FT SPECIAL REPORT Watches & Jewellery

Thursday April 25 2013 www.ft.com/reports | twitter.com/ftreports

Sales flux spreads patina of caution Inside » BaselWorld New exhibition space brings The principal reason for light to lacklustre uncertainty is the experience of old clampdown on the giving of gifts in China, writes Page 2 James Shotter Emerald named fter three years of relentless growth, the path the Swiss colour of 2013 watch industry will follow Move to green gets in 2013 is less clearly sign- posted. boost from red ALast September, Swiss watch carpet exposure exports recorded their first decline since the financial crisis, and have Page 6 since oscillated sharply: up in October and November, down in December, up in January, down again in February. Time for safety These fluctuations have spread a patina of caution across the industry. Breitling to launch Nick Hayek, Swatch’s chief executive, second generation has spoken of the need to “calm down the spirits” on growth expectations. of Emergency with One participant described this locator beacon year’s Salon International de la Haute Horlogerie, the January fair at which Page 8 analysts say Richemont’s brands tra- ditionally book up to 60 per cent of their annual orders, as “serene, not Designers take ebullient”. “This year in one word? Unpredicta- organic approach ble,” says Thierry Fritsch, chief exec- Use of alternative utive of Chaumet, the Parisian jewel- ler-cum-watchmaker that belongs to gems raises LVMH’s stable of brands. concern over ethics The principal reason for the uncer- tainty is mainland China. The world’s Uncertain times: the slowdown in exports of Swiss watches to China reflects a wider deceleration in the mainland economy Getty Page 11 third-largest watch market – behind Hong Kong and the US – has powered growth in recent years but has slowed a sharp crackdown by the new presi- ing in China is going to be one of the remain relatively sanguine. “Through- executive of the independent watch- Robot revolution noticeably since the fourth quarter of dent, Xi Jinping, on the practice of determining features of the year,” out the bureaucracy, one set of heads maker Audemars Piguet, China’s last year. Exports of Swiss timepieces gift giving. says Jon Cox, head of Swiss research has been replaced with another,” says growth is still likely to compare Creative embrace to the country were down 23 per cent The practice has long been wide- at Kepler Capital Markets. Jean-Frédéric Dufour, chief executive favourably with other markets in the of 3D technology in January and February compared spread in business and political cir- “Greater China accounts for around of Zenith, another of LVMH’s brands. coming year. with the same period a year earlier. cles but has gained unwelcome promi- a third of the Swiss watch market. If “It will take a while for the system “If I am driving at 80mph and slow makes bespoke Although the slowdown is in part a nence following a series of corruption the Chinese stop buying watches as to settle down but I don’t think the down to 60mph, yes, it is a difference. items accessible reflection of destocking that followed scandals involving Chinese officials. gifts, the big question is how long can slowdown will last for long.” But if everyone else is only going a wider deceleration in the Chinese “It is rapidly becoming clear that sales hold up.” And, despite the hiccup, argues Page 21 economy, the main cause seems to be the impact of the clampdown on gift- For the moment, watchmakers François-Henry Bennahmias, chief Continued on Page 4 2 ★ FINANCIAL TIMES THURSDAY APRIL 25 2013 Watches & Jewellery

The show’s organisers say a further the signature grey palette, modern- SFr430m has been spent by the 1,815 ised with the use of concrete and exhibitors on their design and con- glass, and softened with a “fishnet” New exhibition struction of stands. ceiling that diffuses the light. And what better place to flex your Hermès has played a different card, horological muscles, with this the moving away from overt references by only annual event where direct com- commissioning Japanese architect parisons can be made between brands. Toyo Ito to express the brand’s ethos Each stand is the concentrated in their shared philosophy of crafts- space brings essence of each company, with archi- manship, precision and love of natu- tects and designers hired to present ral materials. the latest products in an immersive Based upon a traditional Japanese and impactful environment, a “stand- teahouse, the exterior wall is clad in off’” in the literal sense. 624 slats of beech that undulate gen- light to dark old Bulgari, historically housed in a tly. Behind that sits a corridor of 165 separate and cavernous building, has plants (and presumably a good irriga- joined other international brands in tion system), and behind that the the new Hall 1. inner atrium houses the aluminium A huge, 82m walkway wraps around display cases, each milled from a sin- hall experience its stand, the bronze panels mimick- gle block of metal. Fabric coloured ing the Tubogas bracelets created in with natural dye using the Japanese the 1950s, and the spiral shape echo- Kusaki-Zome technique lines the inte- ing Bulgari’s Serpenti range. Large rior walls. All-in-all it adds up to an columns of black and pink marble are immersive experience in a luxurious sliced to frame its watch designs, Zen-like environment. while evoking the company’s Roman Hermès describes it as a pavilion, heritage. presumably “stand” being too generic Chanel’s stand is similarly recognis- a word. able. The company commissioned Finally, the standalone watch Peter Marino, the US architect, to brands. Visitors should expect acres design its stand, as he does all the of marble, etched glass, water features company’s boutiques. Like a giant light box, the mono- lithic structure emits white light from its back-lit skin, contrasting graphi- The shape of the upper cally with a linear black steel frame floors undulates gently in and black granite floor – all 200 tons a perfect exercise in Chanel’s restrained places and prevents New look BaselWorld In keeping with the signature monotones. Chopard has also opted for the any straying into a massive scale of the project, brand stands have familiarity of the store experience brutalist aesthetic with its stand inspired by its newly also had a makeover, writes Jessica Diamond designed boutique in Geneva (by architect Thierry Despont), and it makes sense. Although not primarily and overt references to aircraft, motor t was always a foregone conclu- ists to a space that banishes the Basel- doubt welcome relief from prolonged Swiss efficiency: the new BaselWorld a retail experience, Chopard is known racing and skydiving. sion that Herzog & de Meuron was World of old, an unremarkable series inspection through the jeweller’s building (above) took just 22 months to to sell significant pieces during the Scale is everything with the TAG going to design the new extension of buildings with no daylight, loupe. The reflective quality of the complete in time for this year’s fair show. Heuer stand, which took 100 people to the existing cluster of exhibi- nowhere to eat, patchy WiFi and mur- outer skin is designed to “regulate the Large expanses of oak panelling, seven weeks to assemble and materi- tion halls in Basel. The architects’ der on the feet. fall of natural light on adjacent prop- leather, silk and velvet all combine to als filling 50 trucks. Ipractice has been making its mark The new three-storey building is erties”. evoke a private home, with the furni- Bell & Ross greets guests with a across the city’s skyline for 40 years massive in volume, as it needs to be, The shape of the upper floors undu- ture in the VIP room designed by large visual of a replica cockpit, while with BaselWorld 2013 marking the with a ground floor glazed to add light lates gently in places, contrasting Jacques Garcia. Zenith’s visitors are reminded on a unveiling of its latest design. and lightness. The upper two floors with the precise and sharp corners of Dior, by contrast, plays heavily on huge screen of Felix Baumgartner’s At a cost of SFr430m and taking are clad in aluminium, seemingly cut others, and prevents any straying into its heritage. Its stand, double the size record-breaking skydive. With the only 22 months to complete, the into thousands of slits, that mostly a brutalist aesthetic. of last year’s, references Christian watches and jewellery year defined by project has been delivered with typi- obscure the interior void. Basel is surely delighted with this Dior’s obsession with the Palace of this eight-day show, the stands are as cal Swiss efficiency in time for the From inside, the wider apertures new addition, even if not as iconic as Versailles – its ballrooms, mirrors and much an expression of the brands’ arrival of 104,000 retailers and journal- allow views back across the city, no other Herzog & de Meuron buildings. geometric gardens, all wrapped up in message as the pieces they contain. Mixed messages on the value of all that glisters

Gold Price fall will have instant effect in some cases but jewellery is more than the sum of its parts, says Claire Adler

Theft of jewellery has risen by 22 per cent in two years, according to Churchill, the UK insurance group. A growing number of cash-for- gold services has made it easier for thieves, encour- aged by the soaring price of gold in recent years, to sell Going for gold: jewellers hope for better price stability AP stolen jewellery. Churchill even urged householders to update their home contents immediately. But Mous- international head of jewel- insurance cover saying saieff maintains that, at the lery at Christie’s, says increased gold prices made very high end, prices will prices of gold jewellery in it more likely their jewel- remain unaffected because smaller auctions at are lery was undervalued. precious gems make up a immediately adjusted to But last week saw gold far higher proportion of the reflect the current price of suffer its steepest price value. Furthermore, big gold. “Nevertheless, over a decline in 30 years. Already brands are unlikely to drop five-year period, the price of in Asia, demand for jewel- their prices because a fall gold has appreciated more lery and gold bars has would devalue the percep- than 45 per cent,” he says. spiked. MKS Capital, which tion of their pieces. Most customers will not runs one of Switzerland’s Duncan Semmens, direc- benefit from reduced prices biggest gold refineries and tor of London’s Burlington for jewellery and watches supplies Asia, said it had Arcade and 1stdibs.com because wholesale jewellers sold out and predicted a jewellery dealers Hancocks, set their prices for the sea- delivery time of two weeks says: “Our jewellery is val- son, according to Marisa to fulfil new orders. ued for its historical and Horden, owner of Missoma, Andrea Morante, CEO of artistic qualities and our a jewellery brand sold in 12 Pomellato, welcomed the clients aren’t buying these countries and popular with news. “Hopefully, the losers pieces simply for the sum of the likes of Jennifer Lopez. in this situation will be the their parts.” While gold’s price was speculators and hedge fund In Geneva in May, a solid soaring, many found it managers who have gam- gold trophy on a malachite more profitable and appeal- bled on gold and helped base made by Bulgari, ing to scrap their gold jew- introduce instability for which once belonged to ellery than to wear it, or industries that depend on even sell it as jewellery. But gold as a raw material,” he in Hatton Garden, London’s says. diamond district, last week, If prices stabilise or con- A big Swiss gold one jeweller saw an imme- tinue to drop, large jewel- refinery that diate reaction from clients lery manufacturers will pay who came in to invest in less for the material they supplies Asia said it gold by the kilo. use. Small, young and inde- “Within two days of the pendent designers will feel had sold out and news breaking that gold less constrained by their predicted a delivery had dropped $200 an ounce, basic outlay costs. I sold several kilos to cli- In recent years, to combat time of two weeks ents who are shrewd inves- rising gold prices that have tors. They paid about coincided with recession, £30,000 a kilo and maintain many jewellers introduced Gina Lollobrigida, star of that while their money in silver collections, including the 1956 film The Hunch- the bank isn’t showing Gurhan, a Turkish designer back of Notre Dame, will go interest, gold is still a safe based in New York, who is on the block at Sotheby’s. bet,” says Lewis Malka, famous not just for his Hol- The piece is estimated to managing director of lywood following but for fetch between $50,000 and bespoke jewellers Joseph previously working exclu- $80,000. “Prices at auction Sterling. About 20 per cent sively with 24-carat gold. are rarely determined solely of Mr Malka’s business is Others created gold lattice, by the gold price – many now made up of buying and filigree and lace styles that factors contribute, not least selling gold. demanded less precious of all provenance,” says Liv Ballard, the Los Ange- metal. David Bennett, Sotheby’s les designer, counts Elton Alisa Moussaieff, owner chairman of jewellery for John among her regular cli- of the Moussaieff store on Europe and the Middle ents. “Whether at $600 a troy Bond Street, admits the East. “Although the esti- ounce when I began design- recent plunge in the price mate was based on the gold ing or closer to $1,400 as it is of gold is “definitely signifi- value, the Gina Lollobrigida today, warm gold jewellery cant”. In India and certain provenance and the unique- and precious stones will parts of the Middle East and ness of the object will obvi- always make a comforting elsewhere in Asia, some ously play a significant role insurance policy – the first jewellery is valued by its in what it realises on the thing tossed into the pillow weight in gold, which night.” case if one has to flee into means prices changed Even so, François Curiel, the night,” she says. FINANCIAL TIMES THURSDAY APRIL 25 2013 ★ 3 Watches & Jewellery Tiny city remains crucial market for Swiss exports

Hong Kong Special Administrative Region takes 20 per cent of industry’s output, writes Alex Doak

oming to a available anywhere else. is also trying to cut down KPMG study was conducted seems the only way the Chi- offset the mainland econ- pricing of watches in main- Worth the wait: thanks to a smooth halt, the “We do have boutique on spending overseas and on mainlanders’ spending nese government can coax omy’s plateau by reducing land China and Hong Kong; 0% tax on luxury products, lift door slides privileges when it comes to bring some of that expendi- and it was found that 60 per shoppers back home is to their prices and persuading it used to be about 30 per Hong Kong is seen as a open at the 38th stock,” Ms Cheung says, ture back home. cent of luxury products reduce tax on luxury goods. customers to buy their cent, but now it is 15 to 20 shopping paradise Getty floor of No. 1 Har- “and occasionally boutique “In Hong Kong, 70 per were purchased overseas. Meanwhile, many of the watches locally. per cent. For now, however, Cbour Road to reveal yet special editions, which cer- cent of GDP is from domes- The government wants to brands that have expanded Ms Cheung says that Hong Kong’s position at the another jaw-dropping pano- tainly heightens interest in tic consumption; in China reclaim some of that trade.” so massively on the main- Zenith is already trying to top of the Swiss watch pops rama of Hong Kong’s Cen- a brand. To that end, many it’s just 20 to 30 per cent. A In the short term, it land will no doubt want to close the gap between the looks very safe indeed. tral district. watch brands are investing Sitting demurely in front in boutique flagship stores of this backdrop is Alice in Hong Kong.” Tsang, an economist from Like everyone else, Ms the Hong Kong Trade Cheung is reliant on tour- Development Council ists from the mainland, see- (HKTDC). ing a 26 per cent increase in Along with the countless her Chinese customers last other commodities freely year alone. But this growth changing hands in China’s has not been because of the Special Administrative Chinese economy, which Region, Ms Tsang is all too actually slowed last year. aware of its importance to “It’s because of visa per- the Swiss watch industry. mits,” she says. “Four years “Hong Kong is famous for ago, it was mainly the big being a shopping paradise,” cities that issued travel she says. “Of course, this visas and, even then, it all started with the zero- tended to be individual per-cent tax on luxury prod- travellers. Now, more and ucts – things are relatively more provinces are issuing cheap here.” visas, so more and more Thanks to this free trade, mainlanders can visit Hong more than 20 per cent of Kong, often as groups.” Switzerland’s SFr21.4bn It was the outbreak of watch exports were sold on Sars in 2003 and its crip- Hong Kong’s tiny patch of pling effect on Hong Kong’s soil last year. economy that first opened Famously defying the the Chinese floodgates, with ongoing slump, the value of the hastily initiated “Indi- Swiss exports continues to vidual Visit Scheme” sud- rise (up 10.9 per cent last denly allowing mainland year), but what is more tourists from Beijing, intriguing is the steady Shanghai and all the growth in Hong Kong’s Guangdong provinces to slice of the Swiss pie, which visit (and spend money) for was only 15.8 per cent as seven days, rather than recently as 2007. requiring business visas or What is the leading factor joining a group tour. in Hong Kong’s rising domi- The scheme brought an nance, in a city with a 7m immediate surge in the population? local economy and, nowa- The answer, of course, is days, with even more prov- neophyte economic power- inces relaxing their visa house, the People’s Repub- regulations, 800,000 to lic of China (PRC). 900,000 mainland visitors “Asians come here for travel to Hong Kong their dream products,” says monthly, according to the Ms Tsang. “And for the Immigration Department. mainland Chinese, Hong Not only are the punters Kong is perfectly localised. proliferating, but the type “Plus, it has a very simi- of customer is changing too, lar culture to the mainland, says Patrick Choi, who manages A. Lange & Söhne’s boutique in Herit- age 1881 – a super-deluxe ‘More provinces are precinct in Kowloon, just issuing visas, so off Canton Road, where queues snake outside vast more and more branches of Hermés, Chanel and Louis Vuitton. mainlanders can “Two or three years ago, visit Hong Kong’ shoppers would come to Hong Kong for the well- known brands like Patek Philippe, Vacheron Con- the same food, the same stantin, Rolex,” Mr Choi language.” says. Of Hong Kong’s “over- “Now they are far more night visitors”, an HKTDC knowledgeable, far more survey of 2011 found that sophisticated, thanks to bet- the mainland Chinese com- ter and better information prise around 60 per cent, on the internet and in mag- and yet as much as 89 per azines. The younger genera- cent of the HK$9.6bn spent tions are more interested in on watches was spent by mechanisms, not just sports them. watches. They want to buy It is China’s growing mid- a more connoisseur brand dle class that is driving . . . like Lange & Söhne.” Hong Kong’s wristwatch But while the Hong Kong boom – and not just market for Swiss watches is because of its profligacy; growing, the growth itself more its spending patterns. fell from more than 30 per Another of Ms Tsang and cent in 2001 to 6.8 per cent her team’s recent surveys last year. interviewed 2,468 middle- The mainland Chinese class mainlanders who had market, in third place after bought watches in Hong the US, recorded an even Kong in the previous three more spectacular fall from years. an increase of 50 per cent to As well as a surge in con- virtually zero growth at the sumption, the average pur- end of 2012. chase is now Rmb4,159 According to Ms Tsang (£438), a marked increase back at the HKTDC, this from about Rmb1,000 found reflects a dramatic cooling by a survey five years ago. of consumer demand in “But despite the low tax China, due in particular to and convenience,” Ms the new Chinese govern- Tsang says, “the mainland ment. Chinese come to shop here “As well as the tradition because of brands and for buying gold when chil- styles not found on the dren are born – it’s a sym- mainland; designs can be bol of health and good for- very traditional. Here, you tune – luxury goods have, have more stylish products thus far, mainly been and more choice.” bought as gifts for their Mendy Cheung, LVMH boss or business partners,” Hong Kong’s brand director she says. for Zenith Watches, cer- “However, the gifting cul- tainly appreciates this. ture is beginning to decline. Amid the serene decor of China’s new Communist the group’s new boutique, party chief has started a 10- she points out the brand- year plan to confront brib- new Christophe Colomb ery. In other words, the cul- Hurricane with gyroscopic ture of big dinners is turn- tourbillon and fuse and ing to leftovers.” chain mechanism – not China’s new government 4 ★ FINANCIAL TIMES THURSDAY APRIL 25 2013 Watches & Jewellery Omega’s invention protects against magnetism

