Market News

Christie’s Tenth Middle Eastern Art Sale in Dubai reaches $8 million

Christie’s auction of Modern and Contemporary Arab, Iranian and Turkish Art has reached a total of $7,980,875 / AED 29,305,773 and set 42 new world auction records for Middle Eastern artists.  The highlight of the sale was when a group of 6 works from Edge of Arabia, were sold for $1,051,000 / AED 3,859,272, against a pre-sale estimate of around $135,000. The money raised will enable the expansion of Edge of Arabia’s education programme and art workshops in Saudi Arabia’s schools and universities.

Retail gold prices in UAE roars to new all-time high at Dh180/g

Retail prices for 24-carat gold surged to new all-time high in UAE touching Dh180/g for the first time ever, and silver kilo bars surged to Dh5,347. After threatening to breach the $1500 per ounce barrier for three sessions, the spot gold price finally surged above $1,500.16 per ounce and then jumped to slightly over $1500, thanks to the weak showing of the US dollar. While Spot silver is trading at $44.20 per ounce, a 31-year high and within striking distance of the $50/oz aberration reached in 1980.

Study reveals the biggest spenders in UAE

A recent market study conducted by the Nielsen Company, a global marketing and advertising research company, says that young nationals are UAE's biggest spenders. The new generation splurges most on fashion. Out of every Dh100 spent, almost Dh40 goes on clothing and nearly Dh35 on mobile phones, according to the study. The report also revealed that Dubai is home to the country's biggest young spenders followed by Abu Dhabi.

GCC economies estimated to soar by 7.1 percent in 2011

According to the statement, the economies of Gulf hydrocarbon exporters is expected to surge by more than seven percent in 2011, its second highest growth rate in many years since the sharp increase in 2008. The Saudi American Bank Group (SAMBA) said it had revised up its previous estimates for growth in the six-nation Gulf Cooperation Council (GCC) on the ground the global economy will not be unduly affected, with growth holding at four percent by the surging crude prices and unrest in the Middle East.

Diamond theft reported at the prestigious BaselWorld 2011

Four diamonds worth several million dollars were stolen from the world’s biggest watch and jewellery fair, reports state. A group of five men targeted a diamond trader, located in Hall 3 at the Swiss show. After the robbery was detected, the exhibition hall was closed for half an hour to prevent the thieves from escaping, but to no avail. Apparently, the thieves successfully left the hall with the stolen goods. Swiss police have since handed CCTV images of the men they suspect to be the thieves to Interpol, but the gang remains at large.

India Gem & Jewellery exports increased by 46.89 percent in 2010

One of India’s leading foreign exchange earning sectors has witnessed a considerable growth in the volume of exports from export figures of US$ 29358.49 million in the FY 2009-2010, to US$ 43139.24 million in FY 2010-2011, thus indicating a net increase of 46.89 percent in the total Gem & Jewellery exports. The growth in the sector was primarily driven by Cut & Polished Diamonds which registered an increase of 54.91 percent in FY '11. India Gems & Jewellery exports are expected to grow at a whopping 15 percent – 20 percent in FY 2011-2012.

Company News

HUBLOT teams up with Miami Heat

Hublot announced it has entered into a multi-year partnership with the Miami HEAT. This partnership marks Hublot’s first team sponsorship in the United States and compliments Hublot’s most recently acquired elite ambassador, HEAT superstar Dwyane Wade. The major component of its sponsorship of the HEAT introduces Hublot as the presenting sponsor for the premium entrances at AmericanAirlines Arena including Gate 4 and both Flagship Lounges.

GRAHAM LONDON partners with TTRD: Closer to the edge

GRAHAM LONDON announced its partnership with TT3D: Closer to the edge, a unique 3D documentary on the mythical TT race, the world-famous motorcycle race that takes place on the Isle of Man every year, narrated by famous actor Jared Leto. As official timekeeper of the Tourist Trophy, GRAHAM plays an important role especially on crucial timing scenes. The film features the leading riders in the 2010: In particular Guy Martin and Ian Hutchinson, both wearing their GRAHAM. The film will be released on April 22^nd in UK cinemas and later everywhere else.

Longines Future Tennis Aces 2011

As official partner for Roland Garros, Longines is looking for the champions of tomorrow through its Longines Future Tennis Aces tournament. This year, 16 boys will do their best to qualify for the final and to be lucky enough to take part in an exhibition match with two tennis legends, Andre Agassi and Jim Courier, both former winners at Roland Garros. In line with its tradition, Longines will again be helping disadvantaged children by making a donation to the charity organizations founded and run by its ambassador of elegance, Andre Agassi, and the legendary former tennis champion, Jim Courier.

Pilara-Piaget celebrates its new team

On the eve of the Piaget Gold Cup final match, Philippe Leopold-Metzger, CEO Worldwide of Piaget, and Marcos Heguy, Piaget’s international brand ambassador, hosted an intimate fieldside dinner at the International Polo Club Palm Beach to present the new Pilara-Piaget team. The Pilara-Piaget team includes Bautista Heguy (8), HilarioUlloa (9), CristianLaprida (8) and Tomas Garcia del Rio (8) - a winning combination of experience, talent and determination.

