Swiss watch exports increase by 6.3 percent in November 2017; UAE and Saudi Arabia introduce VAT; Saudi's expansionary budget and postponed fiscal targets seen pro-growth.

   
 
 

Market News

 

Swiss watch exports increase by 6.3 percent in November 2017.

The Swiss watchmaking industry has seen seven months of continuous export growth as of November 2017. The total value of exports stood at just under 2.0 billion francs (1.977 million), equivalent to 6.3% growth over the November 2016 figure.

The main markets for Swiss watch industry exports alternated between strong rises and moderate falls in November. In Middle East UAE and Qatar increased by 14.8% and 26.2 percent respectively. Saudi Arabia, Bahrain and Kuwait was down by 17.7%, 7.1% and 32.1 percent respectively. 
 

UAE and Saudi Arabia introduce VAT.

Value Added Tax (VAT) has been introduced in Saudi Arabia and the United Arab Emirates, a first for the Gulf which has long prided itself on its tax-free, cradle-to-grave welfare system.
 
The 5% sales tax is being applied to the majority of goods and services and analysts project that the two governments could raise as much as $21 billion in 2018, equivalent to 2.0 percent of GDP. The tax kicked in on 1 January in both countries. In Saudi Arabia more than 90% of budget revenues come from the oil industry while in the UAE it is roughly 80%. 
 

Saudi's expansionary budget and postponed fiscal targets seen pro-growth.

Saudi Arabia announced its largest ever budget spending for the year 2018 despite oil price still faring way below the booming year averages, signalling government’s eagerness to boost flagging growth figures.

The government has pushed its target of breaking even the budget from 2020 to 2023 and has earmarked to spending over 1 trillion Saudi riyals in the next four years after 2018. The spending is projected to increase from 1 trillion riyals in 2019 to 1.1 trillion riyals in 2022 while revenue has been projected to grow from 843 billion riyals in 2019 to 1.05 trillion riyals in 2022. 
 

Dubai economy is expected to grow 3.5% in 2018.

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and chairman of Dubai Executive Council, has approved the Dubai Economic Report 2017.

The report, issued by the Dubai Economic Department, forecasts Dubai’s economy to grow 3.2 percent in 2017 and 3.5 percent in 2018 at a time when global economic growth has gained a new growth momentum starting from mid-2016.
 

Casio watch sales grew by 22%.

Managing Director, Casio Middle East Mr. Koji Naka told “Al Bayan” newspaper in Dubai, that the company's sales of watches of all categories achieved a double digit growth of 22% in the UAE market in 2017.

According to Mr. Koji Naka, the G shock share was the highest, reaching around 70% of the total sales. Mr. Koji Naka predicted that Casio's sales will see a good growth this year. He said that Casio will open three new boutiques in the UAE this year bringing the number of stores to seven in total.
 

VAT may hurt sales of diamond jewellery.

UAE’s jewellery retailers, could mean a loss of the sales sparkle they had spent years in trying to polish up. Market sources say that diamond jewellery in the mid or more affordable price points could be worst hit in the consumer sentiments downturn in early 2018. Anything that is not deemed as investment material by shoppers in a post-VAT environment will have a hard time.
 
 

Company News

 

Dhamani 1969 unveils limited edition D.LIGHT collection for DSF.

Luxury jewelry house Dhamani 1969 unveiled D.LIGHT collection, exclusively designed for Dubai Shopping Festival.

The launch of the new collection, which took place at the brand´s flagship shop at The Dubai Mall, was organised in association with Dubai Shopping Festival, and it is part of the ‘Gold and Jewellery” themed retail segment of the festival that runs until 27 January 2018.  
 

Zenith inaugurates pop-up boutique on Place Vendôme, in Paris.

Zenith pop-up boutique which has opened on the prestigious Place Vendome, in Paris, took place on November 28th 2017. Julien Tornare, CEO Zenith and Arnaud Vidal, Director Zenith France, welcomed a large number of the brand’s guests to a festive occasion with distinctive Swiss flair. 
 

Longines introduces Conquest V.H.P. Gold Coast 2018 Commonwealth Games.

As Official Partner and Timekeeper of the XXI Commonwealth Games, Longines launches the Conquest V.H.P. Gold Coast 2018 Commonwealth Games. Bearing the colours of this great international sporting event’s brightly colourful logo and blue koala mascot, the Conquest V.H.P. Gold Coast 2018 Commonwealth Games model boasts a black dial with a red V.H.P.mention, orange indexes and blue accents on the watch hands, dial and flange indexes. 
 

TAG Heuer and Bella Hadid launch the Link Lady Limited Edition.

Brand Ambassador and Supermodel Bella Hadid officially opens the TAG Heuer’s first flagship boutique at the heart of Oxford Street, London most iconic’s shopping area. For the occasion Bella wore the Link Lady Limited Edition designed for her.
 
 

Product Launch

 

ARMIN STROM unveils Mirrored Force Resonance guilloché dials.

ARMIN STROM makes an elegant return to traditional craftsmanship, with the introduction of exclusive guilloché dials. Delivered with a genuine back alligator horn-back strap and stainless steel ardillon buckle as well as an additional black rubber strap. A double-folding clasp in stainless steel is available as an option and Blue guilloché dial with founded appliques. 
 

Bulgari and Manolo Blahnik present one of a kind bejeweled shoes.

Bulgari and cult fashion icon Manolo Blahnik have co-designed an exclusive opulent pair of shoes. Manolo Blahnik designs the most imaginative shoes just as Bulgari designs the most creative jewels: the result of this perfect collaboration is a pair of striking green silk satin pumps with ultra-precious ankle straps, with diamonds, rubellites and amethysts and with its pink-hued gems. 
 

Richard Mille RM 07-01 in Gem-Set Black Ceramic.

The new RM 07-01 Gem Set Black Ceramic will join the catalogue after being officially unveiled at the Salon International de la Haute Horlogerie in Geneva in January 2018. The case in gem-set black ceramic and red gold houses an in-house Calibre CRMA2. The dial in 5N red gold set with black onyx and diamonds sits like a discrete echo of the technical feat displayed by the bezel.
 

Konstantin Chaykin launches the Joker II titanium.

Konstantin Chaykin introduces the second edition of one of the most acclaimed Limited editions of this 2017, the Joker II titanium. The Konstantin Chaykin Joker II watch features a 42mm titanium case, 'eyes' indication of the hours and minutes and moon-phase indication (Joker's mouth). Swiss-made mechanical automatic movement, powered by a 38 hours power reserve. 
 
 
 
 

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