A diamond merchant from Dubai, UAE has paid more than USD $ 6.3 million for two stones at a recent Christie’s auction in New York. Amer Radwan, from Radwan Diamond & Jewellery Trading, bought the Ponahalo diamonds made from an original 316-carat gem unearthed in South Africa. The two diamonds, weighing 70.87 and 102.11 carats, sold for USD $ 2.15 million and USD $ 4.11 million in telephone bids.

This is the second biggest acquisition attributed to Radwan. Three years ago, he bought a 25.02-carat, pink-hued diamond for just over USD $ 6.0 million, also over a telephone bid at a Christie’s auction. He dubbed the internally flawless diamond ‘Rose of Dubai’ and sold it for more than double the pre-auction estimate.

According to a recent report by the management consulting group A. T. Kearney, the Indian luxury watch market is currently worth around USD $ 327.0 million, whilst the market size for luxury goods and services is pegged at USD $ 4.2 billion. India’s new organized retail segment—malls, hypermarkets, large shopping complexes alone are expected to be worth USD $ 200.0 billion by 2016.

The country’s economy is growing at a brisk rate of 8.0 % and in 2006, there were about 1.6 million households earning USD $ 100,000 or more a year and spending about USD $ 9,000 annually on luxury, a group that is expected to grow 14.0 % annually.

About 6.0 million Indian nationals live in the GCC, accounting for as much as 50.0 % of the expatriate workforce in some GCC states.

In view of the global economic crisis, Avi Paz, President of the Antwerp-headquartered World Federation of Diamond Bourses (WFDB), has appealed to diamond mining companies to reduce the quota of rough diamonds they supply to the industry for marketing worldwide.

“The mining companies can enhance stability at uncertain economic times by reducing the volume of rough diamonds they supply. Such action is imperative and necessary for the diamond industry, the rough producing countries, the global banking system and the mining companies themselves,” Paz said in a Press Statement.

The coloured stones market is set to expand faster than other jewellery categories in the next five years, according to a new survey released recently by the Dubai Gems Club (DGC), a subsidiary of the Dubai Multi Commodities Centre (DMCC). The survey, a first for the region’s coloured stones industry, was commissioned by the DGC and carried out by the US-based Jewellery Industry Research Institute (JRIA) & UAE-based BUZ Consulting.

Key research findings reveal that of the projected jewellery sales mix over the next three years, coloured stones will account for 26.0 % of the total jewellery sales in Dubai by 2011. “Dubai has taken a proactive step through this new research commissioned by DMCC. The driver for the growing demand for coloured stones is today’s fashion-conscious consumer, who seeks unique jewellery pieces. The versatility of coloured stones provides a great opportunity for designing exclusive jewellery pieces,” remarked Gaiti Rabbani, Executive Director, Coloured Stones & Pearls Division, DMCC.

According to Kenneth Gassman, Founder & President of the JRIA, rubies, sapphires and emeralds were among the fastest selling coloured gemstones at 44.0 %, 28.0 % and 24.0 % respectively. The survey was based on interviews with 50 traders as well as over 100 consumers comprising jewellery shoppers in Dubai.

On a global basis, the market for all gemstones & gemstone jewellery stands at USD $ 80.0 billion, representing 55.0 % of total jewellery industry sales. Of this, roughly USD $ 10.0 billion is for coloured stones and USD $ 70.0 billion for diamonds and diamond jewellery.

The World Jewellery Centre (WJC) has signed its 150^th company to reserve space in the new, international gem & jewellery hub. These 150 firms come from every sector of the gem, jewellery and watch industries and represent 24 countries on five continents including 20 from the USA. Ground breaking for the WJC is expected in H2-2009 and completion is slated for 2011. “This latest achievement illustrates strong & steady interest in the project throughout the industry,” affirmed Bill Boyajian, Managing Director, WJC.

The Rolex Awards. One of the world’s most respected philanthropic programmes, are coming to the Middle East for the first time under the patronage of HRH Princess Haya Bint Al Hussein, wife of HH Sheikh Mohammed Bin Rashid Al Maktoum, Vice President & Prime Minister of the UAE & Ruler of Dubai. The 13^th Edition Rolex Awards will be presented to the 2008 winners in Dubai in November.

To commemorate the occasion, Rolex of Geneva is hosting a series of public events in the UAE aimed at sharing knowledge and building relationships between the Arab world and the international community. The 1^st Rolex Middle East Forum “encouraging Innovation for the Next Generation’ was held at the Centre of Excellence for Applied Research & Training in Abu Dhabi on Sunday, 19 October 2008 and featured 18 high-profile international and regional participants including Rebecca Irwin, Director, The Rolex Awards for Enterprise and Dr. Tayeb Kamali, Vice Chancellor, UAE Higher Colleges of Technology & Group CEO, Centre of Excellence for Applied Research & Training.