Technology Battle to rid mechanisms of the destabilising effects of magnetic fields has been waged since the 19th century, writes Timothy Barber

mega’s range of mechanical this silicon hairspring, we couldn’t do watches will see another this watch,” says Mr Monachon. technology-led price rise If that means that half the battle over the next two to three was already won – Breguet, which years. also uses the silicon hairspring, OAfter increases in recent times inserts minuscule magnets into its engendered by the introduction of Classique Chronométrie 7727 with no new technologies such as the co-axial apparent ill effects – raising the escapement and the silicon hair- stakes to MRI scanner-proof levels spring, the company’s latest innova- required a large-scale collaborative tion, a movement that is anti-mag- process. netic to a greater degree than has Omega was able to call on the con- previously been achieved, will con- siderable resources at its disposal via tinue the pattern. its parent, Swatch Group. Its engi- The first watch containing the new neers worked in partnership with movement, which was announced in those at ETA (the Swatch Group January, is a version of the Seamaster movement producer), Nivarox (sup- Aqua Terra, retailing for SFr5,500 – a plier of alloy hairsprings) and Asulab 20 per cent rise on a normal Aqua (the group’s research laboratory) to Terra, at SFr4,600. investigate new materials, redesign The movement, based on Omega’s the architecture of the movement, and calibre 8500, its first proprietary co- Resistence: Omega’s new Seamaster Aqua Terra watch, inset, can operate safely around magnetic fields as high as those generated by an MRI scanner Dreamstime develop manufacturing processes that axial movement, incorporates non- would enable the new technology to ferrous materials throughout to be industrialised. negate magnetic interference. of the destabilising effects of magnetic magnetic resonance imaging (MRI) product development, told the Finan- making a display caseback unfeasible. Justin Koullapis, technical editor of The technology will be gradually fields has been waged since the mid- scanner, which would normally cial Times the exact configuration of This is the approach still taken by the journal of the British Horological integrated into all other co-axial cali- 19th century, the most famous exam- destroy a watch movement. materials had still to be finalised. Rolex with the Milgauss, and several Institute, says that while this is a far bres by 2017. ples being IWC’s Ingenieur, Omega’s With the growth of digital and elec- Even if Omega’s technical staff have other brands. Notable of these is less important development “Given the development costs asso- own Railmaster and Rolex’s Milgauss, tronic technology making magnetic been working down to the wire on IWC, which in focusing this than the co-axial escapement, it ciated with technology this signifi- all produced in the 1950s. fields an ever-present feature of mod- their new invention, the scale and year on its Ingenieur family – is an exciting move nonetheless cant, you have to admit that the price As the name of the Rolex model ern life, this is intended to eliminate a pace of the endeavour is nevertheless the “engineer” watch that was and worth the consequent difference is slight,” says Stephen suggests, these watches resisted mag- problem Omega says accounts for 15 impressive. founded on its anti-magnetic price increases. Urquhart, Omega president. netic fields up to a strength of about per cent of its after-sales servicing. Their task, issued in 2011 by Nick properties – has dropped “Omega has always been “With the quality delivered by our 1,000 gauss. In context, the interna- But what the materials inside the Hayek, Swatch Group president, was anti-magnetism as a char- adventurous when it co-axial calibres, customers have not tional standard for a watch to be certi- company’s new watch are, or how not simply to come up with a watch acteristic of all but one of comes to interesting tech- been discouraged by the fact that they fied as antimagnetic is a minimum they have been deployed, remains a that would solve the problem of mag- the watches, its hand nology. It is adding have to pay a bit more for the resistance of 60 gauss, which is a little secret. Omega has kept quiet since the netism, but to do so in a way that seemingly forced by the value to its product and watches. I think this will also be the stronger than the field generated by a January announcement in Geneva, could be industrialised at low cost and requirement for a visible putting something into case with anti-magnetic watches. We fridge magnet. with a promise to reveal all at Basel- would allow for a display caseback. movement. it, not just improving are comfortably positioned in our seg- Rolex revived the Milgauss in 2007, World. The latter element was crucial: a Omega already had the the brand image and ment and we are not going to price and it is still marketed at this level of Not the least reason for this, it visible movement is now seen as a considerable advantage of increasing the price based ourselves out of the market.” magnetic resistance. seems, is that, despite showing a mainstream requirement for mechani- using non-magnetic silicon on that,” he says. The development is significant in a By contrast, Omega’s new mecha- prototype in January, Omega did not cal watches, but the traditional for its hairsprings, normally “It is drawing attention to historical context and that of the mar- nism can operate safely around mag- yet have the full answer itself: just a method for anti-magnetic models the part most vulnerable to the fact that there is a lot of ket place. netic fields of as much as 15,000 gauss month before BaselWorld, Jean- was to enclose the movement in a magnetic fields. technology still to be applied to The battle to rid watch mechanisms – the kind of field generated by a Claude Monachon, the brand’s head of protective inner shell of soft iron, “If we didn’t already have horology – it’s no dead end.”

Sales flux spreads patina of caution over industry

Continued from Page 1 prices elsewhere in the reason for us to slow world as a result of the down,” he says. 40mph, I am still faster,” he weaker euro. However, perhaps the says. If this merely pushes main reason for the surging Expectations for other some Asian demand back investment – particularly in markets are mixed. Mr Ben- into Asia, then the overall manufacturing – is that a nahmias cites the US as one impact is likely to be lim- final decision is imminent that he expects to perform ited. in Swatch’s battle to per- well, a view echoed by If, however, the slowdown suade the Swiss competi- Michele Sofisti, who dou- in tourist spending is an tion commission to allow it bles as head of Gucci’s extension of the softer to restrict deliveries of watches division and chief demand on display in Asia, movements and regulating executive of Sowind Group, 2013 might prove tougher mechanisms, on whose pro- the Swiss haute horlogerie than expected. duction it has a near company which owns the This uncertainty does not monopoly. Girard Perregaux brand. seem to have had much Swatch commented in Their view is shared by impact on investment March that an agreement in analysts. “The US seems plans. Many of Richemont’s the long-running dispute much stronger than antici- brands are investing heav- had been reached “in prin- pated,” says Mr Cox. “This ily, with Vacheron Constan- ciple”. may be because watchmak- tin, for example, due to While the precise details ers are making a concerted spend SFr100m to expand have not been disclosed, attempt to boost their pres- both its staff and produc- most analysts expect that ence there. Swatch will be allowed to “The US accounts for restrict deliveries and about 10 per cent of the increase prices, albeit over Swiss watch market, com- Perhaps the main a period of several years. pared with about 20 per reason for the The market appears to be cent for most other luxury sending a similar signal. In goods, so there is scope for surging investment January, the price of move- growth,” he adds, citing ments was 40 per cent Richemont’s recent pur- is that a decision is higher than a year earlier, chase of a property on New imminent on supply an insight into the strain York’s swanky Fifth Ave- that fewer supplies from nue as a sign that the group of Swatch’s parts Swatch may bring. intends to increase its activ- “Richemont and LVMH ity in the US. have been forward-purchas- Europe, by contrast, looks tion capacity by about ing quite aggressively for less promising. 50 per cent by 2016. the last two years,” says “The domestic market in Elsewhere, Mr Bennah- John Guy, retail and luxury Europe will be slow, we mias says that Audemars analyst at Berenberg Bank. should not expect too Piguet, which has just “However, their brands much,” says Mr Sofisti. spent SFr30m on a case and have also been making sig- The main reason for the bracelet factory, intends to nificant investments in pro- sluggishness is clearly the spend the same amount duction, so they should be chilling impact of the finan- again on another factory in able to become self-suffi- cial crisis, which is close to Le Brassus. cient. Smaller independent entering its fifth year. Mr Dufour expects Zenith brands, though, are going However, there have also to invest about 10 per cent to struggle.” been suggestions that the of its turnover in the com- The upshot, says Mr Cox, wave of demand from Asian ing year, while Mr Fritsch is that further consolidation tourists, whose appetite for says Chaumet’s spending is likely in what is an luxury goods has buoyed will focus on boutiques, already highly concentrated European sales in recent with two openings due in market. years, could be starting to China, one in Abu Dhabi “The smaller groups that ebb. and one in Cannes. can’t afford to make the One reason to expect “We are opening our bou- investments to become self- watch purchases by visitors tiques for the long term. sufficient and can’t afford to slow, say analysts, is that You don’t open a boutique higher movement and com- some brands have started for a quarter, or a year. You ponent prices will either go putting up prices in Europe do it because you have a to the wall or be taken over in a bid to close the gap five-to-10-year vision. From by the bigger players. It that has emerged with that perspective, there is no could be a watershed year.”

Contributors »

James Shotter Vivienne Becker Tel: +44 (0) 207 873 4038; Switzerland and Austria FT Contributors Email: Correspondent [email protected], Stephanie Gray or contact your usual FT Elizabeth Paton Commissioning Editor representative. US Fashion and Luxury Correspondent Elizabeth Durno All FT Reports are available Sub-editor on FT.com at ft.com/reports Jessica Diamond, Follow us on Twitter at Alex Doak, Timothy Barber, Steven Bird twitter.com/ftreports Maria Doulton, Designer Robin Swithinbank, All editorial content in this Nicholas Foulkes, Andy Mears supplement is produced by Elisa Anniss, Claire Adler, Picture Editor the FT. Avril Groom, Syl Tang, Our advertisers have no Corbin Chamberlin, For advertising details, influence over, or prior sight Anthony DeMarco, Jim Shi, contact: Charlotte of the articles or online Simon de Burton, Williamson; material. FINANCIAL TIMES THURSDAY APRIL 25 2013 ★ 5 6 ★ FINANCIAL TIMES THURSDAY APRIL 25 2013 Watches & Jewellery

1 2 3 4 Stars align for a comeback as emerald named colour of 2013

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BaselWorld jewellery The move to green has been reinforced as the gems make a comeback on the red carpet, writes Maria Doulton

ucky for the jewellery world suggestions or clues, and of course that the Pantone Color the jewellery industry is included. Institute has declared that We looked at the historic meanings Emerald Green is the official and symbolism of emerald green and colour for 2013. weighed the zeitgeist of the times as 8 7 LSince 2000, each year the institute, well as what the average person feels after much research, declares its is happening in the world around choice of colour for the year. them,” she says. Designers’ delight Going for green The practice came about as a “Green is the most abundant hue result of a growing number of in nature,” says Ms Eiseman. “The 1 Chopard ring, part of the 7 Carla Amorim Extase requests from people interested in human eye sees more green than Red Carpet collection, POA earrings, $24,000 gauging upcoming colour trends. The any other colour in the spectrum. As implications of Pantone’s colour-call it has throughout history, emerald indicate that jewellers are showing a 2 Garrard necklace, £835,000 8 Stephen Webster ‘fly by range far and wide, from paintwork continues to sparkle and fascinate. tendency towards emeralds and night’ couture ring, £13,950 on concept cars to the hues of our Symbolically, emerald brings a sense green stones. But is it directly 3 Aranushi drop earrings, drinks and even it would seem, the of clarity, renewal and rejuvenation, attributable to the New Jersey-based $220,000 9 Rodney Raynor Via Roma shades of our Shamballa bracelets. which is so important in today’s colour guru’s choices or a wider ‘flexi’ rings, £6,995/£7,540 4 De Grisogono earrings, Leatrice Eiseman, executive complex world.” move towards coloured gemstones? £289,500 10 Fabergé La Esmeralda director of the Institute, explains the So as 2012’s Tangerine Tango bows Stephen Webster, the London-based necklace, POA choice of emerald green. “We looked out to make way for this year’s jeweller, says: “The Pantone 5 Sutra gothic earrings, at whether it would it be the right favourite, can we expect to see more Institute’s colour choice does often $21,500 11 Classic Shamballa bracelet, time for this gemstone to be featured emerald jewels on show at influence trends in the jewellery £12,280 and, when we are making our BaselWorld this year? world, however there are certain 6 Roberto Coin brown and choice, we look around for A look at what is on offer seems to colours that work better for jewellery white diamond and green 12 Bulgari high jewellery garnet frog, £8,200 necklace, POA

