Market Report

Ruler of Dubai meets LVMH CEO Mr. Bernard Arnault

UAE Vice President, Prime Minister and Ruler of Dubai  His Highness Sheikh Mohammed bin Rashid Al Maktoum, today, received Bernard Arnault, Chairman, CEO of LVMH Moet-Hennessy- Louis Vuitton, a Paris based group. The meeting was held in the presence of Dubai Deputy Ruler Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum. Sheikh Mohammed exchanged views with the French businessman on the economic, trade and market movement in the world in general and Dubai in particular.

Market News

Dubai ranked 3rd “most dynamic” city in the world

Dubai’s credentials as the place to do business has been given a firm push with a new ranking naming it the third “most dynamic” city in the world, just after San Francisco and London and ahead of Chinese metropolises, Shanghai and Wuhan. In all, the pros and cons of 111 business hubs were filtered through in a new study — the City Momentum Index — put out by the real estate consultancy Jones Lang LaSalle. Dubai also figures in the list of “elite cities” in the Index, based on the fact that Dubai, San Francisco, London, New York, Hong Kong, Singapore, Los Angeles and Tokyo accounted for a quarter of direct commercial real estate investments in the period 2012-13.

Swatch reports 17% jump in earnings for 2013

Swatch forecast “healthy” growth this year after reporting a 17-percent jump in earnings for 2013. Net profit surged 20 percent to $2.13 billion. Its results received a boost from a court-ordered compensation payment of $449 million from Tiffany & Co. resulting from a legal battle over a failed joint venture.  Operating income rose to $2.6 billion, easily beating analysts’ estimates. Swiss watch exports to China and Hong Kong fell 8.5 percent in the first 11 months of 2013.

LVMH's watch and jewelry revenue down by 2 percent

LVMH Moët Hennessy Louis Vuitton reported 4 percent organic revenue growth for its jewelry and watch division in 2013. Jewelry and watch sales for the Paris-based luxury goods conglomerate reached $3.76 billion, down 2 percent from $3.83 billion in 2012 but up 4 percent with comparable structure and exchange rates. Profit for the group was up 12 percent, from $451.0 million to $506.3 million. Total sales for LVMH reached $39.28 billion, up 4 percent year-over-year.

Dubai’s jewellery trade increases during Dubai Shopping Festival 2014

Dubai’s jewellery trade basks in record during Dubai Shopping Festival (DSF) 2014, with volumes on track to be the best ever in five years. By the end of the promotional run on February 2, the 180 retail outlets participating in the campaign sold nearly 7.5 tonnes worth of the metal in various forms. A surge in buying in the four days ahead of the promotional run coming to an end could add a further tonne or two to the overall tally. On January 24 the highest off take where participating jewellery outlets sold approximately 400-kilogram on a single day; During the run, a daily raffle of one-kilogram of gold was conducted, which had been another factor adding to the interest.

Company News

Stephen Gallacher defends his title at the 25th OMEGA Dubai Desert Classic

Stephen Gallacher was the first golfer in the 25-year history of the OMEGA Dubai Desert classic to defend the tournament’s title and he did so in dramatic fashion with an eagle on the 18th hole. The gallery at the Emirates Golf Club was kept guessing on the outcome until the final putt. The victor finished the tournament with a total of 16 under par, claiming the lead after it had changed hands several times during the day. The Scotsman played well throughout and held off a challenge from a surging Emiliano Grillo of Argentina. Along with the championship trophy and cheque, Stephen Gallacher was also awarded with an OMEGA Seamaster Aqua Terra Annual Calendar.

Bremont announces its partnership with Boeing

Bremont partners with Boeing to develop a new range of mechanical watches that fully explore the aerospace company’s extraordinary expertise in advanced material technology, together with Bremont’s enviable track record in chronometer manufacture. The partnership will also be used to help commemorate Boeing’s 100th anniversary. Bremont plans to release wristwatches and chronometers featuring Boeing aeroplane materials, as well as a limited edition of watches featuring aeroplane parts.

Andrea Zagato visits Chopard Boutique in Kuwait

Andrea Zagato, the design legend and owner of the Italian bodywork specialist visited the Chopard boutique at the Avenues. Trafalgar warmly welcomed Andrea Zagato together with selected guests and media for this special event.

Wonho Chung visits Jaeger-LeCoultre in Switzerland

Wonho Chung, the Arabic speaking Korean comedian, visited Jaeger-LeCoultre. Welcomed by Jaeger-LeCoultre Design Director JanekDeleskiewicz, Wonho discovered different stages of watch manufacturing, decoration and assembly. Wonho particularly admired engraving techniques that went into making his personalized Reverso.

