(July 22, ‘14, Luxury Daily)
Swiss watchmaker Raymond Weil has tapped classical guitarist and recording artist Miloš Karadaglic to design a special edition maestro timepiece for charity.
Raymond Weil will auction off two of the 50 watches produced at select events over the course of 2014, with 100 percent of the proceeds benefiting the Mladost Orphanage in Bijela, Montenegro, a cause chosen by the musician. This will not only help the brand with its corporate social responsibility, but it will reinforce the watchmaker’s position in the music industry.
(July 22, ‘14, National Jeweler)
New York–More than 100 vendors are set to exhibit at the upcoming New York Antique Jewelry & Watch show, which is scheduled to take place Friday through Monday at the Metropolitan Pavilion in Manhattan.
The antique jewelry and watch collections that will be on display at the show span all eras of jewelry history, from Renaissance to modern days, and pieces will feature such precious and semi-precious stones as colored diamonds, rubies, sapphires, emeralds, jadeite and pearl.
(July 18, ‘14, JCK Online)
The London silver price mechanism will now be set via an electronic, auction-based mechanism administrated by CME Group and Thomson Reuters, according to a statement from the London Bullion Market Association.
The new mechanism was chosen because it is electronic, “auction-based and auditable and tradable with an increased number of direct participants,” the LBMA said in a statement.
(July 21, ‘14, National Jeweler)
Moscow–Alrosa reported a 13 percent increase in revenue from rough diamond sales in the first half of the year in a “positive” market where it said rough prices rose about 6 percent.
In reporting preliminary first half and second quarter sales results Monday, the Russian diamond miner said it sold 21.1 million carats of diamonds through the first six months of the year, with revenue from rough sales reaching $2.7 billion.
(July 23, ‘14, National Jeweler)
Biel/Bienne, Switzerland–Though operating profit and net income declined for the Swatch Group in the first half of the year, net sales increased.
In its half-year report released Tuesday, Swatch Group reported that net sales for the first half of 2014 grew by 7 percent year-over-year at constant exchange rates, from $4.44 billion to $4.54 billon.
(July 7, ‘14, National Jeweler)
Our country, like the rest of the world, is in a time of great flux. The economy has pulled people in two directions–rich and poor–as historically seen only prior to revolutions. Russians were starving on the streets in 1917 as the tsar indulged himself and the nobles with fineries from the jewelry house of Fabergé. And remember the phrase “Let them eat cake,” uttered about the masses at the time of the French Revolution?
(July 8, ‘14, Reuters)
NEW YORK/LONDON, July 8 (Reuters) – Palladium rose for the 12th straight session to its highest in more than 13 years on Tuesday amid firm automotive demand and continued concerns supplies in South Africa will tighten even after the end of a months-long strike.
Gold turned lower even as the dollar’s recent rally faded and investors awaited clearer signs from the U.S. Federal Reserve that it is on track to raise U.S. interest rates next year.
(July 10, ‘14, Rob Bates, JCK Online)
On Nov. 14, Sotheby’s Geneva expects to fetch a record $17 million for what it calls the Holy Grail of watches—the Henry Graves Supercomplication, considered the most complicated watch ever made completely by the human hand.
The Supercomplication set an auction record for a timepiece when Sotheby’s sold it in 1999 for $11 million. That record holds to this day. The bidder was anonymous, and it was not clear who owned it in recent years, although a 2010 Bloomberg article says that a member of the royal family of Qatar returned it to Sotheby’s to help cover his debts to the auction house. (Sotheby’s declined comment, saying the consigner of the watch requested confidentiality.) Now the auctioner will offer it again in a sale that coincides with Patek Phillipe’s 175th anniversary.
(July 7, ‘14, James Titcomb, The Telegraph)
The mechanism for setting the gold price needs to be radically redrawn to restore faith in the market, the industry body for the precious metal has said.
Regulators are set to take the first steps towards a root-and-branch reform of the gold fix, amid widespread claims of rigging in the market.
(July 7, ‘14, Rob Bates, JCK Online)
In an intriguing indication that the much-anticipated iWatch may be sold in some of the same channels as traditional timepieces, a top TAG Heuer executive has taken a job at Apple.
While TAG Heuer neither confirmed the executive’s departure nor announced his replacement, Techcrunch and other sources have outed Patrick Pruniaux, the watch brand’s vice president of global sales and retail, for defecting to Apple.