Jaeger-LeCoultre announces auction for the benefit of the Malpelo marine site

Within the framework of the partnership between Jaeger-LeCoultre and the UNESCO World Heritage Centre, the Grande Maison in the Vallee de Joux is announcing the auction of a unique model: Prototype N°1 of the Memovox Tribute to Deep Sea  “LeCoultre Special Amerique 1959” commemorative edition watch. The proceeds will be entirely devoted to safeguarding a remarkable marine site, the fauna and flora sanctuary around Malpelo Island, Colombia.

Breitling sponsors JetMan’s first U.S. flight

Swiss pilot, aviator and engineer Yves Rossy makes his first flight in the U.S., in which he will attempt to fly through the incredibly scenic Grand Canyon. “Jetman” as he is called, will be flying roughly 200 meters (656 feet) away from the special media vantage point onsite using the jet-powered wing. On this occasion, luxury Swiss watchmaker Breitling is sponsoring JetMan’s first U.S. flight.

CHARRIOL night at Forbidden City

A prestigious event was held on March 29, 2011 when the Chinese authorities have enabled major luxury groups to enter the walls of the Forbidden City. Various celebrities, VIPs, media and agents were in the city. On this occasion, a large CHARRIOL Brand gallery, where brand’s history, ambassadors and new collections of each products category including watch, jewellery, leather goods, fragrance, eyewear and men’s ready-to-wear were presented.

Product Launch

Glam Rock designs Charity Watch for Japan

Glam Rock has exclusively designed the Japan Charity Watch dedicated to the country in hopes of raising as much money as possible to help the victims who lost their homes and families during March 11 Earthquake. 100 percent of the proceeds will be given directly to Japan Red Cross Society. (http://www.jrc.or.jp/english/index.html) The brand will post these watches on their website and also through their social media pages soon.

Louis Moinet: The King of Malaysia unveils the GEOGRAPH rainforest

The official unveiling of the GEOGRAPH rainforest at BaselWorld 2011 took place in the company of the Malaysian king, His Majesty Seri Paduka Baginda Yang di-Pertuan Agong of Malaysia Sultan Mizan Zainal Abidin. Jean-Marie Schaller, CEO of Les Ateliers Louis Moinet SA, presented the sovereign with a GEOGRAPH rainforest watch made especially for him. The timepiece features an exceptional new material: petrified palm wood. Each watch sold will enable a substantial contribution to the “PULAU BANDING Foundation”.

SAINT HONORE introduces Opera

SAINT HONORE has introduced the Opera Watch. The new model has its two different versions - 33 mm and 37 mm. But the star attraction is without question the magnificent “Eclair” executions. Loyal to its pioneering traditions, SAINT HONORE presents exclusively immensely precious bezels and dials, magnified by a unique "pave of diamonds"-style work. These “Eclair” versions are truly exclusive and give Opera an originality never seen before. The Roman numerals hovering between elegant and simple and their layout reveal a whole new type of classicism.

Liali Jewellery presents Au Finja collection

Liali Jewellery has presented the Au Finja, a collection of stunning and intricately designed gold bangles that are distinguished by its unique craftsmanship and cutting edge technology. The Au Finja brand features the Rosette and Mohenjo-Daro range with designs that celebrate the modern woman who treasures the traditional values. Elegantly set in 22k yellow and white gold, the Mohenjo-Daro bangles have a minimum weight of 36 gms. While small flower petals surround the thick bangle of Rosette collection, crafted in 22k yellow and white gold and has a minimum weight of 28 gms.

Exhibitions & Events

Antiquorum to offer a selection of over 500 exceptional timepieces in Geneva

More than 500 carefully selected vintage and modern timepieces, pocket watches, and clocks will be offered to the upcoming “Important Modern and Vintage Timepieces” sale to be held on May 15, 2011 at Geneva’s Mandarin Oriental. One of the major highlights of the sale, the exquisite Breguet silver carriage clock with 10 complications, was sold to the Marquise de Bethisy on May 6^th, 1878. Previews will take place in Hangzhou, Shanghai, Beijing, Hong Kong and Geneva.

Dubai hosts 2011 WFDB Presidents’ Meeting

The 2011 Presidents’ Meeting of the World Federation of Diamond Bourses (WFDB) began on April 11 in Dubai with meetings of the Trade and Promotion, Judicial and Executive Committees. The Trade and Promotion Committee discussed the strengthening of the WFDB Mark, the quality mark of the WFDB, used by some 1,250 bourse members worldwide. They also debated the introduction of the WFDB Retail Mark that will soon be launched in the downstream market.

FT Business of Luxury Summit 2011

The 7^th annual FT Business of Luxury Summit will be held on June 5 to 7, 2011 at the Beau-Rivage Palace in Lausanne, Switzerland. This annual summit is regarded as the premier thought-leadership event for senior luxury executives, corporate decision makers and financiers from around the world. This event will provide participants with a unique opportunity to meet and do business with leaders of the world’s luxury industry, whilst taking part in what now recognized as one of the most prestigious events on the industry calendar.

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