and emerald green is about as good as you can get. We introduced emeralds set alongside black 10 diamonds three years ago and that stone combination is right up there in our top selling top pieces. But you have to be ahead of the game, you can’t wait for Pantone to reveal their colour choice each season.” Likewise, Caroline Scheufele, co- president of Chopard, steered toward the green gem several years ago. “Since 2011, I made the creative decision to increase the incorporation of emeralds in our high jewellery collections. I am delighted Pantone have declared the green emerald as the official colour of the year as it ties many of our high jewellery creations to the current trend while the pieces remain timeless.” Katharina Flohr, creative director at Fabergé, also believes emeralds had been making a return before 2013. “Emeralds, in particular, are enjoying a huge comeback and are fast becoming a colourful alternative to white diamonds,” says Ms Flohr. To make the point at BaselWorld 2013, Fabergé will be presenting the La Esmeralda necklace from its Les Danses Fantasques collection, 11 festooned with cabochon emerald beads weighing more than 200 carats. All the emeralds are ethical Zambian stones from Gemfields’ operations. Rodney Rayner, of the eponymous jewellery brand, explains the cost implications of working to trends. “As designers and creators of fine coloured stone jewellery, we are aware of the Pantone fashion colour report. But, using larger emerald stones becomes prohibitively expensive and restrictive, so I think 12 that, as creators of original jewellery, we have to offer colours that complement the emerald green fashion and not slavishly make emerald green jewellery,” he says. One company that must have been particularly pleased with the news from Pantone is Gemfields, the London-based coloured-stone producer with interests in a mine in Zambia that produces 20 per cent of the world’s emeralds. “While we’ve already been seeing a steady return to coloured gems in the US – in both bridal and fashion jewellery – Pantone’s announcement of emerald as 2013 colour of the year has struck a chord with luxury jewellery brands,” says Randi Molofsky, Gemfields’ US director of marketing and communications. “The red carpet response was immediate, especially among stars at the Golden Globes and Screen Actors Guild Awards, so consumers swiftly saw the trend in action. Because of this direct-to- buyer association – both from Pantone and during the awards season – designers have been 6 eager to capitalise on emerald in spring and fall collections. I’m expecting a quicker- than- average trickle down as the stars are aligning for a major return to emeralds, and precious coloured gemstones in general.” FINANCIAL TIMES THURSDAY APRIL 25 2013 ★ 7 8 ★ FINANCIAL TIMES THURSDAY APRIL 25 2013 Watches & Jewellery

impressive aspect, rather the numbers which required two different lengths of lives saved. It has, he says, been of antenna. used in a number of military situa- The result was what Breitling calls Life-saving tions, including one involving a “an innovative dual-frequency trans- fighter pilot and another with a mitter . . . a microtransmitter alter- paraglider, about which he is not nately operating on two separate fre- allowed to talk in detail. quencies over a 24-hour period”. But there have been civilian lives Every 50 seconds, it transmits a dig- saved as well, and he cites the exam- ital signal on the 406MHz frequency device for ple of two British helicopter pilots intended for satellites lasting just who intended to fly to the South Pole, under half a second and a further but were forced to bale out of their analogue, homing, signal on 121.5MHz doomed aircraft. Each of them was lasting three-quarters of a second wearing a Breitling Emergency and, every 2.25 seconds. the extreme thanks to the signal, they were picked Battery aside, the primary difficulty up by a Chilean icebreaker. was to develop a miniaturised device The beacon is deployed by unscrew- serving to transmit alternately on the ing part of the case to free a set of two frequencies, with the antenna antennas which then broadcast on the length varying according to the wave- sports person internationally recognised emergency length. Once again, Breitling devel- frequency of 121.5MHz. However, oped an original system working with because of the number of false alarms, what it coyly describes as “an insti- it was decided to stop monitoring this tute specialising in aerospace, defence frequency for alarms and to switch and industry” to create “a new circuit instead to 406MHz. exclusively dedicated to this instru- Breitling Emergency Second generation is This proved a considerable problem ment in order to be able to transmit for the R&D team at Breitling. “The on two frequencies and to do so about to be launched, writes Nicholas Foulkes power needed is much, much higher; within an extremely compact vol- five watts compared to 30 milliwatts; ume”. Roughly translated, this means think of it as the difference between creating a transmitter that “knows” t seems to be an axiom of modern the second generation version of 30ml and five litres,” he says. whether to use part or the entire watch manufacture that a time- which will be launched this year at A large proportion of the five years length of the set of antennas with piece should be equal to the most the Basel Fair. it has taken this watch to make the which the watch is equipped. extreme conditions. From con- The first Breitling Emergency journey from planning stage to mar- The result is not so much a snazzy quering the highest mountain appeared in the mid-1990s after Ernest ket was devoted to developing a watch but a piece of survival equip- Ipeaks to being submerged thousands Schneider, Breitling’s owner, attended power source equal to the demands ment that sets news standards in of metres underwater, from space a Nato conference at which one of the them. He found they were wont to Don’t be left hanging: made on the new generation Emer- terms of miniaturisation technology, travel to skydiving, the 21st-century topics under discussion was the unre- damage the glasses of their watches, the Breitling Emergency gency. The result is an entirely new antenna design and battery size wristwatch is a robust piece of liability of emergency beacons and catching them on the canopy upon watch, inset, is also a battery that is recharged with a . . . and tells the time. What it also machinery that can accompany its the propensity for false alarms. A leaving the cockpit, a problem he distress beacon Dreamstime device that also tests the distress bea- does is show the benefits of independ- wearer into the most inhospitable keen pilot as well as an engineer, Mr solved with the rider tabs at 12, 3, 6 con (without setting off a ent ownership. For a volume brand, environments. Schneider decided it would be a good and 9 o’clock. These tabs also made false alarm). This power 2,000 watches a year is not a huge But while watchmakers spend a lot idea to have an additional, personal, turning the unidirectional bezel easier source remains independ- number and, in the normal course of of time and effort making timepieces instrument that was also a life-saving with gloved hands and the rounded ent from the battery that events, would not justify a five-year that can get (or at least accompany) device. pushpieces did not snag on the powers the thermo com- period of design, development and their wearers into trouble, they tend It was not the first time he had sleeves of flight suits. It proved a tri- pensated Superquartz testing. But, as Mr Girardin says, to give rather less thought to getting taken inspiration for timepieces from umph of ergonomic functionality and movement that provides there is much more to this than a out of it. military sources. In 1984, he had a model of commercial success. In the the time and chrono- simple business case. “While nobody From a marketing point of view, the launched the Chronomat, one of the 1980s and 1990s it became a cult watch graph functionality. would dare to make a feasibility study image of a plane crash, mountain models that was crucial to the revival well beyond the confines of the mili- In order to compli- for such a watch, internally there is climbing accident or shipwreck is less of the mechanical chronograph, post- tary, selling in huge numbers. cate matters further, high motivation to make innovation.” likely to sell watches. But accidents quartz. It had been designed for the The Emergency was never going to the old Emergency fre- But having invested five years and do happen and, should you ever find Frecce Tricolori, the aerobatic display be a volume product such as the quency was not being an undisclosed sum, is he not afraid yourself marooned on a mountainside team. Chronomat, but Jean Paul Girardin, made completely redun- that other brands will want to move or forced to make an emergency land- Mr Schneider had heard that the Breitling’s vice-president, describes it dant. While the alert into the timepiece as personal distress ing in some remote patch of rainfor- elite aviators were after a team watch as one of the brand’s most commer- would be transmitted on beacon market segment? His answer est, then you might wish you had and the challenge had appealed to cially stable models, selling about the higher frequency, the is simple. “If anyone else wants to try worn the Breitling Emergency, the him. He had gone to see them and 2,000 pieces a year. But he says it is locator beacon would still to do it with these two frequencies, I watch that is also a distress beacon, designed a watch specifically for not the sales that are the most broadcast on the old frequency, would say good luck.” Anniversary tribute to testosterone timepiece

driver’s watch at first. “We Christophe Babin, TAG Mid-century success just wanted an elegant Heuer’s outgoing chief exec- chronograph,” says Mr utive. “Today, wristwatches Robin Swithinbank Heuer. “Chronographs had are more than 90 per cent of celebrates the a tradition of overcoded the company’s sales. Before dials with tachymeters and the Carrera, 90 per cent of longevity of TAG old-fashioned looks – I took sales came from timing Heuer’s Carrera away all that rubbish.” instruments and systems.” This paring back was in It feels poignant but keeping with the design somehow appropriate that The watch industry’s obses- zeitgeist of the time. “The in this milestone year for a sion with celebrating past postmodern Bauhaus watch that underpinned a achievements routinely revival influence was very brand, both Mr Heuer and throws up otiose anniversa- potent in the early 1960s,” Mr Babin will leave the ries. But every now and says Richard Sutton, writer company. Their departure again, a date pops up in the and business design con- marks the end of an era. calendar that merits more sultant. “Design was mini- After all, it was Mr Babin’s than a gushy press release. mal, no messy graphics, decision to bring the fourth- Such is the case with the monochromatic colour and generation Mr Heuer back pick of this year’s round- finish options, functionality into the business after a numbered headlines – 50 – a kind of less-is-more utili- hiatus that began when he years of the TAG Heuer tarian elegance. was controversially ousted Carrera. Over the past half “Heuer, Rolex and Omega in 1982. century, it has defined a in particular were super- “When I joined the com- brand and – as a fair argu- sharp in their minimalist pany in 2000, I had abso- ment has it – an industry as elapsed-time sports watch lutely no understanding much as any other watch. offerings,” he says, “but the whatsoever of the watch The Carrera’s influence Rolex Cosmograph, which industry,” admits Mr Babin, over the Heuer brand (the came out in 1960, and the who is to take over the TAG prefix was added in Heuer Carrera from ’63 reins at LVMH stablemate 1985 following Techniques were the purest and most Bulgari. “Jack was the only d’Avant Garde’s buyout) beautiful of the lot.” way for me to understand was to turn it from a com- In the 1970s, Heuer took the DNA of the brand.” pany that supplied timing his brand into Formula One Mr Heuer was on the systems to power stations through a partnership with verge of retiring from his and racetracks into one of Ferrari, a pioneering step second career in electron- the world’s leading luxury that both cemented the ics, and, says Mr Babin, was wristwatch brands. brand’s profile as a creator surprised to get the call. Look back over the past of racy precision chrono- They met over lunch in 50 years through the lens of graphs and paved the way March 2001 and, in June, Mr product design, fashion, for the mass influx of adver- Heuer returned as honorary sales, marketing or the tri- tising into the sport that chairman. als of the Quartz crisis, and has made it what it is Mr Heuer, for his part, the Carrera is always part today. credits the success of the of the picture. Like Omega’s “The highlight of my brand over the past decade Speedmaster or Rolex’s Sub- career was being innovative to Mr Babin’s ability to mariner, it defines the in marketing,” says Mr “validate the past”. industry over that period. Heuer, whose biography This goes some way to The Carrera story begins will be published later this explaining the longevity of in 1962 when a young Jack year to mark the date he both the brand and the Heuer, who had only retires from his role as the ever-evolving Carrera, but recently negotiated a major- company’s honorary chair- as Christoph Behling, ity stake in the business man. “We were the first designer of the 50th anni- after a family feud, met non-automotive brand to versary collection, says, the Mexican driver Pedro Rod- have a logo on a racecar. As emotive reasons for its suc- riguez at the 12 Hours of a marketing coup, that was cess are just as significant. Sebring motorsport event. unique” for a watch brand. “It’s like with the Porsche Mr Rodriguez told Mr Heuer Heuer became the racing 911,” he suggests. about the Carrera Panamer- driver’s watch brand of “The car is influenced by icana, a brutal five-day road choice, channelled by the very modernist, very clean race that had claimed 27 Carrera and to an almost lines, and quite Germanic lives during its five-year equal extent the square- forms, but at the same time run between 1950-54. cased 1969 Heuer Monaco. it’s an adrenalin-fuelled The name struck Mr At the same time, the shape driving machine, and it Heuer. Meaning both “race” of the company was became such a successful and “career” in Spanish, it transformed. sports car because it cap- had the potential to appeal “From 1963 tured both elements,” to those whose testosterone onwards and he says. levels were heightened by the birth of the “The TAG Heuer thoughts of climbing both Carrera, wrist- Carrera is the same into a cockpit and up the watches sud- in the sense that it corporate ladder. denly became has a place in the Mr Heuer was a qualified prevalent in the reality of our urban electrical engineer with a business,” says existence, and yet it masters in production and J e a n - resonates with our management and he set to dreams and fan- work designing a handsome tasies of sports watch that would fit what we the name. wish our This was an unusual life to be.” approach – it was not uncommon to attribute an End of an association to a watch after era: Jack it had been designed, as Heuer, was the case, for example, honorary with Rolex’s Daytona. chairman, Nevertheless, it was not retires this marketed as a racing year Getty FINANCIAL TIMES THURSDAY APRIL 25 2013 ★ 9 Watches & Jewellery Timepieces to watch for at the show

BaselWorld The world’s leading watchmakers present the cream of their new creations, writes Maria Doulton

