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Latest Business News on the Watch
and Jewellery World in the Middle East
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Newsletter Issue No. 3
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Saturday, March 20 - 2004
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| Market News |
| Dubai Pavilion at Baselworld 2004 | 
Sheikh Ahmed Bin Saeed Al Maktoum and Tawhid Abdullah, viewing the proposed layout of the pavilion. |
| The Gold & Jewellery Group and the Dubai Metals and commodities Centre, announced plans to jointly promote Dubai as an international jewellery hub at Baselworld 2004, the world’s foremost jewellery, watches & precious stones exhibition. An 11 strong delegation of Dubai based jewellery traders will showcase their designs in the first ever Dubai Pavilion at the international event, along with some 2100 other exhibitors. |
| Jewellery Arabia 2004 – Bahrain - anticipate a sell-out | 
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Now in its thirteenth year, the Middle East’s premier jewellery exhibition is preparing for its most successful edition ever from 5 to 9 October at the Bahrain International Exhibition Centre under the patronage of His Highness the Prime Minister Shaikh Khalifa bin Salman Al Khalifa.
Jewellery Arabia is the leading showcase for a huge regional market and will fully occupy both halls one and two of the exhibition centre in addition to the newly constructed conference facility. Only a limited amount of exhibit space remains and shows organisers Arabian Exhibition Management anticipate a sell-out show this year.
Over 500 companies from 26 countries will be showcasing their latest collections to the region’s jewellery trade and private collectors by invitation. Exhibitors will include world famous names, premium brands, national pavilions and leading regional jewellers; collectively forming the Middle East’s largest display of diamond, gem-set, platinum, gold and silver jewellery and luxury watches.
Speaking at the Jewellery Arabia 2003 press conference, President of Piaget International Yves Piaget said that “Jewellery Arabia is now established as the third most important jewellery event in the world after Basel and JCK”.
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| Gold Refineries moving into DMCC |
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| The first group of Dubai’s gold refineries is expected to move to the Dubai Metals and commodities Centre (DMCC) premises within three months, followed by three other groups by September. DMCC will launch online commodity trading in June, when the Dubai Commodity Receipt (DCR), the new commodity trading, warehousing, finance and management system will go on line. |
| Oil prices behind GCC’s 2003 surpluses |
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| Robust oil prices allowed most GCC countries to either wipe out their budget deficits or produce strong surpluses in 2003. A study released by a UAE bank said the country’s federal budget for 2003 ended with a zero balance; Kuwait reported a $ 5 billion surplus, while Saudi Arabia’s was a record $ 12 billion and Qatar’s $1.1 billion. Bahrain and Oman suffered from a shortfall of about $1billion each. |
| Dubai gold Jewellery exports to Iraq booming |
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Dubai is exporting over 125 kg. of gold jewellery a week to Iraq. Exports totalled 1000 kg. worth Dhs.50 million in the first two months of 2004. The UAE exported 15 tons only of gold jewellery to Iraq during the whole of 2003.
Meanwhile, Iraqi gold manufacturers are complaining from what some of them is describing as an invasion of Dubai gold jewellery. Iraq has recently witnessed a boom in sales of gold jewellery. 21 and 18 carat gold jewellery are most in demand.
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| Dubai’s gold trade surges by 28% |
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| Driven by high gold prices and healthy exports, the value of Dubai’s gold trade surged by 28.72% in 2003 to reach $5.87 billion. This represents a 2003% rise in volume to 495.48 tons of gold. DMCC statistics said this healthy turnover was recorded against a slight drop in imports. In its first official industry specific data, DMCC said that the price of an ounce of gold shot to $363083, while exports surged by a record 91% in 2003. |
| Saudisation of the Jewellery industry underway |
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| The Saudisation of labour at Saudi Arabia’s jewellery industry is well underway. Dr. Abdul Wahed Al Hameed, Secretary General, the Saudi Labour Council denied reports that 2500 Jewellery outlets quit Saudi Arabia to set up shop in Dubai. The Kingdom will carry on with its move Al Hameed said. |
| WGC welcomes renewal of gold agreement | 
Mr. Moaz Barakat - Managing Director - World Gold Council |
The World Gold Council (WGC) welcomed the renewal of the gold agreement by the European Central Bank. Mr. Moaz Barakat, the Council’s managing director for the Middle East, Turkey and Pakistan, said the agreement which applies only to the EU, came six months before the official renewal date, reaffirming the Central Bank’s confidence in the role of gold as a reserve asset.
