Luxury goods giant conglomerate Richemont has recently reported that demand ‘fell dramatically’ during the last quarter of 2008, in the toughest market conditions seen in the group’s 20-year history. The Swiss based group reported turnover of 1.55 billion Euros for the third quarter of its 2008-2009 fiscal year, a decline of 12.0 % compared to the same period the previous year at constant exchange rates. Modest growth was reported from the Middle East—Asia region, spurred on by positive exchange rate changes.

‘Demand for luxury goods, as in other sectors of the economy, has fallen dramatically and Richemont is currently facing the toughest market conditions since its formation 20 years ago,’ the company said in an interim financial statement.

World Federation of Diamond Bourses (WFDB) President Avi Paz has welcomed the initiative of the Diamond Trading Company (DTC), the rough diamond-selling arm of De Beers, to explore options of making available to the secondary market rough goods that are not taken up by DTC sightholders.

Paz’s statement was in response to remarks made by DTC’s Managing Director Varda Shine on 20 January 2009 at the organization’s annual sightholders assembly.

Japanese jeweller Miki Corporation filed for bankruptcy protection with liabilities at USD $ 130.2 million, reports Rappaport News. According to the report, plunging sales and heavy debts incurred due to the cost of restructuring & development of the retail chain, caused the collapse of the company.

Tiffany & Co. in partnership with Damas Jewellery, its exclusive partner in the UAE, recently opened its sprawling flagship 3,700 sq. ft. Tiffany & Co. store at the humungous The Dubai Mall and its seventh outlet in the UAE. “Thanks to the vision of world-renowned architects and smart urban planning, we have seen the future of luxury shopping here in Dubai,” quipped James Quinn, the visiting New York City-based President of Tiffany & Co., who inaugurated the store along with Tawfique Abdullah, Chairman, Damas.

Quinn was accompanied on this trip with Tiffany & Co.’s chief gemologist, Peter Schneirla. An exclusive interview conducted with President James Quinn can be read in the next edition of ‘Arabian Watches & Jewellery’ Magazine.

Top Italian luxury jewellery brand Damiani will participate in the Louis Vuitton Pacific Series Regattas due to be held in Auckland, New Zealand from 30 January to 15 February 2009. “I have always loved the sea and I am a great sailing enthusiast,” remarked Giorgio Damiani, Vice President, Damiani Group. “It is a great honour for our Group to take part in the Louis Vuitton Pacific Series with a team going under our name,” he added.

The Italia Challenge team, sponsored by Damiani is skippered by Vasco Vascotto.

Blancpain has recently presented a world-first preview of its new Fifty Fathoms watch in a special limited series of 50 in the Cite du Temps in Geneva, where it will be on display from 19 January to 28 February 2009. ‘Fifty Fathoms’, the first modern diver’s watch first emerged from the brand’s workshops in 1953. This exclusive edition is clad in a deep blue colour celebrating the inseparable ties binding the Le Brassus-based brand to the splendours of the ocean depths.

The new Fifty Fathoms has contrasting numerals, hour-markers and hands coated with a luminescent substance that stand out dramatically against the cobalt-blue dial background. The 45 mm-diameter case in white gold, equipped with a crown guard, houses the sturdy Blancpain Calibre 1315 with its five-day power reserve. This model is water resistant to 300 metres.

Two new collections have been recently added to the Longines Sports Collection. These include the Admiral and GrandeVitesse lines, which have been expanded to include four new models. The Longines Admiral Collection comes with a 24-hour graduation scale and a second time zone, which has a ceramic bezel in black or grey. The robust and elegant steel case houses a self-winding movement and the model possesses chronograph functions.

The GrandeVitesse line is characterized by its fluid lines, its aerodynamic curves, its impressive typography, its tachymeter and the finish of its push-pieces. Its impressive 44 mm diameter case is fitted with the L686 movement and features a double tachymeter on the bezel.

Montblanc has announced the Middle East launch of its ‘Love Letter Ink, a must for writing and expressing one’s true feelings. The launch of the product in the GCC was timed to coincide with the upcoming Valentine’s Day 2009.

“love Letter Ink, a beautiful ruby red coloured rose scented ink called sepia, easily offers one of the most romantic ways of expressing one’s feelings for that very special person in one’s life,” remarked Joe Nahhas, Regional Brand Director, Montblanc.

Swiss watch manufacturer ChronoSwiss has heralded the world premiere of two new chronographs. Both the moon-phase display Grand Lunar Chronograph and the skeletonized Grand Opus Chronograph are available in one size larger—with watch cases measuring a generous 41 mm. The Grand Lunar Chronograph has a massive sterling silver dial above which a domed, scratch-resistant, anti reflective sapphire crystal arches protectively.

The Grand Opus Chronograph embodies the horological artwork that is the ultimate artistic opus of the consummate perfection.

TheBride Show Abu Dhabi 2009 is the largest fashion event in the UAE capital. It was held at the newly constructed Abu Dhabi Exhibition Centre from 21 to 24 January 2009. It featured jewelled wedding dresses and gowns, jewellery, watch gift ideas and loads of wedding fashion accessories.

One highlight of the event was the display of jewelled wedding dresses priced from USD $ 22,000 to a rich fabric, USD $ 1,000,000 dress fitted with carefully sewn Swarovski crystals and jewels by emerging UAE designer & ‘King of Wedding Dresses’, Ahmed Al Reyaysa. Also on display was a USD $ 685,000 diamond jewellery wedding set and haute couture flowers by UAE-based French floral designer Olivier Dolz.

Despite economic turbulence, preparations for the 2^nd Edition of the ultra-elite India International Jewellery Show (IIJS) Signature 2009 to be held in the Western Indian State of Goa from 20 to 23 February are going full steam ahead, according to a spokesperson from The Gems & Jewellery Export Promotion Council (GJEPC) of India, sponsors of the event.

Billed as a niche, by-invitation-only event, IIJS Signature Goa will witness the august presence of a select group of international buyers sourcing stylistic, contemporary couture, plain and studded gold, silver and platinum jewellery from an exclusive club of 250 of the nation’s must-see list of eminent, crème-de-la-crème, highly acclaimed and renowned jewellers.

Inhorgenta Europe, the leading European trade fair for watches, jewellery, gemstones, pearls and technology, will open its doors for the 36^th Edition to be held from 20 to 23 February 2009. In addition to an impressive selection of exhibits from the various segments, the 30,000 trade show visitors from all over the world can look forward to a comprehensive side event programme.

Multi-faceted trade seminars, special exhibitions and panel discussions offer know-how for the upcoming exhibition season.