1 Boucheron Epure from £13,900 concept. This new function allows Looking to strengthen its position in two simultaneous timings with a the men’s market, Boucheron’s 2 8 1 9 difference superior to 30 minutes Epure is an entirely new model and displays the difference between created by the Place Vendôme the two. Only 10 of these platinum jeweller best known for its women’s watches, with their distinctive blue creations. Inspired by the sundial in enamel dials, will be made. the Palais Royal gardens, the curvaceous lens shape and highly 14 Omega Constellation Sedna £13,510 polished case of the pared-back This arrival from Omega is named design optimises the play of light. for the new rose gold alloy Sedna, The 12th hour is marked by a simple developed by the Swatch Group blue sapphire cabochon. Powered by team, that blends gold, copper and the new GP4000 calibre created by palladium. Its colour, the brand Girard-Perregaux in Switzerland, it claims, “is more enduring than any asserts Boucheron’s commitment to other red or rose gold previously men’s watches. made”. A cutting-edge silicon balance spring and the superior Co-Axial 2 Breitling for Bentley Lightbody calibre 8501 are housed in this Midnight Carbon £8,930 limited edition Constellation, whose Focusing on the 10-year association design is reminiscent of the 1952 with Bentley, Breitling this year 6 original. The Constellation Sedna is presents a batch of four car-inspired limited to 1,952 pieces, and comes chronographs. This all-black model is with a full four-year warranty. ultra-light, thanks to a titanium chassis and carbon-based coating. 15 Patek Philippe Calatrava Ref. 5227 Two Breitling specialities mark the £23,800 dial: the 30-second central Patek Philippe shows its extreme chronograph hand with skill in case-making when revisiting eighth-of-a-second readings and the Calatrava, a classic launched 81 the variable tachymeter to years ago with its sobre Bauhaus- measure average speeds. The 12 10 inspired design. The “officer-style” design of the rubber strap Calatrava Ref. 5227 features a new imitates the radiator grilles dust cover over the sapphire of this super-car. The Calibre caseback of the watch. Hinged on 25B automatic movement the inside, so refined is its execution is COSC certified and only 1,000 that the workings of the mechanism will be produced. are invisible to the naked eye. The self-winding calibre 324C is visible 3 Génie 01 by Breva £119,400 through the sapphire caseback – Much more than just a once the dust-cover has been flicked timekeeper, the Génie 01 is open. Available in yellow, rose and a weather station for the white gold. wrist, driven by a mechanical movement, making this the first 16 TAG Heuer Carrera Calibre 36 of its kind. Developed by Jean- Chronograph “Racing” £6,500 François Mojon and Chronode, the 14 Confirming TAG Heuer’s supremacy movement maker, the dial displays in the world of chronographs, a new barometric pressure, weather sand-blasted titanium Carrera model forecasts, altitude – and, of course, season’s trend for neon colours is True to Hermès’ roots as a 13 Louis Vuitton Twin Chronograph boasts a fly-back timing function. the time. Available in pink or white reflected in the pink, yellow and saddle maker, the lugs have the Match Racing £50,000 This allows instant starting of the gold, only 55 pieces of each will be which is further testament to the orange patent leather straps that will appearance of stirrups, and the Louis Vuitton’s acquisition last year chronograph once it is running, made. The movement, with 405 fact that mechanical watches for stand out from the crowd. Each one strap is made using saddle-stitching of Le Fabrique du Temps, the without having to stop and then components, was developed women are on the rise. While you is supplied with an additional black techniques. This model is in Geneva watchmaking company, has restart. A tachymeter scale runs exclusively for Breva, founded by may be distracted by the seven strap for a more sober look. The stainless steel with a mother-of-pearl allowed the creation of the Twin around the other ring of the case to Frenchman Vincent Dupontreué. diamonds spinning like pucks on ice, stainless steel quartz watch with a dial and is equipped with an Chronograph Match Racing. The measure distance covered, while the Previously in the fashion and art the guilloche silver dial sits atop a black mother-of-pearl dial is set with automatic movement, as Hermès Fabrique du Temps, capable of chronograph timing functions are industries, after three years of serious automatic movement with a 71 diamonds, totalling 0.46 carats. strives to offer women ever more producing complications to the high read off the sub dials. The automatic development, he launched both 42-hour power reserve. The stainless sophisticated timepieces. A second standards of the Geneva seal, is movement is visible through the the brand and the watch. steel watch has a sapphire crystal 10 Harry Winston Histoire de version, with a black mother-of-pearl responsible for this differential sapphire caseback, which is resistant caseback, through which you can Tourbillon £527,800 dial, is also available. bi-chronographe, a patented new to 100 metres. 4 Bulgari Il Giardino see the action of the self- Fourth in the series of Harry Tropicale POA 4 winding movement. Winston’s interpretations of Bulgari confirms this how the tourbillon could evolve year’s strong trend 7 De Grisogono Sugar in the future, this year’s Tourbillon for highly decorated £163,900 is billed as one of the most complex women’s mechanical Geneva jewellery house mechanical timekeepers ever watches with its first De Grisogono presents made. The tourbillon has three “grand another opulent instead of one cage, and each rotates complication” creation dripping at a different rate, ensuring that for women. The with gems. gravity does not disturb the pink gold Giardino Precious stones not precision of the oscillator at its offers a view of a only cover the centre. The tourbillon is visible tourbillon through entire watch, but through the bulging central fish-eye an opening in the cascade off the side of window that is the central feature of elaborately decorated the case. This pink gold this miniature mechanical ivory-lacquered dial. model is set with 476 metropolis. With 345 Among the tropical emeralds (eight components, each of the 20 foliage and diamond-set carats) and a further watches takes 3,500 hours flowers, a colourful parrot 226 adorn the dial. to produce. The case is perches above the The emeralds at the made of white gold with mechanics of the ticking edge of the case are Zalium details. tourbillon. The set to sway with the “champlevé” technique of movement of the wrist. 11 Hautlence HL 2.3: painting multiple layers of lacquer Other equally brightly coloured Titanium version SFr180,000 requires 25 carefully controlled versions are available, set This high-end contemporary firings to achieve the rich, glossy with diamonds, blue or watch-making company colours. The manufacture-made orange sapphires. 5 founded in 2004 – whose automatic movement is the Calibre name is an anagram BVL263, and only 50 will be made. 8 DeLaneau Atame Flower of Neuchâtel – presents Field SFr105,000 a second generation of 5 Chanel Première, £12,025 Specialising in painted models that offer The Première watch, launched enamel watches for different ways to 26 years ago, has been entirely women, all DeLaneau’s display time. The re-vamped for a new lease of life. dials are made at HL2.0 displays hours Though instantly recognisable, every their Geneva lakeside on a 12-link chain and detail has been refined to give it a headquarters by a team of the minutes are counted more polished and luxurious look. in-house artists. This year, on the retrograde arc. The Première was the first watch impressionist art inspires The automatic movement is signed by a couture house, and its dials made using the Grand made in-house and visible octagonal shape was inspired by the Feu enamel technique to create from the front of the watch, stopper of the Nº5 perfume bottle – new effects in miniature which boasts three patents in turn influenced by the shape of painting. The white gold case for the trailing-hours chain, Place Vendôme. Available in two is set with 30 baguette-cut the mobile bridge movement sizes and in stainless steel or yellow diamonds and a further 291 and the two barrels. Only gold, all with quartz movements, the round diamonds. This one-off 28 pieces will be made watches come with chain bracelets piece is powered by an in titanium. and a variety of diamond-settings. automatic movement. 12 Hermès Arceau Petite Lune 6 Chopard Happy Sport Medium 9 La Mini D de Dior 19mm neon £4,850 Automatic £5,230 strap £2,900 Originally designed 35 years Twenty years of twirling diamonds Mini is big at Dior as the smallest ago, this classic-looking later, Chopard present a mechanical La D model watch is now presented in a new version of this perennial favourite, continues to appear version for women, and has a in new guises. This moon-phase display and date.

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3 10 ★ FINANCIAL TIMES THURSDAY APRIL 25 2013 Watches & Jewellery

Some brands took a huge bet on China, which I think was a mistake. You have to spread yourself better ‘Shaky momentum’ as than that.” Audemars Piguet is one of the high- end luxury watch brands executing a change in distribution strategy that will see it reduce the size of its third- party retail network considerably. Mr industry faces Bennahmias thinks the impact that this has already had on SIHH will soon mean that the show will need reorganisation. “There were 30-40 per cent more some difficult realities retailers five years ago [than there were this year],” he says. “So there are questions now as to whether we should close a day earlier, or intro- duce an official day for the public. It would make sense to have a day just SIHH assessment Many brands have felt obliged to for VIP clients.” Mr Bennahmias will put this idea to adopt more protectionist strategies , writes Robin Swithinbank the SIHH Exhibitor Committee, a panel composed of chief executives from the 16 exhibiting brands, but Ms Lupo feels it is unlikely to gain trac- t has now been three months But away from the headlines, SIHH was quite cautious,” says Fabienne tion soon. “SIHH was not originally since the curtain fell on the 2013 paints a picture of an industry enter- Lupo, chairwoman and managing conceived as a show open to the pub- edition of Le Salon International ing a period of change, brought on by director of the Fondation de la Haute lic but as a professional trade show. de la Haute Horlogerie (SIHH). some difficult realities. There is cau- Horlogerie, which organises SIHH. But, like every concept, it could Drawing conclusions about the tion in the air. “We all know that trees don’t grow evolve with time.” Istate of the industry from the show is There were few genuine novelties to into heaven. The objective is to main- On the subject of fewer novelties, often problematic without seeing it in speak of at the show, which was no tain a steady and healthy growth. No Mr Bennahmias says his brand’s deci- the broader context of BaselWorld. doubt the result of the obligation felt one expects to break records indefi- sion to reduce the number of refer- The task is made more complicated by by many brands to adopt more protec- nitely, but everyone remains reason- ences in its line-up and launch a the extended gap between this year’s tionist strategies – among them, the ably optimistic.” smaller collection of new pieces this two most important watch fairs. contraction of the mainland Chinese The theme is echoed by François- year was a deliberate move to realign On paper, at least, the numbers and Hong Kong markets, the impact Henry Bennahmias, Audemars distribution of its top-selling pieces. look healthy. Visitor numbers were of the decision by the Swiss competi- Piguet’s recently appointed chief “If you cannot deliver your core col- up by 3 per cent on 2012 at about tion commission (Comco) to allow the executive. “There’s a shaky momen- lection to your core retailers world- 13,000. And news that the industry Swatch Group to reduce the supply of tum in the industry right now,” wide, what’s the point of launching was on the verge of reporting annual its blank movements and parts to he says. “Everybody’s been hearing something that you’re going to make exports in excess of SFr20bn for third parties, and in some cases, sim- about China and Hong Kong for the people wait for?” he says. “That’s the the first time contributed to a ply overcoming past mistakes. last five or six years, and now we mistake the entire watch industry has glass-half-full mood in some quarters. “After last year’s records, everyone know they’ve slowed down a lot. been making for so many years. You launch a product at SIHH and some- State of play: times the retailers don’t see the prod- visitor numbers uct before the following SIHH. Jour- were up 3 per nalists talk about it, there’s a lot of cent at the 2013 buzz and clients want to buy it, but SIHH fair. then nothing happens and you lose Below, Juan momentum.” Carlos Torres of Vacheron Constantin put all its Vacheron eggs in one basket this year by Constantin; launching a new collection focused Bottom, exclusively on ladies’ watches. This Francois-Henry could be seen as reflecting a growing Bennahmias of trend, but it also pointed to a need to Audemars correct the imbalance in the time Piguet Getty between launching a new product and actually delivering it. “Some pieces we presented last year are only just out now,” admits Juan- Carlos Torres, Vacheron Constantin’s chief executive. Although, like Aude- mars Piguet, the brand is closing doors around the world and building a network of own-brand boutiques, it is still acutely aware of the importance of third-party retailers. Trying to sell them a new collection before fulfilling a previous order does not make sense. “I cannot put marmalade on the bread again,” says Mr Torres, adding that the brand will launch its new men’s watches in September. The paucity of new, talking point collec- tions was highlighted by the Clifton, the new entry-level model from Baume et Mercier. While it was the only new commercially focused line to be unveiled by any of the brands at the show, it had already been launched to the Asian market in Shanghai last Septem- ber. Chief executive Alain Zimmer- mann is keen to deflect suggestions that this indicates a strategic shift to the east, in which the group will be- gin to use Asia in preference to SIHH as a launch pad for future releases. “It’s no secret that we don’t have the same tradition in Asia – particu- larly in China – as we have in Europe or the US,” he says. “We felt the Clifton was the perfect product, not just in terms of taste, but also to underline what the brand is [to a new market]. That was an exception and, in the future, there is no willingness to maintain the principle of pre- launching collections in Asia.” The Clifton highlights the growing movement crisis at the lower end of the luxury watch sector. Baume et Mercier is one of a minority of brands at SIHH that do not produce proprie- tary movements; but rather than rely on ETA or ETA-dependent movement makers, it works with a portfolio of specialist companies, such as Sellita, Dubois Dépraz and La Joux-Perret. Because of the ruling made by Comco in 2011 allowing the reduction in the supply of movements and parts made by Swatch Group sub- sidiaries ETA and Nivarox to competitor brands, this puts Baume et Mercier in a stronger position than many brands in its segment, that now have to look for new movement sources or invest in manufacturing, rather than new prod- ucts. “Access to movements is becoming harder and harder,” says Jérôme Lambert, chief executive of Jaeger-LeCoultre, which manufac- tures all its own movements, and released 11 new calibres this year. “The scarcity of movements means that a lot of brands are busy trying to reinvent the wheel. They have to consolidate their structural base before expanding. The difference between those that can sustain the rhythm of invention and those that can’t will become clearer [in the next few years].” At a macro level, SIHH offers fresh evidence that 2013 will be the year that ushers in a period of transition for the industry. This may well be the first stepping stone between a dimin- ishing era of open, but often obliga- tory, co-operation between suppliers, brands and retailers, and a new era of self-reliance dominated by groups and mega-brands that have the capacity and clout to look after themselves. FINANCIAL TIMES THURSDAY APRIL 25 2013 ★ † 11 Watches & Jewellery Organic approach by designers is here to stay

Alternative gems A nod-to-nature aesthetic has increased the use of non-traditional stones but ethics are a concern, says Corbin Chamberlin

ewellery designer Kimberly “You couldn’t find more than a try to replace the materials that we McDonald likes rocks and handful of petite geodes. Now they’re sell to her – she buys the best of it. “Tucson is the place to get everywhere – not of the quality I use, But, at some point, we are going to them”, she says of the rustic of course. I have noted more vendors run out of it.” Ms McDonald is Mr location of her buying trip – set up to sell their small geodes.” Barlow’s biggest rare stone buyer. She Jthe Tucson Gem, Mineral & Fossil Ms McDonald has been working makes purchases from him as quickly Showcase in Arizona. with the same supplier of geodes for as he can find and cut the stones. Ms McDonald’s use of non-tradi- seven years – a family from Mexico Ms McDonald says she sees stones tional materials such as uvarovite which owns and lives on the land at prices she is “uncomfortable with” garnets, agates and her unofficial where the geodes, a byproduct of sep- all of the time. mascot material, geodes – mineral arate material the family mines, are “But that is a symptom of an satu- rocks – in a high-end jewellery format collected. Her pieces vary in price ration in the jewellery marketplace. has made her a rising star in the from $2,500 to $500,000 for retail prod- There are very few true designers out American alternative gem market. ucts. She also offers bespoke pieces there and scores of entities set up to Since launching her own line in which account for for 15 to 20 per cent copy original works, not for the art 2007, her nod-to-nature aesthetic has of her sales. but for the money. There is a miscon- been successful, with Bergdorf Good- Asked to defend her prices, she ception that jewellery design is an man being the first retailer to pick up says: “I could manufacture in India or easy market to enter, conquer, and the line. Her Earth-mined baubles Asia, like many people do, and cut the remain in. Until consumers, editors, have landed in Browns, Net-a-Porter, cost of my product by 10 to 20 per and buyers become more selective Je T’aime in Moscow and have caught cent. Every piece is handmade in the about the pieces and quality and don’t the eye of US First Lady, Michelle US by manufacturers I know and just buy based on trend and price, all Obama, who sported her earrings on materials will continue to rise in the April cover of American Vogue. price.” The Tucson show, held each Febru- Of the growing demand for non- ary, describes itself as “the world’s ‘I love that people are more traditional materials, she says: “It is a largest treasure hunt”, with 40 exhib- interested in natural double-edged sword for me. I love that its around the city that draw more people are more interested in natural than 55,000 visitors. Most of them are materials but I am materials but I am concerned about self-proclaimed “gem hounds”, who mining. I know personally how my are not absolutely in the industry, but concerned about mining’ resources operate and how ethical rather individuals who enjoy this they are in their mining practices; I bazaar of all things sparkly and do not know the mining practices of entrancing. work closely with. I know the work other resources.” In a tent at the side of a dusty conditions of their employees, and But why the recent obsession with Tucson highway, Ms McDonald and most of their names. Our business non-traditional materials? Olga Syrov- Trish McKeon, her business partner, together is personal. I choose to spend atskaya, owner of Je T’aime Jewellery were on the hunt for cobalto calcite, money to get the top quality of the Group in Moscow, has a theory. barite, matrix opals, diamond slices, unique materials that I use. I don’t “I think that the popularity of non- First lady is a fan: Michelle Obama ways and change such jewellery more an artisanal point of view, and this is chrysocolla druze and a plethora of apologise for that. I also use reclaimed traditional materials is not only wearing Kimberly McDonald earrings often than traditional jewellery.” what’s appealing to our clients.” geodes. 18k gold, that costs a little more.” driven by the economic situation at a state dinner AP Ms McDonald says her aesthetic is With a few pallets of materials to Though she too considers herself a Some stones, such as the chryso- worldwide. Traditional jewellery has not so much a trend, as a mindset. work with for the coming year, and a “mineral fanatic” and “gem hound”, colla druze, are extremely rare. The been around forever and, in some “Jewellery was originally a form of shipping cost of more than $5,000, Ms Ms McDonald regards her presence in batch Ms McDonald used for her ways, it doesn’t provide wide opportu- carrying stones on oneself as a sort of McDonald is off home but looking for- Tucson as important for building rela- chrysocolla druze earrings was found nities to differ from others. You can talismanic reminder of their natural ward to the next trip back to Tucson. tionships with her vendors. in what is now the Democratic Repub- compete in carat, clarity and shape, energies. And I really believe that peo- “There is a lot to be said for reputa- Her use of petite geodes, like those lic of Congo in the 1980s. but this is a rather expensive exercise. ple are getting back to that.” tion and longevity. Not that I don’t in Mrs Obama’s earrings, which retail Bruce Barlow of Barlow Gems, a “Non-traditional materials allow Joan Burstein, founder of Browns, buy from new resources – I do. But I for $3,600, have not always been so supplier who has been working with women to be unique, to emphasise agrees that the organic approach is have to know what they’re about readily available. Ms McDonald for five years, says: “We their personal style in many different here to stay. “I can see it lasting from first.” Exhibitors refuse to even hint at the prospect of a downturn

