best value timepieces on the market. This model is available in three colourways: blue, black-and-red, and sand-coloured.

Manufacture Royale Introduces the Skeletonized Androgyne Royale

Androgyne Royale is the latest in-house creation in the Androgyne collection from Manufacture Royale, made in the bold spirit of Voltaire. Just like our other Androgyne models, Androgyne Royale features an eye-catching, unmistakably steampunk-inspired 52-part case with flexible lugs to ensure extreme wearability. This ingenious construction gives a linear frame to the circular watch dial where 12 bezel screws mark the hours. Androgyne Royale Steel features a Royale Blue movement with contrasting stainless steel skeletonized hands, polished stainless steel case, and blue alligator strap.

IceLink launches Generation 6TZ Watch Series

Istana Jewellers is pleased to present the new Generation 6TZ watch series from IceLink, best known for its edgy jewellery and patented 6-Zoned timepieces. IceLink has been a true toy for the millionaire and celebrities. IceLink releases its iconic timepiece in a way that will be available to everyone - The Generation 6TZ series. The company’s Swiss made watches infuse the glamour and creativity of Los Angeles with the century know-how of the Swiss watch-making industry.

S.T. Dupont Atelier Collections

Following the success of the first re-releases, S.T. Dupont has decided to relaunch a collection of leather goods featuring patinated leather, the colours and contrasts of which call on the Maison’s very first form of expertise. The cult objects in the S.T. Dupont Lacquer Atelier 1953 collection, such as the lighters and pens, are stamped with the old S.T. Dupont logo, which serves as a subtle and elegant reminder of the original collection. Meanwhile the winged wheel hallmark symbolises the Maison's extreme expertise in the goldsmith's art. In the same spirit, the pieces in the S.T. Dupont Leather Atelier 1872 collection feature “1872”, the year in which the atelier specialising in the art of patinating was founded.

Exhibitions & Events

GJEPC organizes 5th edition of India Diamond Week in New York

In its effort to promote the Indian gems and jewellery industry, the Gem & Jewellery Export Promotion Council (GJEPC) in association with Diamond Dealer Club organized the 5th India Diamond Week on August 22 to 25, 2016 at the Diamond Dealers Club, 580 5th Avenue, New York. The main purpose of the four-day event is to create an annual trading platform for the Indian Diamantaires in USA to fortify the business relationship with leading American diamond traders. About 16 Indian diamond manufacturers from India and diamond manufacturers from USA participated in the ‘India Diamond Week’ at DDC in New York which is known as the biggest buying hub of diamonds. DDC is largest diamond trade organization in the United States, and one of the leading diamond exchanges in the world.

Be constantly updated on the latest Watch & Jewellery Business markets of the Middle East, as well as information on competitors, promotions, product trends, industry analyses, appointments, new product introductions & developments and market research.

Our weekly 'Arabian Watches & Jewellery Business Newsletter Broadcast' is distributed to over 22,000+ industry executives, Watch & Jewellery manufacturers and distributors, retailers, investors and media consultants globally.

Unsubscribe / Submission of News / Open Forum / Obtaining our news distribution / Confidentiality Important Copyright Notice / Disclaimer

Developed by We Do Web