Market News

Luxury brands seek to expand their sales in the Middle East

The Middle East region has been identified as an increasingly important market for luxury brands. With their home markets still comatose due to the recession, Europe's luxury brands are not missing any opportunity to expand in the Gulf, particularly in Dubai. In fact, these luxury brands have been most active in the local retail sector, accounting for over 23 percent of new store openings in the last year, states CB Richard Ellis' latest retail report.

WGC recent report: Global gold jewelry demand down 5 percent for Q2

Dubai airport passenger traffic hits 4.3 million in July

Dubai International Airport hit 4,307,926 million passengers in July for the first time, up 14.3 percent compared to 3,768,965 in July 2009. Dubai International competes with Heathrow and Beijing airports for international traffic, with some analysts suggesting its consistent growth could help it eventually become the world’s busiest international airport.

Harry Winston reinstates 40 percent ownership in Diavik Stake

Harry Winston Diamond Corporation has closed the deal to reinstate its 40 percent ownership in the Diavik diamond mine by buying back the interest it sold to Kinross Gold Corporation in 2009. The aggregate purchase price for this transaction was US$220 million. Kinross received US$50 million in cash, a promissory note in the amount of US$70 million, plus the issuance of approximately 7.1 million treasury common shares of the Company.

Hermes posts strong 22.8 percent rise in first half sales

Hermes posted sales growth in the first six months ended 30 June to €1,074.7m, up 20 percent at constant exchange rates. Including the favorable currency impact, sales growth was 22.8 percent. Moreover, operating income expanded by 52.4 percent to €304.5 million Euros from €199.8 million in the first half of 2009. Operating margin was 28.3 percent compared with 22.8 percent at 30 June 2009. Consolidated net income amounted to €194.6 million Euros compared with €125.4 million in the first half of 2009, a rise of 55.2 percent.

Company News

Hublot’s CEO is awarded winner of the 2010 Gaia Prize

Jean-Claude Biver, CEO of Hublot is awarded winner of the 2010 Gaia Prize for his career in its totality and in his capacity as visionary businessman and marketing genius. The prizes will be awarded on the September 16th, 2010 at the Musée International d’Horlogerie.

Breguet celebrates the centenary of the Aeronavale

To honor the 100^th anniversary the Aeronavale, Breguet will be launching a new type of XX chronograph in a 1,000-piece limited edition. The model features some unusual characteristics for a Type XX, including a black-lacquered rotating bezel with raised numerals and slightly larger than that of the 3800; as well as an exclusive winding crown and special markings comprising the official emblem of the Naval Aviation centenary.

A. Lange & Sohne to inaugurate the Watchmaking Exhibition

A. Lange & Sohne and A. Seddiqi & Sons will inaugurate the A. Lange & Sohne "Craftsmanship in Performance Watchmaking" Exhibition on Wednesday, 8th September 2010 at Main Atrium, Dubai Mall.

Louis Moinet signs with new distributors in the United States and in Japan

Jean-Marie Schaller, CEO of Les Ateliers Louis Moinet, and Don FitzHenry, CEO of Milestone Distribution, signed a new distribution agreement. This partnership demonstrates Les Ateliers Louis Moinet’s determination to strengthen their presence in the American market. Earlier this year, Les Ateliers Louis Moinet signed an agreement with Muraki Ltd during a press party at the Shinjuku Park Hyatt hotel, for the distribution on Japanese market.

Citizen opens its first exclusive boutique in the UAE

IWC auction raises AED 146,800 and donated to environment project

IWC Schaffhausen has auctioned a platinum watch - the IWC Ingenieur Automatic Mission Earth Edition “Adventure Ecology” at an online auction. The IWC organized auction concluded with a bid of AED 146,800 (about $40,000). IWC is donating the entire proceeds to the Sculpt the Future Foundation, an environmental organization that will be channeling the funds into the ongoing Plastiki project by the name of “The Plastiki Pod.”

Product Launch

Blancpain presents Carrousel Repetition Minutes Le Brassus Watch

This grand complication combines a flying one-minute carrousel and a cathedral gong minute repeater. This unique combination of carrousel and minute repeater debuts in a 45mm red gold case with a brushed white gold chapter ring and red gold applied numerals. The combination of an opened dial center and sapphire case back allows a perfect view of the complex minute repeater mechanism and hand carving of the movement bridges.