sumers are coming back Centurion Fair and are looking for fresh- ness in finer quality items”. Upbeat mood masks Another invited vendor, anxiety over US Syna, exhibited its coloured gemstone jewellery for the recovery, writes first time at Centurion. Co- Anthony de Marco owner Dharmesh Kotharia said the company opened new accounts and had The mood among the inde- repeat orders from several pendent luxury retailers existing ones. and exhibitors at the Centu- Probably the best exam- rion Jewelry fair in Scotts- ple of the unevenness of the dale, Arizona, was largely US recovery is how Cornell upbeat as the US economic Jewelers and Edward Dikes recovery gained positive, if of Weston Jewelers, Weston uneven, momentum early Florida, view their sales for in the new year. However, the coming year. Mr Dikes the one thing that can attended Centurion for the dampen sales and spirits is first time and focused his likely to be the ongoing bat- efforts on diamond dealers tle between the Republicans and viewing jewellery from in Congress and the White exhibitors he normally House. would not have a chance to “The only worry we have see at the larger shows. is still Washington,” says “The luxury business is Howard Hauben, founder of doing well,” said Mr Dikes, the annual February luxury whose business is in a pros- jewellery trade fair. “Is perous area of South Flor- something going to happen ida hit by the housing cri- that will choke the econ- Showtime: buyers representing 275 stores attended the fair sis. “People are going out omy? We don’t have a con- and spending more. I really sensus in Washington.” see things turning around”. Started in 2002, Centurion York. “That’s why this Nikfarjam, who goes by the Ms Cornell, whose busi- is unusual in several ways. show is so important. brand name Lisa Nik, ness is in an area hit hard First, it is co-owned by H2 They’re touching base with exhibited for the second by the economy for a longer Events, Mr Hauben’s com- me. We can talk about year. “We were able to be- period of time, is “cau- pany, and about 100 exhibi- what’s working and not gin working with a number tiously optimistic” for the tors. Second, it is an invita- working and what we are of stores with small opening year. She was stocking tion-only fair. Exhibitors going to do about it.” orders for spring, as items for quick sales with select which buyers and The exhibitor-owners are opposed to last year when coloured gemstone jewel- additional vendors can a diverse group of compa- we wrote larger orders with lery in the $2,000-$3,000 attend. nies. They include Italian fewer stores”, she said. range a priority. This year, Mr Hauben luxury jewellery brands Lisa Nik specialises in Both retailers said Christ- says, buyers representing Roberto Coin and Damiani, coloured gemstone jewel- mas sales were better than about 275 stores attended, jewellery designers Erica lery with unique cuts in the the previous year and that which is right in the centre Courtney and Judith Ripka, the majority of the com- of the normal representa- and high-end diamond jew- pany’s sales, particularly tion of 250-300 stores. The ellery specialists Kwiat and their big ticket items, came exact location of the event Norman Silverman. ‘People are going just before December 25 – a is never publicly disclosed Retailers this year were out and spending sales trend consistent with as a security measure. The interested in “bread and Christmas season surveys familiarity among guests butter” items such as bridal more. I really see of retail jewellers. “It’s and its private nature result jewellery, which is typical amazing what you can do in in a club-like atmosphere of this show. The exhibitors things turning 10 days,” Mr Dikes said. that has made the event a were upbeat, refusing to around’ For Ms Cornell, January highlight for many guests. even hint at the prospect of was strong and February The show allows retailers an economic downturn. was “phenomenal”. to fill in their inventory Thierry Chaunu, the new $1,000-$6,000 range; a cate- “People are still getting after the Christmas holiday. chief executive of Damiani gory she said was aban- married, getting engaged It provides an opportunity Americas, talked about the doned by many companies and buying presents,” she to view new design trends opportunity for the brand to during the recession as they said. “We’re selling more for the year and test new become a “big player” in went up- or downmarket. units at a lower price and items. It also allows retail- the US, fine-tuning and rea- Now she says she has that I’m thinking about what I ers and vendors the all-too- ligning product lines to pri- niche largely to herself. have to do to appeal to cus- rare opportunity to meet. oritise best sellers while “Our colourful cocktail tomers. People don’t want “I’ll have some vendors I introducing new products. rings and classic diamond to be sold jewellery. They don’t hear from until two One of the new items is a pieces have been the most want a consultant to help weeks before [the Las Vegas black and white ceramic popular this year because them make that decision. jewellery shows held in late jewellery line called D.Icon. they are in a category that We look at everyone as a May and early June],” says “It’s very sexy, very Ital- may be self-purchased,” Ms guest and try not to sell Olivia Cornell of Cornell ian,” he said. Nikfarjam said. “What this them. I think that’s why we Jewelers, of Rochester, New Jewellery designer Lisa indicates to us is that con- are doing OK right now.” 12 ★ FINANCIAL TIMES THURSDAY APRIL 25 2013 Watches & Jewellery

Custom-made: Bremont’s new facility has been built specifically with watchmaking in mind, is flooded with natural light and equipped with the latest dust extraction systems Henley plant may mark revival of UK horology

British watchmaking Bremont facility in Oxfordshire is the first large-scale factory to operate since the war, says Simon de Burton

here has been much talk of month to the Army, Air Force and quintessentially English town of finishing, final assembly, shipping “It is very satisfying to be able to [Federation of the Swiss Watch Indus- late about the revival of Brit- Royal Navy. Henley-on-Thames, Oxfordshire. and administration tasks – and, give a few of the country’s many very try] watchmaking course and wrote to ish watchmaking, but the At the end of the war, the lion’s The 5,000 square foot, green oak shortly, a bank of state-of-the-art dig- good watchmakers the opportunity to four major manufacturers, but I heard business still operates on a share of a £1m government cash injec- building designed by local architects ital lathes and computer numerical actually make watches rather than nothing back. Then I saw the newspa- tiny scale compared with the tion intended to revive British horol- Spratley Studios does not look out on control machinery will be installed to just repair or service them,” he says. per article about Bremont, sent a let- Tgiant Swiss companies that routinely ogy went to Smith’s, which used the Swiss-style, snow-capped mountains, further increase the brand’s produc- The company has recruited a team ter and landed the apprenticeship. I’m produce timepieces in runs of thou- money to develop its first wrist- but it has been built specifically with tion independence. of 12 fully trained watchmakers, vari- learning completely from scratch and sands, tens of thousands and occa- watches – as famously worn by Sir watchmaking in mind and is flooded “From the day we launched ously from big repair centres and the was actually expecting more theory. sionally millions. Edmund Hillary and his team 60 years with natural light and equipped with Bremont, Giles and I knew that this UK arms of leading Swiss brands such But everything I have done so far has Indeed, most of the small brands ago during their ascent of Everest. the latest dust extraction systems. was what we wanted to achieve, but it as Omega, who are already passing on been practical, and it’s an incredible that trade on their British roots use So busy did the company become What makes it additionally impres- seemed a long way off as, at the time, their years of know-how to four young privilege to be taught by such experi- foreign components and invariably that it opened a prototyping workshop sive is that Bremont, which special- our expectations were to sell perhaps apprentices from the local area. enced makers,” says Mr Hillier. also have their watches assembled in Clerkenwell, London’s traditional ises in aviation-style pieces having 50 watches a year,” says Nick English. One of those is 22-year-old Robbie His first task was to dismantle one abroad. horological district, and by 1965 Chel- been founded by aircraft enthusiast “But it was not until we saw the Hillier from nearby Goring-on- of Bremont’s entry-level “Solo” mod- The last time watches were made in tenham production had soared to its brothers Nick and Giles English, only watchmaking benches lined up in the Thames, who landed what has turned els which, after two weeks, he was truly significant numbers in the UK highest ever level. sold its first watch in 2007. building and people sitting in the out to be his dream job after reading also able to re-assemble and return to was during the 1960s when Smith’s, Yet diversification of the company, Now production is up to more than chairs that it really hit home that we an article in the weekly local paper, working order. once a familiar name in domestic by then known as Smith’s Industries, 5,500 units a year, all powered by had reached that goal. It’s far too the Henley Standard, about the open- “There is no doubt that watchmak- horology, ran a thriving factory in resulted in the end of watch produc- imported Swiss movements but also grand to say that this might mark a ing of the new Bremont facility. ing is difficult and complicated, but Cheltenham, Gloucestershire, which tion by the early 1970s. incorporating as many UK-made parts new beginning for larger-scale Brit- “I had completed part of a business I’ve never done anything I’ve had to boasted a staff of 400. But earlier this year the first signs as possible, including the brand’s ish horology, but I can’t help think- degree and then worked in recruit- work so hard at that has given me Back in 1939, Smith’s was making of a return to genuine, larger-scale UK trademark, ultra-hard “Trip Tick” ing that the last time people were ment, but a couple of years ago it such satisfaction. I wanted to find a 8,000 jewelled lever watch escape- watch manufacturing were seen when cases. producing significant numbers of crossed my mind that I might enjoy job that I’d be happy to do for the rest ments each week and, during the sec- Bremont, the independent British The building houses about 40 staff mechanical watches in this country being a watchmaker after I was given of my life, and now I think I have. ond world war, went on to provide up brand, opened an all-new production who, between them, take care of was when Smith’s was doing it 50 my great uncle’s 1950s Omega. And it also feels great to be part of a to 4,000 pocket watch chronographs a facility on the outskirts of the all of Bremont’s design, movement years ago. “I applied for the Wostep thriving British company.” Young talent in need of better opportunities to flourish abroad

flourish because a consist- IJL, as does Bright Young courses that the company British designers ent presence is seen as Gems (backed by the Brit- has run for 30 years. important by potential buy- ish Jewellers’ Association), It is, says director Peter Establishment puts ers. which mentors and gives Taylor, “still embryonic, something back as “You have to go back to show space to recent gradu- but designers here get an any trade fair several times ates and is being extended overview and experience of public funding dries before you sell,” agrees nationally, and Kickstart, all aspects of the industry. up, says Avril Groom designer William Cheshire, which helps designers who There are craftsmen train- who has been on trade mis- already have a fledgling ing as well as designers and sions to France and Ger- business. CAD [computer-aided many and has just opened Della Tinsley, director of design] experts – everything In June, a number of Brit- his first shop in East Lon- London Jewellery Week, to help the future of a Brit- ish jewellery designers will don’s up-and-coming Broad- says: “We are giving space ish industry which still has exhibit at the huge and way Market. to young talents at each of its skills.” prestigious Couture fair in There are a number of our venues, which all have But he regrets “the lack Las Vegas. They have been useful small-scale initia- their own character, from of coherent strategy on invited by Stephen Webster, tives to support young the established and design- tackling the global market one of Britain’s leading jew- designers from graduation orientated at Treasure [jew- over the past five or so ellers, to share the ballroom onwards, but they are con- ellery show], young and years. We have become space that he has booked cerned mainly with the edgier at Jewel East in Spi- more focused on bespoke and paid for home market, talfields and more craft work here, though that is and which, and channel style at Greenwich Market.” also positive.” he says, is y o u n g Winner of a free stand at Smart young designers too large designers Treasure is Lestie Lee, who are working through the for his t o w a r d s has also benefited from the awards system. o w n one of Kickstart programme. Both Imogen Belfield, who did needs. s e v e r a l IJL and London Jewellery a Goldsmiths Getting A n y d i s p a - Week are working with Started course and has s u g g e s - r a t e starter programmes around received both Bright Young tion that e x h i b i - the country, such as the Gems and Kickstart awards, this is the tions. Vanilla Ink incubator work- shows her designs at Rock j e w e l l e r y I n t e r - shop in Scotland. Vault and is joining the w o r l d ’ s national Bec Astley Clarke, the Vegas trip. “I’ve had a lot of equivalent of J e w e l l e r y successful online jewellery help all through, first with the London Show- London (IJL) entrepreneur, agrees that understanding the business, rooms, the itiner- in September, “we have a responsibility to then with exhibition stands, ant exhibition of Rock Vault at put something back – young press material and so on”, London Fashion Week’s Fashion Week designers are dependent on she says. young stars, which now and the Jewellery private initiatives now”. “I’ve had backing from pitches camp each season Show (in Birmingham in She has set up a new the BFC [the British Fash- in Paris, Hong Kong, New February and London in mentoring award in all ion Council which has UK York and Los Angeles, is June) are entirely trade aspects of the industry for Trade & Investment wide of the mark – at least while London Jewellery graduates with Holts and money], through Rock for the moment. Week, in venues across the gives a Gold Award to a Vault”. The British fashion indus- capital, sells direct to the chosen “Bright Young Now, she says, she feels try is valued at £21bn a customer as does the ready to export and year, while UK fine jewel- Goldsmiths Fair, would like to join lery is worth £3.2bn accord- also for bespoke the upmarket ing to Mintel, the market commissions, in late Première Classe research group, so the scale September. Gold- show in Paris, but of help for beginners is dif- smiths also now cannot afford it. ferent. runs a selling fair Meanwhile IJL, Mr Webster is involved for younger design- which last year with LFW as the curator of ers and clients, this attracted buyers Rock Vault, a showcase for year in late June. from 64 countries, is rising jewellers who already This fragmented in discussion with have a flourishing business. structure is, says another Vegas fair, “I hired the space, invited one observer, “due JCK, about a recip- all 10 of the designers we to vested interests”, rocal arrangement. had at Rock Vault and and the support struc- So the British jewel- offered them a package to ture, though wide ranging, lery establishment is come to Vegas, [which will is equally fragmented. Gem” to collaborate on a finally starting to embrace cost] about a fifth of what I Mr Cheshire says he project with her brand. the world but for today’s spent the first time I came,” received “quite brilliant” The Goldsmiths’ Centre, talented young designers he says. help from Holts Academy’s which opened a year ago in will it be enough, and in “Seven have accepted and Design Competition, and purpose-built premises time? it will be great exposure for that such private sources funded by Goldsmiths’ them, with more impact are essential since public Company, houses 15 estab- Imogen Belfield’s fool’s from showing their great funding has now all but lished businesses alongside wreath necklace (top) talent as a group.” dried up. low-rent starter studios for and Lestie Lee’s cushion It is, he says, an experi- The Holts competition graduates and the week- bracelet (below) ment that he hopes will channels designers towards long Getting Started FINANCIAL TIMES THURSDAY APRIL 25 2013 ★ 13 Watches & Jewellery

