Thanks to high oil prices and strong private sector investment, Saudi Arabia has attained strong growth since the recent oil boom that first started in 2003. The economy grew by an average of 4.3 % during 2003-2007, driven by a continued rapid expansion in the non-oil private sector, according to a recent International Monetary Fund (IMF) survey. Non-oil private growth has averaged 5.4 % during 2003—2007 leading to substantial job creation.

Saudi Arabia continues to play a key role in the stability of the international oil market, according for 22.0 % of global oil reserves and around two-thirds of global spare production capacity of 2 million barrels per day (bpd). Investments of around USD $ 90.0 billion over the next few years will boost crude production output to 12.5 million bpd by 2009 and increase refining capacity. According to the report, Saudi Arabia’s medium-term outlook remains very favourable with growth being sustained by strong private sector investment and increased government spending on key infrastructure.

Recently, the World Bank placed the Kingdom among the top 20 most business-friendly countries in the world in its annual ‘Ease of doing business’ report. The Kingdom ranked ahead of Bahrain, UAE and Kuwait in the Middle East and ahead of even such advanced economies as Germany and Austria. .

According to the recent latest (September 2008) census of watch-making and micro-technology personnel and firms carried out by the Employers Federation of the Swiss watch industry, there were 4,391 more people more people working in the sector than at the end of September 2006. From 44,444 in 2006, the total workforce rose to 48,835 representing an increase of 9.9 %. At the same time, the number of firms rose from 595 to 627, an increase of 5.4 % or 32 units.

Jewellery consumption soared in the Middle East with a 10.0 % year-on-year surge, According to the Dubai Multi Commodities Centre (DMCC). The region is also the ‘fastest growing in terms of jewellery consumption’, posting phenomenal growth in both its private and public sectors, according to Peter Meeus, Executive Director for Diamonds at DMCC.

Meeus noted that Dubai’s total trade of rough diamonds increased by 36.0 % to reach USD $ 3.03 billion at the end of H1-2008 and rough diamond imports to the Emirate grew by 23.0 % to reach USD $ 1.15 billion from USD $ 937.0 million in H1-2007. This was mainly driven by high volumes imported from Angola and a 138.0 % rise in imports from China. Exports in H1-2008 rose by 44.0 % to reach a total of USD $ 1.88 billion from USD $ 1.3 billion during H1-2007. Over 87.0 % of Dubai’s rough diamonds exports were to the countries in the European Commission (EC) and while Dubai’s exports to China increased by a staggering 950.0 %.

LVMH Moet Hennessy Louis Vuitton saw its sales increase by 5.0 % in H1-2008 to 7.8 billion Euros. At 1.513 billion and 0.891 billion Euros, operating and net profits increased by 8.0 and 7.0 % respectively over the previous corresponding period. Particularly noteworthy was the excellent performance of the watch & jewellery activities (with brands such as (TAG Heuer, Zenith, Christian Dior, Chaumet, Fred and more) with a turnover of 417.0 million Euros, up 7.0 % organic growth and an operating profit of Euro 74.0 million, up 30.0 %.

Al Ghurair Giga Gold, one of two major refiners in the fast-growing Dubai gold market has begun building a trading team to help it become a ‘mini-bullion’ bank as soon as next year, according to Corsey Keller, General Manager. The refinery, launched in 2004 as a venture between the prominent Al Ghurair family and Pakistani conglomerate Giga Group, is also embarking on a search for mined gold supply in West Africa, balancing out its heavy reliance on recycled gold in Dubai.

Entering into the trading sphere will allow Al Ghurair Giga Gold to connect local medium-tier merchants to the global market and would help drive profits beyond low-margin pure refining.

Rare vintage jewels are increasingly popular investments to protect against rising inflation and economic uncertainty and Art Deco designs are commanding the most attention from collectors, according to a recent Reuters report. “Signed, classic Art Deco Cartier or Van Cleef & Arpels pieces are among the most prized assets,” according to Carol Woolton, Jewellery Editor, British Vogue.

Vintage jewels especially from the 1920s from houses such as Boucheron, Bulgari, Cartier, Mauboussin and Van Cleef & Arpels among others have always had a strong following,” said Francois Curiel, Chairman, Christie’s Europe and international head of the jewellery department.

