Market Report

Gold sales in UAE remain stable

According to UAE gold retailers, sales of gold in the UAE have been stable with the falling of Indian rupee. The Indian rupee has dropped around 20 percent against the US dollar since January. The Indian government has taken steps to curb imports and raise capital inflows to support the declining rupee, which includes increasing the import duty of gold from 4 percent to 10 per cent. The Indian government has also banned the import of gold coins and medallions. The reason behind the ban is to “reduce these items because the government has to shell out gold dollars to buy oil. It also wants to reduce dollar demand by reducing the import of gold coins. These steps, however, have not stopped people coming from India to the UAE to buy gold.

Market News

Dubai population rose by over 5 percent in last 12 months

According to the latest official government statistics, Dubai population has rose by over five percent to over two million, with men making up nearly three quarters of residents.  The number of residents in the emirate increased to 2,174,000, compared to 2,068,000 during August 2012, a rise of 5.1 percent year-on-year. The report found there were over three times as many male residents living in Dubai. The city is home to 1,621,000 males and 511,000 females, mainly due to the large number of low skilled male Asian workers needed to work in the construction sector.

Pandora posts profit increase of +584 percent in Q2

Pandora has recently reported that its revenue jumped 53.3 percent year on year to $343 million in the second quarter that ended on June 30. The jewelry retailer's profit leaped 584 percent to $77 million. The volume of sales rose 40 percent and the average sales price per unit increased $1 to $23 compared with one year ago. By region, sales in local currencies rose 54.3 percent in the Americas, but revenue surged 59.8 percent across Europe. Sales in the Asia Pacific jumped 42.4 percent based upon local currencies.

Company News

Vacheron Constantin partners with FIAC

Vacheron Constantin is deeply committed to supporting the world of culture, and art in particular. As a Fiac partner for the first time, Vacheron Constantin will present the« Arts & Crafts & Design. Timeaccording to Alessandro Mendini and his craftsmen» exhibition, from October 23 to 27, 2013. These works, designed by Alessandro Mendini were created by acclaimed Italian craftsmen, using thirteen different materials: the dialogue between the artist, the designer and the master craftsman, between the developer and the interpreter, translates the vitality of an economic, productive and cultural system. The cultural ambition of the exhibition is to highlight the fundamental role, played by artistic crafts in our society, including them in a permanently evolving dialogue with contemporary creation. Each piece carries the signature of Alessandro Mendini and the craftsman who designed it.

OMEGA Countdown Clock for 2014 Youth Olympic Games unveiled in Xinjiekou Square

Hundreds cheered as the impressive OMEGA Countdown Clock in Xinjiekou Square was unveiled marking exactly one year to go until the Opening Ceremony of the Nanjing 2014 Youth Olympic Games.  The special countdown event, which was organized by the Nanjing Youth Olympic Games Organizing Committee (NYOCOG) in collaboration with OMEGA, began at 7.30 p.m. on August 15.

Armin Strom designs ONE WEEK SKELETON WATER for ONLY WATCH 2013

Armin Strom will take part in the charity auction for the 5th edition of ONLY WATCH with its unique ONE WEEK SKELETON WATER ONLY WATCH model. On 28 September 2013, Only Watch, organized by the Association Monégasque contre les Myopathies (Monaco Association for the Prevention of Myopathies), together with the auction house, Antiquorum, and the Monaco Yacht Show, is auctioning some unique watches from 30 luxury watch brands, in support of research into Duchenne Muscular Dystrophy. From 30 August, these watches will go on display all over the world and will then be auctioned in Monaco (www.onlywatch.com).

Product Launch

“Diamonds are RJ’S Best Friends”

Diamonds are in the spotlight at RJ-Romain Jerome this year. The Moon Invader 40 models, the latest additions to the Moon-DNA collection featuring a smaller case and including elements of the Apollo 11 spacecraft, have been bejewelled. Whether in steel or black PVD, each bezel is set with respectively 70 diamonds (0.71cts) or black sapphires (0.89cts) and sublimates the "cushion" shape of the watch. The functional ball-and-socket joints on the four "corners" of this rounded square are shaped like the pivoting "feet" of the Lunar Exploration Module. These extremely sophisticated components mounted on axles anchored in the case, hold the spring-bars of the fabric strap and enable the watch to adapt to all wrist sizes.

A Lange & Sohne presents the new 1815 Up/Down safeguards a grand tradition

Apart from iconic designs, the A. Lange & Sohne signature stands for mechanical ingenuity. It permeates all models of the 1815 watch family, and particularly the 1815 Up/Down launched this year. The timepiece, whose name stands for Ferdinand A. Lange's birth year, melds the characteristics of a legacy that began in the early 19^th century with contemporary horological know-how, resulting in a fusion of the arts honed to sleek perfection. The timepiece also features the three-quarter plate, details like the hand-engraved balance cock, the classic screw balance, or the gold chatons secured by thermally blued screws.

Navitimer Cosmonaute Blacksteel by Breitling

The Navitimer Cosmonaute is pursuing its odyssey in a new and highly original version featuring a case in black steel created using a highly resistant carbon-based coating. The dial and counters of this high-performance chronograph are in the same black color, enhanced by luminescent indications and small red hands. The Manufacture Breitling Caliber B02, chronometer-certified by the COSC (Swiss Official Chronometer Testing Institute) features two key characteristics true to the original model: a manual winding system and a 24-hour display. The engraved caseback bears the official Aurora 7 mission insignia. Issued in a numbered 1,000- piece limited series, the Navitimer Cosmonaute Blacksteel is fitted with a black rubber strap further enhancing its tech-savvy, masculine appearance.

