In the last edition of the MPParabia Newsletter (Edition 38), we reported the theft, on Friday, 10 March 2006 of two outlets belonging to Ahmed Seddiqi & Sons at two swank locations in Dubai despite rigorous internal security arrangements. Police swung quickly into action following the daring burglary and tracked down and arrested a gang of thieves suspected of being responsible for the simultaneous AED 25 million (USD $ 6.85 million) heist of the two boutiques.

A top official in Dubaiÿÿs Criminal Investigation Department (CID) confirmed that the suspected gang was nabbed just five days after they made off with gold, jewellery and watches worth millions of dollars. It is still unclear how much of the loot estimated at USD $ 6.85 million has been recovered. The Police official confirmed that the gold and watches had been retrieved and four men believed to be of South Asian origin were in their custody.

Speaking exclusively to MPParabia, a top source at Ahmed Seddiqi & Sons praised the action and efficacy of the Dubai Police in rapidly apprehending the suspects and regaining the loot. Abdul Majid Seddiqi, Managing Director also expressed his appreciation and gratitude to HH Gen. Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai who is also de facto Head of Dubai Police, for his leadership and direction in investigating this robbery which has sent shock waves through Dubaiÿÿs business community.

A top official of the Dubai Gold & Jewellery Group (DGJG), the association of over 700 members representing all aspects of the trade, has announced that that retail space in the Emirate will increase by 100 % by 2020. Addressing a recent Press conference, Tawhid Abdullah, Chairman, DGJG revealed that Dubaiÿÿs gold & jewellery retail space currently accounts for only 5 % of the total retail space in the Emirate. It is expected that in five years time from now, the volume will increase to 7 % while by 2020 the figure is expected to reach 10 % of the total retail space.

Abdullah, who is also the Managing Director of Damas Jewellery said that retailers in Dubai will start introducing brand jewellery shops for each and every brand and will be looking for bigger space for those outlets with an average size of 80 to 100 square metres.

DGJG is also expected to double its spend on marketing and promotion activities in Dubai in the next few years. The current budget is USD $ 50 million and is expected to top USD $ 100 million in a few years time, a senior DGJG official revealed.

Damas, which represents 50 brands is planning to open 40 stores in the UAE alone in two years time whilst outside the country, the firm has earmarked 100 outlets in India, Saudi Arabia, Egypt, Libya, Sudan, Lebanon, Jordan, Thailand, Hong Kong and Singapore.

Meanwhile, DGJG, established in 1996 also announced that for the second consecutive year it had hosted the Dubai Pavilion at the Hong Kong International Jewellery Show, one of the top three trade shows held this month (March 2006). The Pavilion saw a 9.3 % increase in attendance compared to the previous year.

ccording to a trade advocacy group, gold and silver jewellery is the third biggest contributor to the UAE economy after construction, oil & gas.

According to the Dubai Gold & Jewellery Group (DGJG), an association of over 700 gold & jewellery retailers in the UAE, the retail jewellery sector contributes nearly 10 % of non-oil GDP but accounts for only 5 % of retail space (related report below).

According to Tawhid Abdullah, Chairman, DGJG, the UAE is an important market with the highest per capita consumption of gold and has the highest sales of diamond jewellery. 

The gold industry has a turnover of about USD $ 3 billion in retail sales, making the UAE a growth-oriented market. Speaking at a recent press conference, Jeffrey Rhodes, General Manager, Standard Bank is quoted as having said that he expected gold sales in the UAE to grow by 10 % by the year end.

The Emirate of Dubai imported 525 tonnes of gold last year (2005) up from 350 tonnes in 2002. Dubaiÿÿs gold imports were worth USD $ 10.5 billion last year and will double in five years, according to Rhodes. About 170 tonnes were sold in the local market in 2005 of which 70 tonnes was locally processed.

A UAE national candidate, a young girl with special needs, has come up tops in recent examinations conducted by the Jewellery academy, defeating 60 other examinees. Fatimah Al Qasimi, newly graduated from the Academy stands to receive UAE Dirhams 3.0 million (USD $ 821,900) from the Sheikh Mohammed Bin Rashid Establishment for Young Business Leaders to pursue business and make an impact on the local and regional industry as a prospective entrepreneur.

Ali Al Shafar, Government Procurement Programme Manager at the Establishment said that people with special needs are an integral part of the community and deserved societyÿÿs full support. He reiterated that the doors are open for them and that the Establishment was willing to encourage and support their ideas.