With 8,135 tonnes in its vaults, the US maintained its global lead in gold reserves, followed by Germany with 3,440 tonnes, the IMF with 3,217 tonnes, France with 3,025 tonnes and Italy with 2,452 tonnes. Although not an EU member, Switzerland is a signatory to the 15 member strong agreement, and held 1,666 tonnes in gold reserves.
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| Exibitions & Conferences |
| “Gold Expressions” by Damas and the World Gold Council. | 
Prof.Manuela Dal Lago President of Vicenza, H.E. Ambassador of Italy to the UAE, Tawhid Abdullah, Moaz Barakat |
| Damas, a leading retail jewellery chain in the Middle East, in association with the World Gold Council and Vicenza Fair, proudly presented for the first time in Dubai and the Middle East, "Gold Expressions: the language of Italian Design" and "Uno Trend: Damas Youth Collection". A press conference was at the Fairmont Hotel showcasing the innovative jewellery collections from numerous famous Italian designers. The collections will be on display at Burjuman Centre from 22nd till 26th March 2004, and from 29th March till 2nd April 2004 at Marina Mall in Abu Dhabi and will continue to be exhibited on a world tour. |
| OMEGA Official Sponsor of the Triple Crown Endurance Challenge. | 
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OMEGA has chosen to support the Triple Crown Endurance Challenge Series Final to be held in Dubai on the 25th of March.
OMEGA announced its official involvement in the Endurance race during a press conference held in Dubai in the presence of OMEGA's president Mr. Stephen Urquhart and Mrs. Nayla Hayek |
| Majestic/IBG hosts exclusive exhibition | 
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Majestic recently hosted an exclusive exhibition of the latest creations of the world famous designer Jorg Hysek. Displayed at the function, were exquisite examples of the designer’s remarkable talent, including watches and objects d’art.
Dubai was one of the most important stations of the exhibition’s world tour, ending back in Geneva. |
| Hatot reveals brand revival in Dubai | 
Mrs. Arlette Emch, President, Leon Hatot Watches and Jewellery. |
Mrs. Arlette Emch, President, Leon Hatot Watches and Jewellery, organized an exclusive presentation to the local and regional media. Over a business lunch held at the Exclusive Royal Mirage resort in Dubai, Mrs. Emch briefed the audience history, achievements and the revival of the brand.
Leon Hatot’s exquisite designs and craftsmanship were considered the pinnacle of luxury early in the Twentieth century. The brand is now reasserting itself in the world of luxury jewellery and watches.
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| VIP Panerai Platinum Lounge | 
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The Dubai International Boat Show March (17-20) was the host of the VIP Panerai Platinum lounge that was a new and exciting addition to this year’s event.
Panerai provided its clientele with a VIP treatment where they had the chance to view Panerai latest collection during the show.
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| Dubai to have its own Film Festival |
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| Dubai’s first international film festival (DIFF), will run between December 6-11 this year, and will feature dozens of local, regional and international films. Neil Stephenson, festival director, said that the Madinat Jumeirah would be the epicentre and backdrop of the festival, while some premises of the Dubai Media City and Knowledge Village will also be used as venues for the festival. |
| New Product Launch |
| Cartier ME launching exclusive products | 
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| Cartier ME has recently introduced its le Baiser Du Dragon fragrance for women in the Middle East. Preparation at Cartier is currently underway to launch a new exclusive Jewellery Collection on the 5th of April and a new up market watch by May. |
| Baume & Mercier’s Strong Personality Chronographs | 
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Baum & Mercier has introduced three new models of its Chronograph Capeland S under the Theme Black & White.