GJEPC and the IIDGR and De Beers Group collaborates to maintain consumer confidence in diamonds in India

The Gem and Jewellery Export Promotion Council (GJEPC), India and the International Institute of Diamond Grading and Research (IIDGR), a division of De Beers Group of Companies, agreed to cooperate and work together to maintain consumer confidence in diamonds and more specifically support the industry in the detection of synthetics. The IIDGR will be providing their state-of-the-art Automated Melee Sorting (AMS) machines to the GJEPC.  These machines will be operated by the Diamond Detection and Resource Centre (DDRC), which is part of the Gemmological Institute of India (GII), in the Bharat Diamond Bourse (BDB) premises.  The AMS machines can rapidly detect synthetic stones in parcels of small diamonds ranging from 0.01 - 0.20 carats in a cost effective manner. 

Carrera y Carrera reveals Bambu collection

Carrera y Carrera presents the Bambu Collection; the features of Bambu’s lines fused with vibrant precious stones that seem to melt into the carefully carved yellow gold of the bamboo stalks and the white gold paved with diamonds that create the delicate leaves.  Carrera y Carrera has introduced five new models:  Two dynamic rings with colorful precious stones – amethyst and rose quartz. A new set comprised of a ring, pendant, and earrings crafted in yellow gold and white gold with diamonds.

Product Launch

BOVET 1822 presents the Amadeo Fleurier 43 for Chinese New Year

In honor of Chinese New Year, the year of the horse, BOVET 1822 have created a unique piece, The Amadeo Fleurier 43 is presented in red gold, featuring a miniature painting of a horse on a white mother-of-pearl dial. As with other timepieces in the Amadeo series, the Amadeo case allows the timepiece to be converted without tools from a wrist watch to a table clock or pocket watch.

Chopard unveils The “Mille Miglia-Zagato” Chronograph

Chopard presents The “Mille Miglia-Zagato” Chronograph, The diameter as a steel case with a DLC coating; it comes in two variations: one all-black and the other fitted with a rose gold bezel featuring a red insert bearing the 24-hour dual-time graduation. In both versions, it has a red-lacquered tip, a nod to the symbolic colour of both Zagato and the Mille Miglia. Its lines featuring a distinctive central groove echo the architecture of its ‘double bubble’ roof, while the bright red stitching on the leather is a classic Zagato signature feature. The Mille Miglia Zagato is in black barenia leather strap with red or black stitching, folding clasp is in DLC-coated steel.

Hamilton presents the Hamilton Jazzmaster Viewmatic Skeleton

The new H-20-S skeleton movement is both the beating heart and exposed soul of the Hamilton Jazzmaster Viewmatic Skeleton, Gent and Lady. The Hamilton Jazzmaster Viewmatic Skeleton Lady combines romantic appeal with meticulous detail. The dial colour is Silver with teardrop applied indices. Automatic H-20-S movement scattered with petal-like ruby-red detail. A five-row stainless steel bracelet for a white leather strap edged and lined with sumptuous ruby red. The Hamilton Jazzmaster Viewmatic Skeleton Gent dial colour is silver and anthracite-colored with applied Super-LumiNova® indices. The attachments have a five-row stainless steel bracelet or a black leather strap.

Exhibitions & Events

Antiquorum Kicks off 40th Anniversary with Auction of Rare Modern Complicated Wristwatches in Hong Kong

Antiquorum Auctioneers is looking forward to its auction of “Important Modern & Vintage Timepieces” to be held at Mandarin Oriental Hong Kong on Saturday, February 22, 2014.  This will be the first sale in celebration of Antiquorum’s 40th anniversary which will encompass a total of 250 fine and exceptional timepieces from the world’s premier watch companies including the following highlights: a Patek Philippe Ref. 5004A stainless steel wristwatch with split-seconds chronograph made in a limited edition of only 50 pieces; a Patek Philippe Ref. 5004J yellow gold wristwatch with a black dial offered at auction for the first time; an innovative and unique Richard Mille tonneau-shaped “Tourbillon Prototype” magnesium wristwatch and a series of exceptional Rolex classics.

The 11th Doha Jewellery and Watches Exhibition will display more than 500 brands

More than 500 globally acclaimed brands will be on display at the 11th Doha Jewellery and Watches Exhibition (DJWE 2014), which is to be held at the massive exhibition hall of Qatar National Convention Centre (QNCC) from February 25 to March 2. This year, over 500 brands will be represented by 34 companies; the six-day Doha show is considered one of the topmost exhibitions of its kind by industry professionals and affluent customers from across the world according to the organizing company. Held under the patronage of HE the Prime Minister and Minister of Interior Sheikh Abdullah bin Nasser bin Khalifa al-Thani, the exhibition of premium jewellery, gemstones and timepieces is expected to draw a number of buyers from different parts of the world.

Celebrity News

Michelle Rodriguez wears AVAKIAN jewellery at the Amfar Gala New York 2014

Actress Michelle Rodriguez wore diamond necklace and ring from the AVAKIAN Haute Joaillerie collection to attend the Amfar New York Gala at Cipriani Wall Street last week.

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