assembled and tested in his work- shops. Bremont’s British-assembled Solo Campaign to model (from £2,500) represents what co-founder Nick English describes as “the great value for workmanship that we instil whatever the price. As rising component costs push up over- all prices, we are aware of not want- appeal to a ing to price out people who enjoy the brand. This is a beautifully finished chronometer movement in a hardened steel case, and the way we keep the price down is by not taking the mar- wider audience gins that some competitors do. Today’s customer is very well informed and can easily judge sensi- ble value”. Some find it in the enhanced auto- of middle brows matic pieces that are now coming from lower-luxury brands. Swatch group members such as Tissot and Hamilton have access to ETA compo- nents for new models that include the Tissot Powermatic 80, which has an 80-hour power reserve (from £640), and Hamilton’s Viewmatic Skeleton, which also has a model for women (£880), or Jazzmaster Regulator (£940). “We see bigger demand for mechan- icals every year, though we also inno- vate in quartz and touch technology,” says François Thiébaud, Tissot chief executive. “People like to see the movement – an open caseback helps them understand it. But with over 1bn watches being made a year, a few million mechanicals is still a small amount.” And rising. Relatively mass-brand Rotary spot- ted a gap “above us but below Long- ines”, says Thomas Tope, the sales director. Rotary’s own-movement, Pricing strategy Luxury brands have Swiss-made Jura range launched last year and was an instant sell-out at been quietly introducing far more less than £600. It now includes women’s models, and there are plans accessible timepieces, writes Avril Groom for complications to be added. “We already have these with our Dreyfuss range (from £1,500) and the hen Omega last month launched premium designs with auto- core luxury market spends from is remarkable value – the gold version Starting a movement: Omega’s success of Jura gives us confidence,” launched a surreal matic, Swiss-made movements, to €3,000 and we need to supply it,” says is £4,400 but the brand says this is due surreal advert was aimed at a mass, says Mr Thiébaud. Along with Hamil- advertising film about appeal to an audience rapidly becom- Nicolas Beau, watch director. “Prices to its value-orientated approach mainly male, audience that rarely shops ton, and Gc with its Class Lady its Co-Axial movement, ing more watch-literate. The result is are rising – the Première starts where rather than an economic response. at the top end Mechanical (£1,725), Rotary is taking it was aired not on a a powerful new spread of models in the J12 used to, but steel is cheaper to Cartier has introduced a strap ver- advantage of high-tech laser cutting Whighbrow channel but on peak-time, the accessible €1,000-€5,000 range. make than ceramic. We don’t start sion of the small steel Ballon Bleu to make skeleton models, appealing mainstream television in the middle Some luxury brands have long had from the price but from creativity – (£2,910) “as a choice for those who do to a growing desire to view the move- of a football match. This says much them, but they have tended to be this is a small steel watch with a very not want a bracelet watch – not for a ment. about the company’s views on watch overshadowed by the fireworks from sophisticated bracelet.” deliberately lower price”, says Thierry All these brands are keeping an eye knowledge among a mass, mainly the top. “We always have entry price In the meantime, IWC has rede- Lamouroux, international watch mar- on the future. Despite the obsession male, audience that rarely shops at watches, such as the new mechanical signed its Ingénieur as an automatic keting director. “It’s important with emerging markets, these are, the top end. It was all about the move- version of the Clipper Sport with three-hander, based closely on Gérald because some brands were seen as says Mr Beau, “still most important at ment, and not about watch models – bright rubber straps [from £1,750], Genta’s 1970s original (£4,650). “As a pushing up prices too high during the the top end, for their connoisseur something Omega assumed viewers which are seen as accessories and so key brand we need to offer from the boom and now people are more cau- minority. The backbone of the core would understand. need to be accessible to a wide audi- highest to accessible,” says creative tious, particularly as some have suf- level is the mature western market Similar attitudes underlie a big ence,” says Luc Perramond, chief director Christian Knoop. “The luxury fered in the economic reverse.” and Japan.” change in the lower luxury market. executive of La Montre Hermès. “It is entry-level market is now very com- Independent watchmakers who can- That is changing – as Mr Thiébaud Watchmaking innovations and artisti- essential to keep the quality so cus- petitive, but essential in terms of visi- not make use of economies of scale ‘The luxury, entry-level points out: “People in India and [the cally gemset pieces make the head- tomers trust us – not always easy for bility and first contact with the brand. are benefiting. “I have a reliable net- market is very competitive rest of] Asia see so many quartz lines, but luxury brands and haute companies entering this level.” It makes sense to extend this model in work of Swiss component suppliers watches that they want automatics to horology companies have been quietly Chanel is launching the redesigned terms of functionality, materials and who are much more realistic than but is essential in terms be different.” As the new middle introducing far more accessible items Première, with a chunkier, very price – it’s a pure, timeless style they were pre-2009, so we can be com- classes increase in number, so will made to the same exacting standards. smooth-linked chain and intricate inspired by an IWC icon.” petitive,” says Peter Speake-Marin, of visibility and first demand. Just as well that that Omega At the same time, brands traditionally clasp, from €3,300. “With all the cover- Baume and Mercier’s 1950s-influ- who has launched his first production contact with the brand’ ad will translate into any language. rooted in the middle market have age of the high end we forget that the enced new Clifton hand-wound model model, the Piccadilly (£5,450), which is Prestige and presence are vital in bringing sparkle to a new market

Monogram, Empreinte and High jewellery Cloud families, all imbued with Vuitton design codes The big fashion gleaned from a heritage of brands are launching trunk-making, the latest arrival is the Lockit collec- gem ranges, says tion. The average price of a Maria Doulton Lockit jewel is €3,000. Dior and Chanel, the other superbrands, also How does a trunk maker or have high jewellery bou- a couture house go about tiques on Place Vendôme. creating a credible jewellery Dior first made jewellery in offering, from the very 1999 when it launched the expensive one-offs to the mid-priced Gri Gri collec- more affordable everyday tion, followed by Mimioui, jewels? the Gourmette, Diorette, For relative newcomers to Bois de Rose and a host of the world of jewellery, such other collections with as Louis Vuitton, Dior and equally coquette names, all Chanel, high-end, red car- under the direction of the pet-worthy gems seem to be designer Victoire de Castel- crucial in selling a wider lane. price range of jewels. In new generation of clients is In-house skills: the finishing Though you can own a some cases, these fine looking for jewels that have touches on a high jewellery Dior jewel for €1,200, the pieces are the most expen- a contemporary feel.” piece for Louis Vuitton at house reports that its most sive products ever to bear He estimates the global the Paris atelier; Gabrielle successful segment is high their brands, so getting it market at $100bn a year, ‘Coco’ Chanel, inset, created jewellery that sells for mil- just right is essential. with branded jewellery rep- her first collection of lions and is shown to cli- “Our high jewellery is not resenting but 15 per cent of jewellery in 1932 emspirit/Getty ents alongside its haute cou- just there for show,” says the pie. Compare this with ture offerings in its Parisian Hamdi Chatti, head of the watch market, esti- headquarters. watches and jewellery at mated at $60bn – and When it comes to develop- Louis Vuitton, and the man almost all watches are ing new product ranges, who engineered the opening branded – and you can see Gabrielle “Coco” Chanel of a high jewellery atelier that the opportunities are herself was something of a and an elegant boutique on ripe for jewellery with a visionary when, in 1932, she the Place Vendôme in Paris, global superbrand’s name, created a collection of eye- with gems worth hundreds guarantees and style wateringly valuable dia- of thousands – if not mil- imprinted on the rings, mond jewels in the depths lions – of euros shimmering necklaces and even, in the of the world recession. But in the windows. Though case of Vuitton, the very it was not until 1993 that Vuitton only started mak- cut of the diamonds. the house of Chanel picked ing fine jewels in 2009, the So it is curious that jewel- up where Mademoiselle left brand now offers a full lery began as something of off, and presented its first range of jewellery at an a fluke at Vuitton. Designer fine jewellery collection. average price of €4,000. Marc Jacobs, on a whim, The diamonds in Mademoi- “But we needed to have decided to make a charm selle’s 1932 pieces were on our own high jewellery bracelet in 2001. It was a big loan, and many of the jew- workshops and stone-buy- hit and the gold jewels were els were taken apart, but ers to be a true player,” made for three years. The she made her point: if cou- says Mr Chatti. “Not only impetus then fizzled out turiers can create very val- do these jewellers bring and production was briefly uable jewels, then there is skills in-house but they halted. A client approached nothing to stop them from also give input to all our Mr Jacobs on an aeroplane competing at jewellery ranges, and bring and demanded more charms all levels the flavour of craftsman- to dangle from her bracelet. of the ship to our daywear jew- Realising the potential, indus- els,” he says. Louis Vuitton set about cre- try. “There is huge potential ating a fully-fledged range. for brands such as Louis Mr Chatti, formerly at Vuitton in the unbranded Cartier, Montblanc and and fragmented world of Harry Winston, was called jewels,” says Mr Chatti. “It in to make sense of it all. is almost a virgin market His solution was not simply and we can offer jewels to make more charms – Mr with an authentic signa- Chatti is responsible for ture. The power and size of Louis Vuitton’s Place the brands has grown Vendôme presence, as well so much that clients are as building a blueprint for a willing to pay a premium successful global roll-out. for our creativity, and a In addition to the 14 ★ FINANCIAL TIMES THURSDAY APRIL 25 2013 Watches & Jewellery Retailers puzzle over how to set out the stall

The problem with men Finding the right method of display is a delicate art – and is still at an experimental stage, says Syl Tang

one are the days when a ‘Today I want to find a bracelet.’” bracelet on a man was con- Online, designers are able to control sidered adventurous style. what and how they sell, creating their These days, it seems, men own image and solution for product want jewellery. A lot of it. discovery. But experts point out that GShopping aggregator Lyst, which online has its limitations. tracks consumer desires through its Larry Jonas, chief executive of member’s wish lists, reports that the Jonas Studio, an accessories manufac- men’s jewellery category has turer with 28 years’ experience, says it exploded. would be impossible for the internet “Those Lyst actions are up 400 per to entirely alleviate the problem. cent over the last six months. Across “Men aren’t shoppers the way a year, it’s up 600 per cent. The top women are. If it’s expensive, you have categories are men’s rings, bracelets to be able to touch and feel it. Online and necklaces, so it’s not cufflinks. In you only have brand as the way to the past, we were seeing dozens of list imply a certain quality, and that isn’t actions, but now we’re seeing thou- reliable any more – so it still matters sands,” says Chris Morton, chief exec- what happens at a bricks-and-mortar utive and co-founder of the company. store. When a man shops, he’s not The result has been a slew of rela- looking to be entertained, which is tively new men’s jewellery companies, very much the web.” such as Miansai and Zack, all doing Jonas, whose company creates dif- storming sales with annual profits ferent labels including the Nordstrom well into the millions. Trend label and a range called Zack, There is just one problem. Unlike aimed at the younger men’s jewellery women’s jewellery, found on the market, is often hired to walk through ground floor of most department the departments at various multi-city stores, many of those sales appear to department stores to consult on be taking place in forgotten corners or adjustments to sales layouts. scattered across the internet, sending Mr Jonas says the problem has been most consumers on the men’s jewel- the isolation of brands in stand-alone lery equivalent of a scavenger hunt. displays. “Stores have allowed brands Husam el Odeh, a London-based to build their own environment jeweller who started with men’s jewel- instead of a collage of different collec- lery 10 years ago, says it is still diffi- tions put together the way people cult for a store to know where and would wear it. Bracelets should be how to sell these pieces. “Men do with jeans, jewellery should not be a wear jewellery, but the type of guy department.” who will buy himself a piece of jewel- Stephen Ayres, head of fashion buy- lery in a fashion store is very rare.” ing at Liberty, agrees. “Men prefer Mr Odeh, whose men’s and women’s browsing for jewellery at Liberty in collections are sold at such retailers the menswear department itself. as London’s Brown’s and Dover Street We’ve seen a real rise in demand so Market, says men find their way to we’ve added jewellery cabinets to our his workshop. “With men’s, I get quite Giberson, president of the Accessories been organised by department. Buyers Goodman, Barneys and Liberty, says Digital shopfront: Yuvi men’s international room.” a lot of personal customers. It’s a lot Council, attributes the problem to may be asked to decide which items that expanding beyond his current Alpert says the internet But not all brands are waiting for about embarrassment, discomfort and space. “One of the challenges with to abandon in order to make space for retailers can be difficult. is the best way to sell the stores to come to them. Last flattering your masculinity, so buying men’s jewellery becoming more new consumer demands, while at the “Not many stores have a separate jewellery to men December, Michael Saiger, founder a piece of jewellery needs to carry a important is when you look at a tradi- same time deciding which department men’s jewellery buyer. They see us at and creative director at Miansai, story saying: ‘I met the designer; I tional store, they don’t necessarily assumes the risk. other shops and in magazines, and noticed a 400 per cent increase in went to see his machinery.’” have the display space. When you Yuvi Alpert, owner of men’s jewel- reach out to us, but with stores, sales over the previous December Start, a store down the road from bring in something new, something lery brand Yuvi, says the solution is there’s not enough exposure for men’s after installing a custom-distressed Mr Odeh’s workshop, has done well has to go because it’s a finite space.” the internet. Mr Alpert recently jewellery – it’s a bit of leftover budget wood case at one of his retailers, Base with his men’s items, selling up to 20 A quick walk through the floors of started a website, menincities.com, that is spent on men’s jewellery, a bit ‘Stores don’t necessarily in Miami. styles, sales he attributes to the store department stores in London and New that provides a monthly recommenda- neglected. have the display “We are building a dedicated case being able to point his studio out to York indicates no consistency in tion of nine items that he feels mer- “It would be great if they spent for Saks Fifth Avenue, which I hope customers. men’s jewellery display. This high- chandise well together. The curated more money trying out new space. When you bring will be in by summertime. I’m also But for those who may be open to lights a difficulty for retailers whose shopping list is the result of his expe- collections. If there are more design- sending one or two people to visit all jewellery but not a particular budgets to place orders with design- rience selling his collection to depart- ers on display, it helps all the in something new, of our boutique stores. We are in 250 designer, the path to discovery – and ers, a line item the industry refers to ment stores. Mr Alpert, whose pieces designers because a lot of men aren’t something has to go’ stores in 26 countries. The tide is purchase – can be complicated. Karen as “open to buy”, have traditionally are sold in stores such as Bergdorf going to go out of their way, saying, turning.” Campaigns begin to exploit new media

its relevance. The typical Beyond marketing time-poor, mature Mont- blanc customer was never High-end brands likely to participate, but embrace digital according to the brand’s executive vice-president of promotion, says marketing and sales, Uwe Robin Swithinbank Ellinghaus, that was not the point. “It’s fair to say that the When it comes to embrac- people who took part were ing new marketing and not the upper end of our sales techniques, the luxury customers – very wealthy Good call: Montblanc says the Worldsecond also offer watch industry has been people,” admits Dr Elling- the Worldsecond promotion marketing departments notoriously late to stretch haus, who inherited the was a worthwhile campaign good value for money. “For out its arms. In ecommerce, campaign after joining the the cost of three or four ads social media and digital Hamburg-based brand from rious watchmakers don’t,” in prime magazines, it’s marketing, brands have pre- BMW in November last he says. “But this comes worth it. If it goes well, you ferred tried-and-tested tradi- year. “It was more a con- from a wrong impression of reach the right people and tional methods to communi- quest opportunity.” who is online and who is far more effectively. The cate and retail their prod- Take-up was modest. using social media. These risk was limited, the costs ucts. Montblanc recorded 10,000 are not an age phenome- were limited, and if such But growing evidence of a app downloads in 81 coun- non. The internet has exercises do not deliver the détente between luxury and tries, but time spent on the changed and marketing desired response, we still digital suggests the indus- Worldsecond website pro- needs to react,” he adds. say it was worth trying.” try is gradually opening up duced more rewarding “For the average luxury Digital also provides mar- to the myriad opportunities results. “The average visi- brand, the answer to a com- keteers with an open win- available via digital chan- tor spent seven minutes on munication problem is still dow for ongoing communi- nels. One of the bravest the microsite, which is very to print an ad or produce a cation. Worldsecond partici- examples of recent times is long,” says Mr Ellinghaus. TV commercial. In a totally pants had to register and the Montblanc Worldsec- “For engaging people, for- fragmented media market, submit contact details, so ond, an app and web-based get print, where the average where prices go up and the “conversation” can con- brand engagement tool gen- view time is two seconds, if thresholds are more diffi- tinue via channels such as erated by Montblanc to at all. Seven minutes is cult to break through, we email, which, according to push its TimeWalker collec- almost an in-depth explora- don’t reach these audiences studies, is one of the most tion of watches. tion into a brand – particu- any more.” effective brand communica- The campaign ran from larly for impatient people.” Part of the thinking tion tools. “The relationship November 1 to December 31 Although Mr Ellinghaus behind the campaign was in lasts longer than the two- last year, and smartphone admits the Worldsecond making the app available month period with those users who had downloaded might not have engaged the on both Apple iOS- and people,” says Mr Ellinghaus. a Worldsecond app to their top tier of his customers, he Android-powered devices. But it is still early days devices were invited to take is adamant that if luxury “Luxury brands tend to for campaigns like this, and a picture at 60 separate, pre- brands ignore the genera- underestimate the impor- there is scope for their determined seconds. tion known as “digital tance of Android, despite reach to grow considerably. These simultaneously natives”, they will face the over 190m monthly users DLG recorded 1,200 sponta- captured images were consequences sooner rather connecting to Facebook via neous searches for “Mont- uploaded to a website, than later. an Android device, but blanc Worldsecond” over a where visitors could create “Some wonder why Montblanc recognised the four-month period around a gallery of submissions. a brand like importance,” says David the campaign, a figure that Participants were incen- Montblanc is Sadigh, chief executive of represents just 1/500th of tivised by two watch putting so Geneva-based market intel- the monthly hits the brand giveaways: for best m u c h ligence agency Digital Lux- receives globally for its picture and best gal- emphasis on ury Group (DLG). “Android watch products. That said, lery. the digital users are growing rapidly, according to DLG the figure Despite the novelty c h a n n e l , particularly in emerging is much higher than the of the campaign, ques- since many countries, which are key majority of those registered tions were raised over mature, luxu- markets for a major luxury by equivalent digital cam- brand such as Montblanc.” paigns run by other luxury Montblanc credits the watch brands. Finger on the pulse: campaign with boosting its “Overall, we are quite Montblanc’s Facebook fans by 66 per satisfied,” concludes Mr Uwe Ellinghaus cent and Twitter followers Ellinghaus. “With regard to by 74 per cent. Google was social media responses, this sufficiently interested in project was more successful the project to showcase it than The Beauty of on its “Think Insights” a Second [the brand’s sharing platform. 2011 video-based campaign]. Mr Ellinghaus stresses It was spot on for what this that campaigns such as generation wants.” FINANCIAL TIMES THURSDAY APRIL 25 2013 ★ 15 Watches & Jewellery Focus is on complications in a beautiful relationship