This year 2008 represents the first centennial of Rolex and Guido Mondani, one of the most important Rolex collectors in the world and editor of many publications about this brand. To commemorate this very special and long-standing relationship, a new special limited edition book entitled ‘1998—2008: 100 Years of Rolex’ will be revealed.

The 340-page book is a journey through history, tradition and culture to tell the past and the present successes of the leading brand in the world of horology. Through the course of Rolex history starting from the creation of Maison Rolex in 1998 and the main stages along its journey culminating with models presented at Baselworld 2008, Guido Mondani wants to offer to all the collectors and aficionados a wide knowledge of this very important brand and to keep them informed of all developments that have made Rolex a timeless pleasure.

Bvlgari opened a new store in Paris at the corner of Avenue George V and Rue Francois Ler, according to a recent news story carried by Rappaport News. The luxury retailer’s CEO Francesco Trapani called Paris a lucrative market not just because of the French clientele but also for the multitude of tourists and the presence of major flagship boutiques.

IWC has opened a new boutique in the heart of Beverley Hills in Los Angeles, California, USA. The boutique on Brighton Way will be IWC’s first boutique in Los Angeles and its 24^th globally. It will feature the unique and sleek design inherent in the brand’s DNA. The interior will showcase the highly exclusive ‘Signature Furniture Series’, designed in particular by the IWC’s in-house creative team. The boutique will house al the exclusive watches from this famous brand—from the Portofino to the legendary Portuguese Collection.

“I am excited about our newest opening and is a true sign of our ongoing success and commitment to the US Market,” commented Benoit de Clerk, President, IWC, North America.

Paspaley, the pearling pioneer and renowned jewellery house founded by Nicholas Paspaley over 70 years ago, joined the VRC Melbourne Cup Business Network in welcoming the arrival of Australia’s richest sporting trophy—the Emirates Melbourne Cup.

Paspaley hosted an exclusive dinner at the Godolphin Ballroom of the Emirates Towers Hotel in Dubai, UAE, which was attended by HE Jeremy Bruer, Ambassador of Australia to UAE; Pegah Guldooz, General Manager, Paspaley, UAE; Australian jockey Simon Marshall and Wendy Green. At this function, Paspaley presented its signature pearl jewels to an appreciative audience.

Ebel has been actively involved in sports sponsorship since the early 1980s until the mid 1990s. Now the brand aims to become the undisputed leading watchmaker in football. Ebel’s target over the coming 3 to 4 years is to become the official timing partner of a leading football team in each important market in Europe. To this end, Ebel has partnered with such prestigious clubs as Real Madrid, Bayern Munich, Arsenal, Ajax, Rangers and Olympique Lyonnais to raise its own profile in the game’s timekeeping activities.

Ebel has also developed the Caliber 245, completely developed, assembled and tested in the brand’s La Chaux-de-Fonds workshops was designed especially for football. It not only measures each half of the match (hence its name ‘245’ for 2 X 45 minutes), but also indicates extra time. Reading off elapsed time is ultra-eligible, thanks to the oversized 45-minute counter.

Italian fashion jewellery brand Calgaro, founded in 2000 by Guiseppe Calgaro and Monica Fin, inaugurated its first jewellery store with an exclusive cocktail party in the very heart of Milan at the fashionable address on Via Montenapoleone 19 on 24 September 2008. The over 1,000 guests coming from the world of fashion, finance, industry and showbiz included Ursula Andress, Gloria Guida, Alessio Boni, The Marquess Annibale & Marta Brivio Sforza.

The atmosphere is soft and intimate with a classy touch of elegance pervading the space. The store charms with its authentic series of window niches dancing along the store perimeter and the scenery is further highlighted by a central crystal sculpture thought as a gallery spot where special accessories and art-jewellery of the brand are exhibited.

Supermodel Naomi Campbell wearing de Grisgono jewels accompanied founder Fawaz Gruosi at the recent cocktail of leading French celebrity photographer Patrick Demarchelier at the ‘Petit Palais’ in Paris in celebration of the Paris Fashion Week, the inauguration of the photography exposition of the noted photographer. Campbell wore a black galuchat necklace with drop shaped emeralds (167.78 carats) and white diamonds (0.71 carats) and a black galuchat bracelet set with black diamonds (5.95 carats).

