Platinum’s rare nature gives it additional value and appeal

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Swiss Watch, Jewelry Firm Sets Up Dubai Subsidiary

20 may 2014

Dubai's effort to become a global hub for the luxury retail market has once again been boosted, with De Grisogono of Switzerland choosing the city to open its first-ever subsidiary, Rapaport reported citing Arabianbusiness.com. With the support of the Dubai Investment Development Agency (Dubai FDI), Geneva-based De Grisogono, known for its jewelry and luxury watches, aims to use its new Dubai base to build a network of subsidiaries and representative offices in new markets.
The company said its brand is already well-represented in the Middle East retail market.
The value of Swiss watches imported into the UAE rose 36 percent over the last three years, placing the country as one of the top ten countries for the luxury accessories. Cumulative 2013 figures released by the Federation of the Swiss Watch Industry have ranked the UAE as the primary Middle Eastern country for imports of Swiss timepieces. The total value of Swiss watches into the UAE last year reached $1.05 billion (CHF 934.1 million).
Omar Chaoui, managing director of the Middle East and India for De Grisogono said it made sense to open the company's first-ever subsidiary in Dubai given the constant growth in the region, adding that New York, Hong Kong and Tokyo would be next in line for the company.
"Dubai is in the heart of a very active and growing region - we are almost four hours away from Istanbul, Cairo or New Delhi. Moreover, the Dubai infrastructure in terms of free zones, airports and administrative services makes it a reliable location for us. The Dubai office will be looking after a wide variety of markets to the advantage of our partners and clientele," he said.
Established in 1993, De Grisogono remains a niche brand, yet has boutiques and retailers worldwide. The company has many distinctions to its credit, like being the first-ever premium jeweller to use Black Diamonds and winning the 2005 Grand Prix de l'Horlogerie de Geneve for the first-ever mechanical watch with a digitalized display of time.