Arnold & Son unveils the True Moon Meteorite Watch

The True Moon Meteorite is powered by a world-first mechanism capable of keeping precise track of the true waxing and waning faces of the nocturnal heavenly body. To achieve this unprecedented feat, it is calculated on the exact synodal period corresponding to 29 days, 12 hours and 44 minutes. In addition, the dial is a rare and precious meteorite stone from Arizona. It represents only 14 percent of all meteorite stones found on Earth. This timepiece is available in black or brown crocodile strap.

The MAYU MARRONE from Moser & Cie

The MAYU MARRONE watch embodies Mediterranean stylishness, joie de vivre and understatement at the same time. It is represented by two watches of Italian origin with markedly aesthetic dials and has a hand-wound movement with an extra-long power reserve with a diameter of 32 mm and a Moser tooth system optimized for high efficiency in the entire wheel train.

Valentino presents EDEN Limited Edition

Valentino Timeless has presented the EDEN special edition. This timepiece features a more delicate and feminine allure: stainless steel case and bracelet with pink corals, which are multifaceted and rigorously polished by hand. Bezel and indexes have pink sapphires of the same shade. This edition is limited to 50 watches for Christmas 2010.

FRANC VILA unveils the red version of the FVa35 SuperSonico 5 Minutes Repeater

Introduced during the Basel, FRANC VILA has unveiled the red version of FVa35 SuperSonico 5 Minutes Repeater, Superligero Concept. This timepiece features 5 minutes repetition complication and built to provide a clear sonority. This is included in the brand’s SuperLigero Concept collection.

Damas introduces creations for Eid

This Eid, Damas has introduced three creations: the Farfasha’s five piece floral motif set, the Arabic inspired Al Manthourah three-piece set and the Heart to Heart Tennis bracelet to proclaim the joy of gifting. This is part of the recently launched Uhdeeki festival across the region feature, celebrating the feeling that we would do anything for the happiness of our dearest loved ones.

Exhibitions & Events

Best and brightest set to exhibit at Dubai International Jewellery Week 2010

The Dubai International Jewellery Week will be held on 7 - 10 October 2010 at the Dubai International Convention and Exhibition Centre (DICEC). This year’s event will feature over 300 exhibitors from around the world, resulting in a truly global collection of jewellery pieces and industry expertise. Ten country pavilions will group exhibitors into their national clusters, providing a different way to shop and compare country specialties. The event is organised by the Dubai World Trade Centre (DWTC).

Hong Kong Watch and Clock Design winners announced

The award winners of Hong Kong Watch and Clock Design Competition were announced during a preview of events for the 6-10 September fair, organized by the Hong Kong Trade Development Council (HKTDC) together with the Hong Kong Watch Manufacturers Association Ltd and the Federation of Hong Kong Watch Trades and Industries Ltd. Some 700 exhibitors from 15 countries and regions have booked places at the Hong Kong Convention and Exhibition Centre for the fair.

India International Jewellery Show (IIJS) 2010

The 27^th edition of the India International Jewellery Show (IIJS) 2010 was inaugurated on 19^th August, by Mr. Chaggan Bhujbal, Deputy Chief Minister of Maharashtra, Mr. Anil Mukim, Joint Secretary, ministry of Commerce & Industry, Govt of India & Mr. Vasant Mehta, Chairman, GJEPC along with other Council members. The Gem & Jewellery Export Promotion Council (GJEPC) has seen participation of 32,823 visitors in total including 28, 589 trade visitors & around 2329 overseas visitors (buyers & visitors). 

First India International Jewellery Week

The first India International Jewellery Week was held in Mumbai at the Grand Hyatt from 15th - 19th Aug 2010. The event organized by the Gem & Jewellery Export Promotion Council presented to the international and domestic buyers the immense talent of the Indian designers in the Jewellery industry. The Gem & Jewellery Export Promotion Council the apex body of the Gem and Jewellery trade in the country is supported by the Ministry of Commerce and Industry Government of India.

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