On the occasion of its 150^th anniversary, eminent Parisian jeweller, the House of Boucheron has opened its second 122.0 sq. m. boutique at the prestigious Emirates Towers Boulevard in Dubai, UAE. “The opening of the second Boucheron boutique in Dubai is a testament to the brand’s growth and success in the region,” commented Shireen El Khatib, CEO, Al Tayer Insignia, the brand’s exclusive franchise partners in the UAE.

On a separate note, Boucheron will extend its e-commerce operations, currently only available in Europe, to the United States, as part of its rejuvenated retail strategy. “The web is a wonderful and modern opportunity to customers in the US to access Boucheron’s exquisite offerings,” commented Jean-Christophe Bedos, CEO, Boucheron.

The Luminor 1950 Ceramic 8 Days Chrono Monopulsante GMT 44 mm is a diver’s watch with a series of additional functions which makes it one of the most sophisticated models ever. It is the newest addition to Panerai’s repertoire in the Middle East. Hand-wound, it has power reserve of 8 days and a power-reserve indicator. It also has a chronograph controlled by a single button and a second time zone function with day / night indication.

The model is water-resistant to 100 metres and 44 mm in diameter. The case is made of zirconium oxide with matt finish. It is fitted with the characteristic lever bridge also made of ceramic, which makes it shock-resistant and ensuring water-resistance.

This sober yet surprising latest vintage 1945 model launched by Girard-Perregaux exhibits an offset hour and minute display, freeing space for the small second date and power reserve indicators. It is equipped with a GP Manufacture automatic winding movement. The dial of this 37 mm watch is hand-made by experts at the peak of their arts.

An alligator strap makes a harmonious dressing to the piece. The model has Roman numerals and blued steel ‘leaf shaped’ hands that run around the ‘grand feu’ enamel dial.

Azal, Al Tayer Insignia’s multi-brand store with a portfolio of the world’s leading fine jewellery and luxury watch brands has announced the exclusive launch of Clerc in the UAE. The Geneva-based haute horlogerie manufacturer is renowned for its pioneering contemporary designs, enriched by genuine mechanical and aesthetic innovation. Clerc was founded in 1874 in Paris and is now run by Gerald Clerc, watchmaker representative of the fourth generation of the family.

Clerc invented an entirely new shape, stemming from the combination of a circle and a perfect square. Highly architectural by nature, this unique octagon demonstrates great strength and character. His creations Odyssey and Hydroscaph, were launched at Baselworld 2008. “We are proud and enthused to launch our futuristic haute horlogerie collections with Al Tayer Insignia in the UAE,” said Gerald Clerc, President at a recent event in Dubai to commemorate the partnership.

Hong Kong investment group and diamonds & gold jewellery retailer Chow Tai Fook (CTF), established in 1929, has confirmed the recent takeover of Milus, which was part of the Peace Mark Group since 2002. According to a Press Statement, CTF Group’s acquisition of Milus is a great opportunity to complement its portfolio of luxury products with a high-end watch brand.

Total assets of the CTF Group exceeds USD $ 5.0 billion and the conglomerate employs over 80,000 personnel. Currently, the company has over 700 retail outlets and franchises in over 60 cities in China, Hong Kong, Macau, Taiwan and Malaysia.

HH Sheikh Maktoum Bin Mohammed Bin Rashid Al Maktoum, Deputy Ruler of Dubai has confirmed his patronage of the Dubai International Jewellery Week (DIJW) 2008. DIJW will feature three major luxury, retail and trade events including Areeq, the luxury watch & jewellery boutique to be held from 13 to 15 November 2008 at the Dubai International Convention & Exhibition Centre; the Jewellery Collections, the ultimate jewellery retail event to be held from 11 to 15 November and Jewellery Trade to be held concurrently at the same venue.

The recently concluded 42^nd Edition of the Bangkok Gems & Jewellery Fair (BGJF), held from 11 to 15 September 2008, was a resounding success despite the political unrest in the Thai capital with strong visitor turnout and robust trading volume. None of the 3,149 exhibitors, 2,829 of whom are local, pulled out in a show of confidence and reinforcement of their faith in the exhibition.

Khun Vichai Assarasakorn, President, Thai Gems & Jewellery Trading Association (TGJTA), estimated that business worth USD $ 882.0 million was transacted during the five-day, bi-annual fair. This represents about 15.0 % of the Kingdom’s total gems and jewellery exports, which was expected to reach USD $ 5.88 billion in 2008, an increase of 20.0 % over the previous year (2007).

The 14^th Edition of the Malaysia Jewellery Festival 2008 incorporating Malaysia International Jewelex will be held at the Kuala Lumpur Convention Centre from 21 to 24 November 2008. Malaysia’s biggest international jewellery fair is supported by the country’s Federation of Goldsmiths & Jewellers Association.

Over 250 brands from global companies will be exhibiting at the event, which is expected to attract over 20,000 buyers from 20 countries.