Hamburg, Germany based Montblanc, the celebrated manufacturer of fine writing and precision accessories, has launched world-wide celebrations to commemorate 100 years of its founding in 1906. The Middle East celebrations kicked off in UAE and were presided over by Karl-Heinz Handke, President Montblanc and attended by Ramesh Prabhakar, Managing Partner, and Shanu Nag, COO, Rivoli, country distributors for the brand in the UAE. 

In a related move, an exclusive one-off Mont Blanc centennial chronograph watch will be offered onboard Emirates Airlines Duty Free service to the highest bidder. Opening bids for the coveted collectors item will start at USD $ 65,000 and all proceeds will be donated to a charity which is dedicated to providing a safe, nurturing environment and better quality of life for needy children around the world.

The stunning masterpiece was unveiled for the first time at a recent media pres conference hosted by Handke which was also attended by Kevin Griffiths, Emiratesÿÿ Vice President for Cabin Crew Service Delivery. The centennial Mont Blanc chronograph automatic is cast in 18 carat solid white gold and features a 43-faceted diamond shaped in the distinctive Montblanc star as well as a bezel set with black and white diamonds.

In related news, the 250th birth anniversary of legendary Austrian composer Wolfgang Amadeus Mozart was commemorated by Montblanc in the form of an exquisite, sumptuous dinner at Dubaiÿÿs Jumeirah Beach Hotel. The dinner, held to the accompaniment of music played by a string quartet, was hosted by Sany Nahhas, the Middle East Sales Manager for the brand.

For the 15th consecutive year, the Swiss watch brand Rado has partnered with the prestigious Australian Open Tennis as the Official Timekeeper and sponsor that once again saw its presence on and next to the Centre Court. The Grand Slam Tournament took place in January 2006 in Melbourne.

The Swiss brand crowned its longstanding commitment to the Australian sporting event by promoting its new Rado Sintra Chronograph Sport Collection.

This sports watch is a perfect combination of Radoÿÿs characteristic luxurious and scratch-resistant high-tech materials with exceptional contemporary design.  Special details such as the numbers 15, 30, 45 and 60 in the metallization on the watch case further highlight the sporty character of the Rado Sintra Chronograph Sport.

The one-day Cartier International Dubai Polo Challenge was held at the Dubai Desert Palm Polo Club on Friday, 24 March 2006 under the patronage of HRH Princess Haya Bint Al Hussein, wife of HH Gen. Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.

Cartier took the opportunity of the presence of a large number of VIPs and other high-ranking invitees and select media to showcase a section of its latest, special collections. On display for the first time were some of the finest and most exclusive Cartier creations.

The championship prizes were presented by HRH Princess Haya Bint Al Hussein. Present on the occasion was Patrick Normand, President of Cartier Middle East.

Scintilla Monaco, the renowned Monaco-based diamond jewellery brand has further strengthened its presence in the Middle East with the conclusion of a partnership agreement with top Saudi Arabian jewellery retailer Al Fitaihi Company, one of the largest distributors in the Kingdom. The brand is well represented in the UAE, where it recently inaugurated a new boutique at the fashionable Wafi City Mall in Dubai.

Following this agreement, Scintilla Monaco will be now be present in the three existing showrooms in Jeddah and Riyadh as well as the new outlet in the fashionable Olaya Street in the Saudi Arabian capital.

Pomellato, the premium Italian Jewellery House has launched its first boutique at the exclusive Boulevard at the Azal outlet at the prestigious Emirates Towers in Dubai on 22 March 2006.

The brand also seized the occasion to preview its new collections to the special invitees as well as to the assembled media. 

Pomellato, represented in the UAE by the multi-discipline Al Tayer Group, also has boutiques in Lebanon and Iran.  The company also plans to shortly open another boutique in the Salmiya district of Kuwait.

Damas, one of the Middle Eastÿÿs top gold & jewellery retailers is expected to go public in about two months time. According to Tawhid Abdullah, Managing Director, Damas, the company is considering the transformation from a family-owned business to a public company.

Damas is taking advantage of the new and favourable IPO (Initial Public Offering) regulations introduced in the UAE to convert it from a family-owned company to a Public Joint Stock Company (PJSC). The UAE Cabinet recently discussed a proposal by the Ministry of Economy to allow founders to keep up to 70 % of their family-owned capital.