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| Khalil Al Sayegh celebrating its latest collection | 
Mohammed Ali Hassanali, Managing Partner |
| Khalil Al Sayegh Jewellery recently launched its new collection of high end Jewellery. At a special presentation held at the company’s main showroom in Dubai, exclusive jewellery designs were on display. Ranging between 21 carat gold, pearl and diamond jewellery, the new collection draws on Gulf and Asian cultures, to create classical beauty. |
| Taiba introduces “Timeless Beauty” |
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| Taiba Gold & Jewellery introduced its “Timeless Beauty” collections, in an elegant and well-presented bilingual English/ Arabic catalogue. The company entered the Guinness World Records book, through the world’s largest 21-carat gold ring, weighing 63.856 kilograms and studded with 615 precious stones. |
| Aigner launching the Verona Diamond Watch |
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| Aigner recently launched its new diamond collection of “Verona” watches in the Middle East markets. The collection features a stylish horseshoe shaped case set, studded with 32 diamonds and 50 diamonds on genuine mother-of-pearl dial set. |
| Two new watches from Concord Movado | 
Movado’s new Semi Moon. |
| The Concord Movado Group has introduced the Concord –Scala Tonneau Horizontal and the new Movado Semi Moon. Boasting a half moon shaped stainless steel case; the Semi Moon is a distinctive remake of a unique Movado timepiece designed in 1914, with an exclusive parchement-couloured dial set with gold plated Arabic numerals. |
| Giordano’s new wrist collection |
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| Giordano recently launched its new collection of men and women watches. Coming in a variety of style, the new watches are designed to meet different budgets. |
| "ANFAS” from Damas |
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| Dubai’s exclusive jewellers Damas recently launched their new “ANFAS” jewellery collection. Created by “Carate International”, this unique collection, boasting white and yellow gold and precious stones jewellery, draws on the play of nature’s beauty with noble elements. |
| Sporty Dualmatic from Jaeger-LeCoultre | 
Norma Naoum Ambassadress for Jaeger-LeCoultre. |
Over a business breakfast held at Dubai’s exclusive Jumeirah Beach hotel, Nicholas Baretzki, International Director, Jaeger-LeCoultre, introduced the latest addition to the Master Compressor Dualmatic exclusive watch collection.
The launch of the new sporty version of the famous collection, is the first of its kind in the Middle East, and comes prior to the worldwide launch in April at the SIHH.
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| Company News |
| Bahrain’s Jewellery Centre expanding | 
Dr. Abdul Qassim Shirazi |
Bahrain’s Jewellery Centre expanded and renovated its main showroom at the City Garden Shopping mall in Manama Bahrain (previously known as the Bahrain Sheraton Commercial Complex).