Concord launches Saratoga Chronograph with two tone gold and stainless steel

In keeping with its thoroughbred origins, Concord takes the design principles and blue-blooded heritage to the next level with the latest in the Saratoga line and launches a new 42mm diameter chronograph in precious 18K 5N rose gold and the hardwearing resistance of top grade steel.  With a quartz Calibre Ronda 5130 movement, 18K rose gold crown and stainless steel pushers, the Saratoga Chronograph in rose gold and stainless steel masterfully combines stylish form, precise movement and grace, making it a worthy new addition to the hall of fame inhabited by its prestigious chronograph timepiece forebears. The Saratoga Chronograph in gold and stainless steel offers hour, minute, second, chronograph and alarm functions, as well as big date window at 12 o’clock.

Harry Winston introduces the Ocean Sport Chronograph Blue Dial

This year, Harry Winston is introducing a deep blue smoked sapphire dial for the Ocean Sport™ Chronograph. Visual depth, fine mechanics, and technical sophistication: the Ocean Sport™ Chronograph offers a total immersion experience plunging observers into the very heart of time technology. The 44 mm ZaliumTM case frames an open-worked three-dimensional smoked blue sapphire dial, with a blue minute subdial and a matt varnished blue flange that lends added depth to the time functions. Sporty and skillfully crafted, the Ocean Sport™ Chronograph bears a strong character and powerful tones. Technical excellence and the pursuit of a particular esthetic join to energize this timepiece, which offers a power reserve of 42 hours and is water-resistant to 200 meters.

The Zetios Chronograph by Milus with four new dials

Milus offers the Zetios Chronograph with four new dials that once again assert the subtle equilibrium between sophistication and functionality. The outcome is four new expressions of sporty chic exuding the quintessence of creative and contemporary design. The ZETC025 in stainless steel mingles harmony and sobriety with a white dial and silvery appliques. The ZETC026 features stronger contrasts. A dark grey dial underlies silver indexes, numerals, hands and totaliser frames. The ZETC027 gets into the fast lane of automotive sports: the dial is in genuine carbon fibre, the calf-leather strap bears the same checkered motif as the dial, and red hands evoke race car meters. Lastly, the ZETC403, as the epitome of sporty chic, features a dial of genuine carbon fibre set in an 18-karat red-gold case that is reflected in the indices, hands and the circular frame of the subdials.

Ulysse Nardin unveils Freak Phantom with 99 limited edition

A limited edition of 99, Freak Phantom uses silicium in its patented hairspring (Si 1.1.1.) and throughout the majority of its escapement. Its performance is enhanced through its application of cutting-edge technology in the two ball-bearing systems; the balance-wheel concept and design; and the flying tourbillon that indicates the minutes with a tourbillon carrousel that does one complete rotation around the center in 60 minutes. The cage of the Freak Phantom is equipped with an arrow indicating the seconds on a transparent half-circle, rotating in one minute on itself, with the zero position holding steady on the axis of the minute indicator.

RAYMOND WEIL presents its noemia collection with a redesigned profile

noemia, the exclusively feminine line of Swiss Watchmaking, has been stirring passions since its creation in 2009. noemia’s finely set case with its delicately rounded lines has grown longer. The voluptuously formed horns merge with the steel bracelet, whose links still alternate between a polished and satin finish, and looks more feminine. Their straight and pure contours have been rounded to please the eye. The white mother-of-pearl dial is brighter giving an extra brilliance to the hours with its full-cut diamonds. At 6 and 12 o’clock, polished steel Roman applique numerals underline the watch’s classic character. The crown, embellished with a sapphire blue dome, adds a final jewelry touch to this piece. Fitted with a quartz movement, like all the collection’s models, in 24 or 32mm, noemia looks every bit as refined on the wrist as a satin ribbon.

Salvatore Ferragamo offers Idillio Collection

This refined jewellery watch draws on Salvatore Ferragamo’s research of and experimentation with different materials. The specific reference in this case is the invention of marine leather, which is tanned and prepared using special techniques. Evocatively named “Sirena”, this unusual material is celebrated today with precious dials in white or grey mother of pearl, featuring an unusual inlay technique that gives them the appearance of fish scales. The five models available, with steel or IP rose gold cases and Swiss made quartz movements, are fitted with a black or nacré white alligator effect leather strap, or a single or bi-colour steel bracelet. The highpoint of the collection is the model with diamond pavé dial and a mauve strap reflecting the mother of pearl highlights.

Versace presents the Cocktail rings from its 2013 Fine Jewellery collection

A fresh and glamorous version of the Atelier rings, the new Cocktail rings are all hand sculptured and mounted with fine gemstones such as purple amethyst, citrines, blue topaz and pink quarts. The 3D shape of their iconic Barocco setting is emphasized by three colors of gold: yellow, white and pink.  The perfect ring for the super chic cocktail party, Versace’s style. The collection is available at the Versace Watch & Fine jewellery boutique in The Dubai Mall. 

Exhibitions & Events

World Luxury Expo Abu Dhabi to be hosted at Emirates Palace in September

World Luxury Expo, Abu Dhabi, the third edition of the World Luxury Expo series, will be hosted at the magnificent Emirates Palace from September 27 to 29 2013, and is set to become an annual fixture for the UAE capital city. The World Luxury Expo series has been gaining momentum and traction amongst many of the world’s leading luxury brands. World Luxury Group has recently concluded two successful World Luxury Expos, the inaugural event was held at Burj Al Arab, Dubai in January and the second in February at the palatial Ritz-Carlton, Riyadh earlier this year. World Luxury Expo showcases a selection of the world's leading luxury brands to an invitation-only three-day event to high-net worth private clientele from across the GCC region.

Celebrity News

Olivia Palermo wears new Tiffany Atlas® Collection

Olivia Palermo looks stylish in bangles from the new Tiffany Atlas® Collection.

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