ÿÿThe decision was delayed until there was legislation and the necessary regulations in place to study developments and guarantee the achievement of the companyÿÿs targets and future expansions,ÿÿ said Abdullah. It is one of the first family-owned businesses to do so. 30 % of the share offering will be made available to private investors, according to a preliminary announcement made by the company.

Notable Italian jewellery and lifestyle products firm Gianni Versace will open an exclusive boutique in Bahrain according to Mahmoud Jaffar, Chairman, Asia Jewellers, the brandÿÿs exclusive distributor in the Kingdom. Gianni Versace established his company in Milan in 1978 by the namesake founder considered one of the greatest and most talented fashion designers of the past decade and a symbol of Italian luxury worldwide.

Currently, Gianni Versace boasts 81 free-standing boutiques and 123 corners as part of its world-wide retail network.

Damiani Jewels adorned famous Hollywood icon Sharon Stone on the occasion of the Rome premiere of her most famous filmÿÿBasic Instinct 2. Present on the occasion also were brothers Giorgio and Guido Damiani, who were special guests personally invited by the glamourous actress.

In related news, another Hollywood heavyweight Sophia Loren and the three Damiani siblingsÿÿGuido, Silvia and Giorgio Damiani recently presented a world preview of the beautiful and spectacular Sophia Loren collection at the prestigious Four Seasons Hotel in Beverly Hills before a select group of guests and members of the international press.

The Sophia Loren collection, of which the Italian star has been the muse and inspiration, is crafted in beautiful rose gold and diamonds as sparkly as the stars in the sky.

The most sublime and spectacular piece is a necklace with 1352 diamonds totaling 81 carats. It is a tribute to Sophiaÿÿs timeless beauty and charm. The Sophia Loren collection comprises earrings, bracelets and rings, perfect jewels for those women who love beauty in its most complete and authentic expressions.

The Dubai Gold & Commodities Exchange (DGCX) announced that Emirates Securities & Commodities Authority (ESCA) has approved its application for launching currency futures trading. Initially, DGCX will trade futures contracts in three currenciesÿÿEuro-Dollar, Yen-Dollar and Sterling-dollar with contracts maturing in March, June, September and December each year. These will be deliverable contracts.

This move will establish DGCX as the first exchange for trading currencies in the Middle East. DGCX will be announcing the detailed contract specifications and procedures for the existing or new members to participate in these markets.

National Bank of Dubai (NBD) and HSBC have agreed to act as Delivery Banks. This development positions DGCX among the handful of exchanges globally that offer trading on commodities and currencies under one umbrella.

The announcement comes on a day when DGCX is launching futures trading in silver. These initiatives showcase the pace of development at DGCX and the vision of its management. Average daily international foreign exchange trading volume was USD $ 1.9 trillion in April 2004, according to the Bank of International Settlements (BIS) study. Also as per Futures Industry Association figures, total volumes in exchange-traded foreign currency derivatives rose by over 57 % from 55.34 million in 2004 to 165.51 million contracts in 2005.

The Dubai Multi Commodities Centre (DMCC) has announced that Dhamani Jewels DMCC has been awarded the exclusive rights to sell the Dubai Cut Diamond. The announcement comes as a result of a closely competed tender process. A number of major Dubai-based jewellery companies, who are members of the DMCC had submitted sealed bids for a three-year licence to sell the unique cut gem.

The 99 faceted Dubai Cut was unveiled by DMCC last year. The Dubai Cut is an exceptional new cut of diamond inspired by the 99 Holy names of Allah. The unique cut of diamond is produced solely by Kristall Corporation, the leading Russian polished diamond manufacturer, exclusively for DMCC under a legal patent. In awarding the exclusive contract to Dhamani Jewels DMCC, Ahmed Bin Sulayem, Chief Operating Officer, DMCC said that the former had met all the stringent criteria laid down by the tender.

In comments quoted in the local Press, Amit Dhamani, Managing Director, Dhamani Group of Companies, said that it was a matter of honour and pride that his company was awarded the sole right to sell the Dubai Cut Diamond.

The Indian division of the UAE-based Joy Alukkas Group, one of the largest retailers in the Gulf will launch a web portal to facilitate online buying in gold jewellery. The portal is expected to be launched this week, according to a report in the Financial Express quoting Chairman Joy Alukkas on the occasion of the opening of the Groupÿÿs 61st retail outlet in the country. The company plans to open more outlets to reach a figure of 100 by 2008 and clock a turnover of USD $ 136 million in India this year. The concept may also be introduced in the Middle East if it proves successful in its India launch according to Alukkas.