The move comes against the background of a general revamping plan aiming at adopting the new concept of several boutiques in a single one. The showroom’s area increased to some 4,000 sq. feet, and it now holds 30 watches and jewellery boutiques. |
| Damas expanding in Italy |
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| Damas Jewellery is planning expanding in Italy. According to Tawhid Abdullah, the company is planning to have some 50 outlets in Italy by 2007. Since its conception back in 1904, the company opened retail outlets in many overseas markets, including Egypt, Sudan, Jordan, Libya, Lebanon, all GCC countries, India, Pakistan and the Maldives. Italy heads the list of European countries, where Damas is planning to expand. |
| First Piaget Boutique opens in Kuwait. | 
Mr. Yves Piaget - Chairman of Piaget International |
| Piaget has opened its first exclusive Boutique at the J.W Marriott Hotel in Kuwait on the 7th of March 2004. The Company is broadening its penetration in the Gulf market with the opening of this boutique, which showcases some of the new collections yet to be launched in the Gulf, including the ‘Secret Garden’ jewellery collection. |
| Paris Gallery new showroom in Abu Dhabi |
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| Paris Gallery has recently opened a new showroom in Abu Dhabi. The new Khaldiya showroom covers three levels and houses the Paris Gallery day spa and hair salon. |
| New Seiko strategy in the Middle East |
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| In a shift of its strategy, Seiko watches of Japan will focus exclusively on the middle Dhs. 350 (US$ 95) and upper middle Dhs. 4000 (US$1100) segments of the Middle East watch market. Seiko is believed to command a 25 per cent share of the UAE market. Local franchisees Al Futtaim Watches, have recorded a strong 15-20 per cent growth over the last two years |
| Al Manara hosts the Miss Continental Beauty |
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| Miss Dominique Horani, holder of the Miss Continental Beauty title has recently paid a private visit to Al manara’s showroom in Abu Dhabi. Miss Horani expressed her admiration of the exclusive jewellery and watches collections on display at the showroom. At the end of the tour, the beauty queen was presented a “Baume & Mercier” luxury watch. |
| Royal accolade for Tawfique Abdullah |
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| Tawfique Abdullah, CEO, the Dubai Metals and commodities Centre (DMCC), recently received a royal accolade in appreciation of his services to the jewellery industry. On behalf of King Albert, Prince Philip, Crown Prince of Belgium presented Mr. Tawfique with a medal award on his role in the development of trade relations between Dubai & Belgium, especially in promoting the diamond sector. |
| International honour for the UAE | 
Mr. Tawhid Abdullah. |
Tawhid Abdullah, President, the Dubai gold & jewellery group, has been elected the post of President of the world jewellery marketing committee
in the recent conference of the world jewellery association, held at Bangkok’s Marriott Hotel & Resort.
Addressing the annual event, Tawhid called for the establishment of an international jewellery organization to promote and protect its interests, and said he is proud that in his person, the UAE was honoured by the industry.
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| New Jewellery showroom in Abu Dhabi |
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Under the patronage of Sheikh Dr. Mansour Bin Tahnoun Bin Mohamed Al Nahayan, “Aldhabi Jewellery” recently inaugurated its first Abu Dhabi showroom.
The function was attended by Mohamed Abdul Razzaq, Manager, the Office of Sheikh Mansour Bin Tahnoun, Hasan Berro, The Lebanese Ambassador, a host of dignitaries and VIP guests.
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| Flurry of activity at Rivoli |
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The Dubai based Rivoli Group is revamping the positioning of its branded store network and broadening its watch brands. The Group recently launched the Christian Bernard “Le Cinq” exclusive watch collection.
Rivoli recently assembled their dealers of Continental, EverSwiss and other brands of the Switzerland’s EVACO group, in order to kick start the new season with innovative incentive marketing plans, and launch the new EverSwiss economy collection.
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 International Fashion Jewellery & Accessories Fair at the Dubai World Trade Centre; March 22-24 |
| World Diamond Council's Third Annual Meeting hosted by Dubai Metals & Commodities Centre (DMCC); March 29-30 |
| Gulf Beauty Exhibition at the Dubai World Trade Centre; April 26-28 |
| Middle East Watch & Jewellery Spring Show, Sharjah Expo Centre; April 27-May 1 |
| Joailleri Liban 2004, Beirut Lebanon ; August 3-8 |
| Middle East Watch & Jewellery Autumn Show, Sharjah Expo Centre; September 28-October 2 |
| Jewellery Arabia 2004, Bahrain Exhibition Management; October 5-9 |
| International Jewellery Dubai , Dubai World Trade Centre; December 6-10 |
| International Jewellery & Watch Show, Abu Dhabi , UAE; December 14-18 |
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