Clockwise from left: Chanel’s Envol d’un Phoenix; Jaeger LeCoultre’s Rendez Vous; Omega’s Ladymatic; Chanel’s Premiere Flying Tourbillon; Chaumet’s bejewelled bee and Ladies’ loves Women’s technical interest is far spider combination greater than a decade ago, writes Avril Groom

omen’s watches are a definitely not feminised versions of “The slow movement that never complicated watches for women need Star version, Chanel a moonphase big focus this year, rep- men’s styles. stops is beautiful and romantic in to be specially designed. J12 and Hermès the Arceau resenting one of the Complicated watches for women are itself,” says Hamdi Chatti, Louis Vuit- “Women enjoy larger watches, and Petite Lune, with a dedicated brighter areas in a stut- this year’s talking points, not just for ton’s director of watches and jewel- a bigger dial [the new Attrape-moi is Vaucher movement. tering market. their beauty and inventiveness but for lery, of the new Tambour Monogram 41mm] gives space both to show off Other Basel stars include a WIn the UK, according to a report by which complications women want, Tourbillon. the movement and for creative deco- women’s version of Hermès’ research group Euro-monitor Interna- and why. “With its guilloché dial, the initial ration,” says Beatrice Rouhier, head whimsical Temps Suspendu, tional, sales of women’s luxury “For women, there has to be a appeal is sheer beauty but the techni- of Chaumet. The extra functions to and elegant chronographs watches rose by 4 per cent in 2012, a concurrence of watchmaking, art and cal appreciation follows.” the movement make it thicker, at var- such as the rose gold Tran- faster increase than in the previous 12 design,” says Thierry Lamouroux, All agree that complicated watches iance with jewelled elegance, she socean from Breitling and a months, while corresponding men’s Cartier’s international watch market- for women need to be specially adds. whimsically-dialled big watch sales dipped. ing director. “As a jewellery brand, designed as feminine. For Chanel, comfort is paramount. date model from Observers attribute this partly to we are uniquely placed to make such “Although women are now far more “It would be simpler to make the Blancpain. women’s increasing willingness to creative complications and we get a knowledge-able, I am sceptical about a Première tourbillon larger, but weara- With interest growing spend money on automatic or hand- very good response.” The new Envol plain tourbillon selling to them,” says bility comes first,” says Mr Beau. in the technical aspects wound models, and to the unprece- d’un Phoenix, with the pavé diamond Mr Beau. Bulgari has the neat, 37mm, minia- of watchmaking, they dented success of models such as bird on the dial-side rotor, set in a “Women want a romantic, beautiful ture painted Tropical Garden tourbil- are likely to be the start Omega’s Ladymatic, which, after a pavé case, is typical. piece that is practical to manage. lon as its first women’s grand compli- of a deluge. year, has become the brand’s fifth Nicolas Beau, Chanel’s director of They are not buying for technical cation. Apart from the tourbillon, the Mr Belmont and Ms Rouh- most popular collection, despite high- watches, agrees. Talking about the gadgetry. The presentation is at least romantic (though not entirely practi- ier find women’s technical er-than-average prices. brand’s Première Flying Tourbillon as important as the movement itself.” cal) moonphase is a well-loved watch interest far greater than Jaeger-LeCoultre’s Rendez-Vous with its rotating camellia, launched Jewellery house Chaumet, has just women’s complication. a decade ago and, according to Mr with its day-night, celestial or tourbil- last year, he says: “The driver released a diamond pavé-style model Ahead of the curve, Patek Philippe Lamouroux, pieces such as the lon function, has more complications for women is the beauty of objects, in which a men’s movement has been has launched a new complication at Rotonde Double Tourbillon Mys- promised next year due to its “aston- though the combination with an adapted to control a whimsical, each BaselWorld show in the past few térieux, designed by Ms Forestier- ishing” success. amazing movement makes a winner.” carved and jewelled bee and a spider years and the latest is a Calatrava Kapasi and her team to look as if the Now other brands are designing Watching it function is an added to represent the hours and minutes. moonphase. movement is floating free, attract higher level women’s models that are attraction. Size is another issue, which means Zenith has a new cushion-shaped increasing interest from women in sophisticated markets. Compelling message of a true fan works wonders for brands

makes a huge difference. Female ambassadors Cameron Diaz says the first watch she bought was a Avril Groom reports TAG Heuer Aquaracer on a trend that “which I used for diving and was my prize posses- favours those who sion, both as a fashion are in the know statement and for its util- ity”. Visiting TAG’s factory Given a chance to question has, she says, made her Nicole Kidman about her “admire the focus watch- long-term “ambassador- makers hold all day, work- ship” for Omega watches ing on such intricate pieces this correspondent to create a movement with refrained from asking such a level of precision”. whether she knew exactly The quality of both aes- how her watch worked. thetic craft and movement It would have seemed is important too. almost impolite, supercili- Diane Kruger, the Ger- ous even, because the beau- man actress and model, tiful actresses and high-per- owned a Jaeger LeCoultre forming sportsmen who Cameron Diaz is the face of Lady Link for TAG Heuer AFP/Getty Reverso before she started promote big-brand watches working with the company, are not there to understand rediscovering the brand five the minutiae. or the brand and then given helps the brand substan- years ago through its spon- They are paid to make a thorough insight into it. tially, if indirectly. Stephen sorship of the Venice Film watch look its ravishing Ms Kidman, a template Urquhart, Omega’s presi- Festival. best or, in the case of the for the role, has been with dent, says: “The news and “I fell in love with its men, to show how rugged Omega for eight years and adverts are all about Nicole models and their attention and durable it is. The ad- is plainly at ease with its but an ambassador of her to quality and detail,” she viewing public is cynical personnel – no actress could stature attracts attention says. “I’m not much into enough to know this and have kept up fake body lan- and raises awareness of us jewellery – a watch is all I accept it. guage for the two days she as a brand that makes fash- need. It says a lot about the As women’s watches recently spent with the ionable women’s watches owner. I want a quality become more serious and brand in Vienna. with outstanding move- movement but I’m also are taken more seriously by She is doubtless paid ments. Being well informed seduced by look and versa- the consumer, this is chang- handsomely for her time, and a true fan makes her tility. I love rose gold like ing. Canny brands choose but in Vienna she made message more compelling.” the new women’s ambassadors who are a public appearances, pre- Some brands go further. Reverso,or the tiny dia- potent mix of beauty and sided over a grand dinner All Hublot’s ambassadors mond 101, like a piece of brains, and who are pre- and held intimate press are already customers, says jewellery.” pared to stand up and talk conferences for three differ- Ms Li says that “having about their choice. ent markets, answering an understanding of the They still may not under- unprepared and sometimes work in something and the stand the exact workings of very personal questions. Canny companies context of its creation helps a movement (how many She is clearly a watch choose women you appreciate it. I like to non-watch professionals enthusiast. “Like everyone, know how movements work do?) but the job specifica- I started with a Swatch,” who can stand up though as a visual person I tion now includes having a she says. enjoy aesthetic style too.” genuine affinity for the “I was working from the and talk about Today’s socially responsi- brand, knowing its ranges age of 14, so I needed to be their choice ble celebrity can pick a well enough to talk easily punctual. Then my mother brand she feels measures about them and to justify passed on to me my grand- up. Ms Li says Gucci their choice. father’s pocket watch, Ricardo Guadalupe, the caught her interest because It is no accident that cur- which fired my interest in chief executive. “it has made great efforts rent female ambassadors beautifully made vintage “It is much more efficient with CSR – the bamboo are noted for their individu- watches, and I have col- if they already have a rela- watch and jewellery that I ality and articulacy as well lected a few,” she says. tionship with, and emotion represent is made from sus- as their looks – Diane “When Omega towards, the brand. Jacky tainable materials, and Kruger for Jaeger LeCoul- approached me, I went into Bracamontes was already a Gucci has generously tre, Cameron Diaz for TAG it and found they are very watch connoisseur and a helped with the charity I Heuer and Kate Winslet for particular about the craft good customer who appreci- set up three yeas ago, Longines join Ms Kidman, and reliability of their ates our design, movements including an anti-desertifi- while others are chosen for watches. I like the quality and finishing. As a modern cation project in China”. a similar role in specific tar- of the people and of the woman who juggles a She finds her female get markets – Chinese product, and Omega has career, family life and friends are increasingly actress Li Bingbing for been very supportive of my motherhood she is the per- interested in watches and Gucci and Jacky Bracamon- United Nations work. And I fect icon and we are extend- persuaded by her ethical tes, the Mexican television love a watch that has a ing our relationship with arguments. The new female presenter, for Hublot. wow factor, especially with her from Latin America to watch ambassadors are They are chosen for some women, that most don’t.” an international scale.” clearly more than just “background” with watches The coverage she brings Learning about the brand pretty faces. 16 ★ FINANCIAL TIMES THURSDAY APRIL 25 2013 Watches & Jewellery Tribeca deal is a bid for the creative high ground

Watches and film IWC has become the festival’s official ‘time-partner’ in an effort to make an impact on the world via New York, writes Jim Shi

ust as timepieces have consist- ently played a role on the sil- ver screen, so, too, have spon- sorship and direct return on investment gone hand in hand. JThe reasoning behind the discreet arrival of watchmaker IWC as the Tribeca Film Festival’s official “time- partner”, goes beyond the surface of the dial. “Having a time partnership makes so much sense for filmmakers because you’re always on a deadline, keeping time and [trying to] make your days,” says Jane Rosenthal, the American film producer who, along with her husband, Craig Hatkoff, and Robert De Niro, co-founded the New York fes- tival, now in its 12th incarnation in 11 years. The festival has always had time- keeping relationships. In 2007, Mont- blanc was a “signature sponsor” and, in 2010, Movado Group’s Ebel brand had a vested role as well. But IWC, through a three-year partnership, is the first brand to wear such a pre- cisely defined partner hat. Oliver Chen, a luxury analyst and vice-president at Citigroup Global Research, believes that sponsorship such as this is derived from the pur- suit of projecting a lifestyle image while delivering a message. “For IWC, it evokes a sense of creativity and independence, not to mention a differ- entiated brand experience,” he says. Symbiotic relationship: Georges Kern, IWC chief, with director Terry Gilliam and actor Robert De Niro, co-founder of the Tribeca Film Festival Getty Watches, like fragrances, have to have a credible luxury brand DNA, which requires reinventing regularly, attract the ever-influential 18-to-25 openings in the coming years. “The just be through advertising or stores,” – no doubt helped by one of the Portu- Mr Kern is adamant that the results says Mr Chen. Sponsorship also helps male demographic to the 12-day festi- investment is substantial, but we says Mr Kern. “You have to be per- guese Automatic timepieces that was of the sponsorship will be a success justify premium prices. “You have to val, attended by 380,000 people last digest it. It’s not cheap, but being able sonal. We believe that luxury and art auctioned at Antiquorum with the suggesting to a renewed contract. “All believe that the customer of the year, at which 488 films were to have contact on a local level will and luxury and film fit perfectly,” he proceeds benefiting the Tribeca Film our partnerships do go beyond three Tribeca Film Festival is a high-end screened. have an impact in this big, big town.” says. “We have the world covered and Institute, the first IWC timepiece cre- years,” he admits. “The question is customer who is part of the address- While both parties declined to quan- Mr Kern says that, while it may not we are quite happy with that.” ated for a film festival. not whether or not we’ll get great able market,” he says. “It’s arguably tify the exact amount each has spent be a mainstream event, it is well rec- The approach is not new. Chopard With only seven US boutiques, exposure, but, rather, the amplitude more special.” on the relationship – Ms Rosenthal ognised. “It’s not the machinery you and the Weinstein Company have just IWC’s outlets are dwarfed by those of, of return.” Georges Kern, IWC chief, agrees, characterised IWC’s sponsorship as might have in Cannes, which is huge entered into their second year as glo- say, Rolex or Cartier, but such aligned A potential client might take two characterising the relationship as ranking among the top five in dollar and lacks intimacy in a way,” he says. bal film partners, encompassing the sponsorship can drive more wholesale years to purchase an IWC watch, but symbiotic. “We’re not Coca-Cola, but terms in a group that includes Ameri- “Tribeca has character and is of Golden Globes, Baftas, Oscars, and distribution in lieu of costly store seeing the brand’s involvement in what we bring to the table, besides can Express, Conrad Hotels, Cadillac, human size. It has this artistic touch, the Cannes and Venice film festivals. openings. Tribeca might be the signal that seals money, are many things which are Chanel, Oppenheimer Mutual Funds which we love. We can reach many of Subtlety of sponsorship is a familiar While minimal, there is risk with the deal. interesting – be it our events, our net- and Pepsi – Mr Kern says the hand- our customers in a town that is twice approach at IWC. As the engineering such partnerships – particularly when Ms Rosenthal says that any good work of relationships or our brand some investment is part of IWC’s glo- the size of Switzerland.” partner of Formula One Mercedes it comes to the impression analysis of partnership, particularly one that is name,” he says. “Associating our bal strategy to infuse the brand with The sponsorship also completes – AMG Petronas, the watchmaker’s logo the target customer. “Potential cus- in the honeymoon phase, grows by name with such an event is also bene- very strong local involvement that for now – IWC’s objective of penetrat- is nowhere to be found on the vehicles tomers will decide what the IWC maintaining open channels of commu- ficial to the festival beyond the spon- offers international appeal. ing its main markets via the arts: it or the drivers’ uniforms. “Still, every- brand stands for,” says Mr Chen, who nication. sorship fee.” “We consider this a global invest- sponsors both the Dubai and Beijing one knows we are part of the race,” warns of volatility. “If the Tribeca “They tell stories with their time- IWC’s involvement, much like that ment in the second biggest luxury Film Festivals, and has a recognised says Mr Kern. Film Festival doesn’t resonate with pieces and we tell stories with our of ESPN, the US global television net- market in the world,” says Mr Kern, presence at the Cannes Film Festival. In other words, it is an overall IWC’s brand DNA, then there is some- films,” says Ms Rosenthal. “It’s an work, will also undoubtedly help who alluded to more US boutique “When you communicate, it can’t message to be massaged in over time thing lost.” authentic, genuine fit. We like that.” Historic houses explore feminine side to boost growth in sales