The company is also planning to set up one-stop wedding shops where all the needs for a wedding such as jewellery and other accessories are available under one roof.

UAE-based Pure Gold will invest USD $ 54.8 million expansion across the Middle East this year according to Firoz Merchant, the company Chairman. 

The retailer has already opened a branch in Muscat City Centre in Oman and will open new stores in Kuwait, Qatar and Bahrain by the end of 2006, he said. Pure Gold also plans to open four more outlets in the UAE.

With the opening of 30 more stores in the region, Pure Goldÿÿs overall network of stores will surpass 60 by the year-end, he added.

While gold jewellery retail sales are a major sales earner for the company, Pure Gold plans to enter the diamond jewellery market as well. The company has tripled its marketing budget this year and plans to launch five in-house and international brands. Part of the expansion constitutes the construction of a diamond jewellery plant in India which is expected to go operational this month and provide work for 250 employees.

Saks Fifth Avenue will hold an exclusive viewing of alluring amber jewellery and other lifestyle products by their Polish creator Bozena Batycka at their exclusive boutique in Dubaiÿÿs BurJuman Mall Extension on 29 March, 2006. The inauguration will be attended by the creator herself.

The Batycki Amber Collection created in 2001 takes its inspiration from the ÿÿgoldÿÿ in Poland, amber. The Batycki brand name, always at the helm of innovation in amber has already made ripples in Warsaw and fashion capitals London and New York. Bozena Batycki is a designer whose charisma, warmth and spontaneity have made her an icon and inspiration for many emerging innovators.

To commemorate the 160th anniversary of its founding in 1846, renowned Swiss watch company Ulysse Nardin has launched the Caliber 160, the watch-makerÿÿs first totally in-house conceived and executed self-winding base caliber. The model is a self-winding caliber with big date in a double window with a quick set corrector in either direction, a small second on the second wheel and a fifty-hour power reserve.

The limited-edition Caliber 160 to be released in two series of 500 watches is a fitting milestone for Ulysse Nardinÿÿs 160th anniversary with its focus on innovation, functionality and creativity. It is the bridge between the past and what now looks like the vast limitless future. The model is available through the brandÿÿs exclusive details across the Middle East.

Leading New York-based diamond jewellery brand, Daniel K has now been introduced to Middle East through the Damas network in the region. Daniel Koren the legendary third generation designer and jeweller of mixed Persian and Italian descent, launched the brand in 1999 after recognizing a need for high-quality womenÿÿs jewellery that was suitable for everyday wear.

Excellent craftsmanship and wearable designs are the hallmark of every Daniel K jewellery piece which is conceptualized by its 30-yaer founder. His designs have found favour with such celebrities as Angela Bassett, Halle Berry, Jennifer Love Hewitt and Debra Messing.

The Daniel K Collection features a range of bridal and classic rings together with necklaces and bracelets using predominantly Asscher and Cushion-cut diamonds. The brand also boasts a stunning collection of innovative and awe-inspiring right-hand rings and the whimsical Reverso collection, in which every piece can be worn in two different ways.

Hamilton, the Pennsylvania, USA based watch manufacturer since 1892, has been keeping the skies in check since 1919, when its aeronautical watch looked after the first American airmail postal service between Washington and New York.

Hamiltonÿÿs new X-Wind Automatic watch was recently launched by Rivoli, the brandÿÿs distributor at a leading mall in the UAE. The event was attended by Nicholas Ivanoff, one of the worldÿÿs leading acrobatic pilots, whose Hamilton branded plane was also on display.

Following swiftly on the heels of the appointment of Gisele Bundchen, the Brazilian super-model as the new Brand ambassadress for Swiss Ebel watches, the brand will launch Brasilia, the fascinating, high-profile jewelled watches exclusively driven by quartz movements to ensure carefree accuracy and reliability. The watches are well-personalized by the Brazilian beauty, whose qualities and attributes are reflected in the constitution of the Brasilia line of watches.

The luminous white mother-of-pearl dial has been meticulously conceived and crafted to catch and hold the light playing over the surfaces from the slightly cambered hand-applied hour markers to the 10 pure, sparkling diamond hour-markers.