Omega has revealed the new version of the Seamaster Diver 300 m James Bond that collectors and fans have treasured since 1975. For the past decade, Her Majesty’s Secret Service agent 007 has been traditionally wearing an Omega Seamaster. Omega will be releasing a special update of the popular model inline with the latest 007 movie—Quantum of Solace, to be released in November 2008. Daniel Craig will reprise his role as James Bond in Quantum of Solace, which is the 22^nd movie in the continuing Bond series.

The James Bond 007 Collector’s Piece is a certified chronometer that features an Omega Calibre 2500 self-winding movement with polished, lacquered black dial with black gold, plated hour markers filled with white super luminova. This 41mm watch has a brushed and polished stainless steel case and a specially deigned bracelet. Production is restricted to only 10,007 pieces.

Gc Watches has introduced a special edition of luxury sport with a feminine blend of gemstones with ceramic. This year, the popular Diver Chic ceramic collection has re-emerged with a luxurious addition, with precious gemstones adorning each timepiece.

The Precious collection embodies the essence of GC watches with the prestige of diamonds and the delicate femininity of pink sapphire. These precious gemstones illuminate the bezel of this sleek ceramic sport-inspired timepiece. White ceramic is embellished with pink sapphires; black ceramic is contrasted with diamonds. This elegant union is a true expression of sporty chic luxury. .

In tribute to the 150^th anniversary of its rich and varied history, the Vulcain Anniversary Heart model reveals the full measure of haute horlogerie expertise accumulated over the decades by the Le Locle premium watch manufacturer. Featuring beveled hour-markers and surrounded by a dial ring, the partially open-worked dial offers a tantalizing views of the gear trains and the meticulous finishing of the charcoal grey movement.

The 42 mm watch comes in limited editions for both the 18-carat rose gold and steel versions. The Louisiana crocodile leather strap is fitted with an 18-carat rose gold pin buckle or a safety-push button folding clasp for the steel version.

The new York-based International Coloured Gemstone Association (ICA) will host the ICA International Gem Show Dubai 2008 from 13 to 15 October at the Al Bustan Rotana Hotel in Al Garhoud. The event is being held under the patronage of the Coloured Stones & Pearls Division of the Dubai Multi Commodities Centre (DMCC). The show will bring together the core of the industry—the meeting and networking event of the world’s most important gem and jewellery business.

The organizers of the Hong Kong Jewellery & Watch Fair September 2009 Edition will launch two brand new pavilions—the Hong Kong Premier Pavilion and the International Premier Pavilion. The former is tailor-made for Hong Kong’s leading jewellery suppliers where the quintessence of craftsmanship and excitement of exquisite designs will be presented in deluxe surroundings by 40 leading Hong Kong exhibitors. The latter will feature and attract new top international jewellery companies in booths with special design and having a maximum area of 120 sq. m.

Meanwhile, the 2009 fair dates have been announced. It will be held near concurrently at the AsiaWorld-Expo from 21 to 25 September 2009 for diamonds, pearls, gemstones, technology and packing & related services and at the Hong Kong Convention & Exhibition Centre from 23 to 27 September 2009 for 100 % fine finished jewellery.

The Board of Directors has announced the nomination of Emmanuel Vuille as the CEO of Greubel Forsey, CompliTime & CT Time, according to a press statement issued by Robert Greubel and Stephen Forsey, Directors of the premium Swiss watch brand. The appointment takes effect from 1 January 2009.

Mons. Vuille has been associated with the Swiss watch industry for the past 17 years. He was previously Managing Director for Parmigiani Fleurier and thereafter CEO for the watch manufacturing branch of the Sandoz Family Foundation—Pole Industriel Horloger de la Fondation de Famille Sandoz.

Charles Tearle has been appointed Director & Watch Expert, Antiquorum, Los Angeles. Tearle, a world-renowned watch expert, was earlier a watch specialist at Bonhams and has had a long career in horology. The Auction House has also simultaneously announced the opening of its Los Angeles Office located on Camden Drive in the fashionable area of Beverly Hills.