The Brasilia collection also includes male watches which come in personal preferences such as in yellow gold or steel with matching bracelets treated to a rugged and eminently masculine brushed finish.

Sleek and slender ck is the new jewellery collection uniquely intended for modern day women. The collection comprising two rings, two pendants on fine chains, a bracelet and earrings in stainless steel and facetted grey or green glass, has strong sculptural lines, a demonstration of form and style.

This moderately priced ck jewellery is available at Rivoli and Hour Choice showrooms in the UAE, Oman, Qatar and Bahrain.

Alain Sauser, born in 1964 in the Swiss Jura Mountains in the heart of the Swiss watch industry, comes from a long line of watch makers. With a long career in the watch-making business, Alain Sauser presented the designs of his own first range of jewellery watches in the spring of 2004. He has not looked back since and has continued to grow from strength to strength.

Drawing from his personality and considerable experiences, Sauser has created items that symbolize lifeÿÿs most powerful emotions. His creations symbolize our personal feelings.

Alain Sauser watches are all 18 k solid gold and the models are set in gemstonesÿÿwhite, black or cognac diamonds, blue or yellow sapphires and rubies. They are produced exclusively in Switzerland by some of the finest craftsmen personally chosen and trained by Sauser himself.

Alain Sauser watches are available selectively across the Middle East.

The fourth Dubai City of Gold Conference will be held at the Dubai Park Hyatt Hotel on April 24 and 25 and will set the stage for further development of the industry by addressing vital topics that will enable the industry to lead the road to innovation.

The key focus areas of the conference will be marketing, innovation, education and trade finance which have been carefully chosen to facilitate sustained and increased growth for the industry. Having gained the support of the Local Government, the conference will showcase industry development in various emerging markets including China, India, Iran, Europe, Africa, the United States and the Middle East.

This yearÿÿs theme will cater to the global jewellery industry challenges with a particular emphasis on reinvigorating and re-focusing on winning the hearts and minds of customers. The conference will also shed light on the crucial role of innovation in all aspects of marketing, design development and financial management.  There will also be an overview of trade and finance, an analysis of the Middle East jewellery industry and other aspects related to the trade.

The Conference is supported by Dubai Multi Commodities Centre (DMCC), a Government of Dubai initiative that provides industry-specific market infrastructure and a full range of facilities for a full-fledged commodities market in Dubai.

The Dubai City of Gold Conferenceÿÿs Organizing Committee comprises of Fuad Nonoo, Chairman; Tawhid Abdullah, Chairman, Dubai Gold & Jewellery Group; Ahmed Bin Sulayem, COO, DMCC and Jeffrey Rhodes, General Manager, Standard Bank.

Joaillerie Liban 2006, the 9th International Jewellery, Watches & Luxury goods Exhibition for the Middle East will be held at the Beirut International Exhibition & Leisure Centre (BIEL), Lebanon from 2 to 6 August 2006.

Joaillerie Liban 2006 is expected to draw over 12,000 visitors including 7,000 trade visitors and other VIP vacationers from across the Middle East. The Exhibition is organized by long-established International Fairs & Promotion (IFP), a leading organizer of trade fairs in the region for the past over 26 years.

The 4th International Gold & Jewellery Exhibition will be held at Kuwaitÿÿs International Exhibition Centre, the oldest and largest convention centres in the country from 22nd to 28th May 2006. This annual exhibition, organized by Kuwait International Fairs, will be attended by local, regional and international manufacturers, agents and retailers of premium watches, gold and jewellery.

At last count there were 110 corporate confirmations for the exhibition.

The 22nd International Jewellery, Watch and Equipment Exhibition was held in the Turkish capital Istanbul between 22 March and 26 March, 2006 at the CRN Expo Centre. The five-day event was sponsored by the Turkish Association of Jewellers.

M Designed Jewellery, a unique jewellery and photography exhibition was inaugurated at Dubaiÿÿs Coral Deira Hotel on 22 March 2006. The 40-day show which runs until 30 April 2006, will bring together the spectacular works of Melanie Miotti (M Designated Joaillerie) and Fadi Gwanny.

The exhibition opened with a dazzling fashion show and a display of a unique line of ornaments that are made in 18 carat white gold and encrusted with semi-precious stones. According to Miotti, exclusivity is at the very heart of a womanÿÿs desire to have something distinctive. ÿÿThe more individual a piece, the more likely it is to get snapped upÿÿ, said Miotti.