Albert, a prominent jewel- phine, Empress of France. by ambassador Cameron Jewellery crossover lery artist, designed for But, since 2001, this his- Diaz. Omega as did Andrew toric house has also pro- Building on the success of Maria Doulton finds Grima, the British jeweller duced equally indulgent these events, this Septem- collections are being who created exotic jewels jewels to match its watches, ber TAG Heuer will be pre- and jewellery watches for such as the La Rose de la senting rings and bracelets made to complement the house in the 1970s. Reine range inspired by the as part of its Link Lady watch models Patek Philippe also con- painting “Marie-Antoinette range. The brand confirms firms that jewellery has à la Rose” by Elisabeth that half the sales of these always been a part of its Vigée-Le Brun. The house items are gifts for women The Omega ring on Nicole product offer. “In our con- confirms that though jewel- from men. Kidman’s finger at the temporary collection, jewel- lery is a growth area But it is not a money- launch of the new Lady- lery items are created to “Breguet is [and will stay] a spinner. “It is a side reve- matic models in Vienna complement watch models watch manufacturer propos- nue and small volumes,” highlights the rise of the such as with the Twenty~4 says Françoise Bezzola, prominence of jewels made or the Nautilus line. In the communications director at by watch companies. Realis- past, we can mention TAG Heuer. “It is to com- ing the potential of increas- famous jewellery lines such ‘For a watchmaker plement and enhance the ing their appeal to women, as the 1970s Golden Ellipse to enter the watch offer. Therefore the even the most masculine of designs or in the 1980s the key asset of this diversifica- watch houses is keen to La Flamme line,” says Jas- jewellery world, it is tion has to be calculated in explore a more feminine mina Steele, international terms of image.” side and are lifting their communication and public important to have And that is no small con- gaze from gear differentials relations director. a real purpose’ sideration. and carbon-fibre go-faster It seems that having your Audemars Piguet has cre- cases. own network of boutiques ated jewels since 2000, nota- Witness the plethora of is part of the equation. Mr bly the Royal Oak rings elaborately decorated dials, Urquhart says: “We have ing alternatives to its favoured particularly in the diamond-set tourbillons and taken advantage of our glo- women clients.” US. But plans are under bedizened bezels that paved bal network of mono-brand TAG Heuer, perhaps the way for a wider offer for the way for bracelets, rings Omega boutiques. A cus- last brand you would think women to be unveiled in and earrings stamped with tomer will come in looking to make jewels, admits that 2015. Not much has been the name of a well-known for a watch, but will also be it was surprised by the suc- disclosed, but the house watch brand. attracted by the jewellery cess of its jewellery pieces. confirms that it will be inte- As double-digit growth for that complements our time- Last year it made two grating jewellery into its watches looks set to wane, pieces.” rings to match a new steel strategy and is focusing its moving into the largely Breguet, a Swatch Group and ceramic watch. Distri- women’s items on elaborate unbranded territory of jew- sister company, has a his- bution was limited to TAG high jewellery timepieces ellery makes sense for tory of producing enticing Heuer boutiques, but such such as the Haute Joaillerie watch houses. It seems sen- watches for some of the was the demand that it watch shown at the SIHH sible for them to extend most indulgent women in was extended. Buoyed by this year. their offer, particularly if history, such as Marie- this response, a ring and Chopard, which started they have an expanding Antoinette, Carolina Murat, bracelet were added to the life as a watchmaker, is in boutique network around Queen of Naples and Jose- Link Lady line, presented the enviable position of the world to fill and work- having developed a jewel- shops that can go from set- lery line as famous as its ting diamonds into a bezel watches. to placing them into a ring. Caroline Scheufele, co- But as ever, nothing is as president and the woman new as it seems. Stephen who brought jewels to Urquhart, president of Chopard, says: “In 1985, Omega, says watch houses I created the first line making jewellery is in fact of jewellery for Chopard – not such a novel idea. the Happy Diamonds collec- “Omega has created jew- tion. ellery and jewelled watches “This was an important for the better part of a cen- turning point. . . I felt that tury,” he says. the concept of mobile dia- “We’ve won numerous monds spinning freely design awards for them between two crystals was over the years. In the clos- so unique that it should not ing decades of the last cen- only be incorporated within tury, when there was uncer- timepieces but also be tainty in the Swiss watch transferred to jewellery. market, we refocused our “We now have extensive energies on our core busi- high jewellery collections. ness which was, of course, Chopard is now famous for watchmaking. But from jewellery as well as 2000 onwards, Omega has watches. For a watchmaker been producing new jewel- to successfully enter the lery collections that would jewellery world it is impor- complement our watches.” tant to have a real purpose In the 1960s, Gilbert ‘Marie-Antoinette à la Rose’ inspired Rose de la Reine range and a strong concept.” FINANCIAL TIMES THURSDAY APRIL 25 2013 ★ 17 Watches & Jewellery Multibrand store opens its doors in the City of Light

Retail Following the success of the Lucerne emporium, Paris is focusing on the needs of tourist customers, writes Nicholas Foulkes No more tweeds: the Old England apparel shop on the Boulevard des Capucines has been replaced by a multibrand watch and jewellery megastore AFP/Stringer

arlier this month the first less with hopes of replicating that suc- land] China, Macau, Malaysia. I mean, things as visitor-friendly opening However, Charlie Torres, Vach- Philippe Leopold-Metzger, CEO of customers crossed the thresh- cess in the City of Light that this new they’re everywhere, and every single hours, which is critical given that eron’s CEO, sees there being little Piaget, agrees. “The FITs [free inde- old of a new retail venture in venture has been launched. tourist coming to Paris knows these “they have a very tight schedule. intersection between the Venn dia- pendent travellers] are going to be Paris: a multibrand watch “They know how to treat tourist brands,” he says. They are mostly visiting three or grams of the Bucherer store on shopping on the Place Vendôme, and jewellery megastore on customers, and therefore they were “For many of them, because of the four countries, so the store will Capucines and his new stand-alone whereas the big groups will be Ethe Boulevard des Capucines. interested,” says Bernard Fornas, price difference in some cases, they open early in the morning when the boutique. going towards Galeries Lafayette Historically known as Old England Richemont’s joint CEO, who was pro- want to buy in Paris. And if you have flights arrive”. As a brand with more than 250 and Bucherer, and it depends after the anglophone men’s apparel moted from running Cartier at the got a flow of tourists from any kind of Since most hotels do not allow years of history, there might be a lit- how they can handle big groups. store that used to be there, these end of last year. His alma mater is set country coming to Paris, I want them check-in to take place until about mid- tle apprehension in the horological “Everyone recognises that there is days this sort of location is better to open a contiguous boutique later to be well treated. day, the idea is to maximise the shop- neophyte who crosses the threshold of going to be a growing number of suited to selling tourbillons rather this year, which he describes as “If they go to a Cartier boutique ping time with an 8am opening. a store consecrated entirely to Vach- visitors.” than tweeds. “more a Cartier boutique within this they are most welcome, obviously. For a smaller brand such as Roger eron. This is likely to be reflected in However, it is possible that the con- The building is a Richemont proj- environment”. But if 20 people come at the same the products that are bought. cept will also attract locals keen to ect, which of course means that But even though the Cartier store time, then maybe they wouldn’t be Thus it is fairly safe to assume that compare brands, and see what is out IWC, Piaget and Vacheron has yet to open, as it stands, this treated as well as if we were to add at such a connoisseur level, collector there. Then, having done their Constantin, among others, will be building offers a multi-storey, multi- another store where they would have It may seem unusual to pieces as the Prestige de la France, research, they may choose to buy in a on sale here. But some of the brand, shop-in-shop experience unlike the opportunity to be with the right find other brands in a recondite model from the early monobrand store or with a retailer Swatch Group portfolio will also anything else in the city – and per- sales people to help them.” 1970s that was reintroduced to cele- with which they have a long estab- be present, as will Rolex, Tudor haps the world. At the moment this “flow of tour- a Richemont project brate the opening of Vacheron’s Paris lished relationship. and Girard-Perregaux, which is Moreover, for a shop selling rela- ists” is coming from mainland China. boutique, will be more readily sold However, of course this sort of tan- now majority-owned by Kering (the tively small items, it covers an “Between 1.3m and 1.4m are expected at the Rue de la Paix rather than gential benefit is hard to quantify, new name for PPR). impressive 2,200 sq m. All that space this year,” says Jean Marc Pontroué, Dubuis, which does not have a stand- the Boulevard des Capucines – which and it remains to be seen what the It may seem unusual to find non- will come in handy when dealing with CEO of Roger Dubuis, Richemont’s alone store in Paris, the advantages instead will provide an overview traditional retail partners – not least Richemont brands in a Richemont the volumes of customers that Mr For- niche brand. are clear, even if the space allocated is of Vacheron’s unique position in the nearby Printemps and Galeries project, but this is possible thanks nas hopes will be drawn in. He says the idea is to make the not a large one. the wider context of the world of Lafayette – will make of the new to the management, which is by “The importance in terms of con- Boulevard des Capucines store their But there has been no shortage of haute horlogerie. arrival in Paris. Bucherer. A Swiss jeweller, watch- cept is that all these brands are gath- first stop. watch store inaugurations in the past “I like the design of the Old Bernard Fornas will be watching maker and retailer, Bucherer has ered together, because most of the “The problem is limited time and few months, of which the most horo- England site, and the idea for closely too. “What is happening demonstrated an almost preternatural Richemont brands have got very very big numbers, so you need a cocktail of logically prestigious was undoubtedly Bucherer was to establish not just a in Paris could happen in many ability to serve its tourist clients strong penetration in all regions conditions to make it a success.” the new Vacheron Constantin store, temple of high watchmaking, but a other places around the world – at its store in Lucerne, and it is doubt- around the world. They’re in [main- In practical terms, this means such which opened on the Rue de la Paix. temple of high Swiss watchmaking.” there are so many capitals.” Group vows to stay small in the face of frenzied levels of demand

CEO interview single repair to ensure that happens – 21st century Thierry Stern globalised luxury should Patek Philippe revolve around exceptional service.” After centralising 10 Elizabeth Paton workshops under one roof finds the head of the in Geneva in 1996, the company recently opened a Swiss luxury house site in New York that is unmoved by success capable of servicing up to 10,000 pieces a year. The brand continues to Be it as an investment or manufacture the majority an heirloom, an accessory of its parts in-house, as or even a piece of art, for well as the watches many watch enthusiasts, themselves. there is one brand where A basic mechanical the calibre and timepiece will take about craftsmanship of the nine months to construct, timepieces eclipses that of with more complex all others: Patek Philippe. movements taking up to Dealers, auction houses customer is fast becoming Thierry Stern: determined eight years. Yet the brand and collectors alike say the lifeblood of the luxury to keep production at just also stands at the forefront that demand for watches industry, and that the 50,000 pieces a year to of innovation, presenting from the Swiss luxury Chinese see shopping as a maintain quality Reuters about 20 watches a year at house has hit frenzied primary holiday activity. BaselWorld. levels in 2013 – a trend But many aren’t interested Mr Stern is convinced that would trigger in doing research that today’s use of significant expansion plans beforehand – they’ll just computers, combined with and a ramped up customer buy whatever is available intensely skilled base in the minds of most and that lack of craftsmanship, has taken chief executives. appreciation is not the company’s quest the Not Thierry Stern. valuable to us,” says Mr. closest to perfection than it “The world is getting Stern, adding that has ever been. It is partly smaller for our business – travellers are often left for this reason that the and we want to keep it empty-handed as he orders family has no interest in that way,” says the dealers to reserve a selling the company. amiable 42-year-old, whose percentage of inventory for Recent years have seen a family bought Patek local clientele. flurry of M&A activity in Philippe in 1932 and has “Ultimately, the traveller the hard luxury sector, been at the helm ever will not always come back, including LVMH’s 2011 since. so we make dealers prove buyout of Bulgari, the “We will continue to that they won’t lose the Qatar sovereign wealth make 50,000 pieces a year, local customer who we fund’s steadily increasing even though demand is 10 view as the more stake in Tiffany & Co plus times that because I won’t important relationship. The Swatch’s purchase of Harry compromise the quality or gentleman who buys a Winston in January. exclusivity of our product. Patek each year – he is our “It’s actually rather rare We keep customers’ real target.” that people approach us – accounts limited and make The forging of an perhaps once a year now. I it very difficult for dealers enduring relationship think that the industry to up their annual orders, between the customer and knows that we are even by a single watch per brand has always been at categorically unwilling to year – it’s all part of the core of the Patek sell,” says Mr Stern, playing a long-term game.” Philippe ethos, refusing to confirm or deny Mr Stern is walking the encapsulated in its a recently rumoured offer talk. Since 2008, Patek 18-year-old “generations” of a staggering $20bn. Philippe has reduced its advertising campaign. “It would be very easy to outlets from 750 to 450 and It is why Mr Stern sell the business for a refused to bow to the remains fastidious about great deal of money but pressures of sky-high providing a life-long after- what would I do? I feel Chinese demand by sales service to all of his extremely privileged to be maintaining just two clients, something the ‘I feel extremely part of a family company, boutiques in the country, brand has done since it privileged to be part where we have no choosing to err on the side opened its doors in 1851. shareholders to pander to of caution when it comes “Lots of brands sell of a family group or be pushed by and can to an over-reliance on watches but very few do strive to make the best emerging markets and in-house repairs and where we have timepieces imaginable uneducated tourist restoration. We expect our no shareholders exactly as we please. I love spending. timepieces to work for my work and my life – and “Of course, I appreciate hundreds of years and we to pander to’ I wouldn’t change either that the travelling will take months on one for the world.” 18 ★ FINANCIAL TIMES THURSDAY APRIL 25 2013 Watches & Jewellery Israeli melting pot has forged international style

Tel Aviv designers Individualists have come up with fashion, accessories and jewellery that have caught on worldwide, writes Claire Adler

gainst a backdrop of high market stall on a pedestrianised Tel gold prices, a host of fashion Aviv shopping street, her sparkly jew- jewellery designers in Tel els laden with colourful Swarovski Aviv – a city arguably better crystals have turned her into a house- known for its fashionable hold name in Israel and a celebrity in Anightlife and sandy beaches – is now parts of Asia where customers regu- determined to fill the gap where the larly ask to be photographed with her. recently elevated price of gold has left Her designs are inspired by the bric-a- off. brac, antique pop-up postcards and Tel Aviv-based jewellers combining figurines she collects from flea mar- often inherently low-cost materials in kets across the world. highly imaginative ways include Dori “I grew up on a kibbutz and the Csengeri, whose showstopping, intri- ideology of hard work instilled in me cate creations incorporating soutache was based on the premise that, if you embroidery have already been worn work now for the collective, you can by Blake Lively on TV series Gossip build for the future. But I wanted suc- Girl, and are on sale at the British cess immediately,” says Ms Negrin, Museum during the current Pompeii sitting in her visitor’s centre and fac- exhibition. tory, open to tourists daily. Sea Smadar Eliasaf’s jewellery, com- “I left the kibbutz because I had a bining leather, semi-precious stones fire burning in me to create a fantasy and Swarovski crystals is sold on six world I wanted to live in.” airlines, including Air Canada, Singa- Sixty-two boutiques in 24 countries pore Airlines and Delta Air Lines, has later, and with a shop opening in appeared on Calvin Klein’s runway Soho, New York, this month, Ms and includes Donatella Versace as a Negrin’s vision has come to be. Her customer. newest advertisements, a cleaner and “We don’t have a PR machine more contemporary departure from behind us. People come to us again earlier campaigns, feature Noa and again for our designs and hand- Tishby, the Israeli model, producer made craftsmanship,” says Sigal and actress responsible for selling the Artzi, chief executive of Sea Smadar Israeli version of HBO series In Treat- Eliasaf, who is preparing jewellery for ment to Hollywood producers. the Swarovski Elements World Jew- Last year, 10 Tel Aviv fashion jewel- elry Facet collection at the JCK Las lery designers travelled to Paris with Vegas trade show in June. the Israel Export Institute and held 75 Israel’s top designers have a record meetings with jewellery buyers over of transporting their talents across two days. Another delegation is head- the world – from London-based Ron ing for London later this year. Arad, the prolific architect-cum- Aviya Oleiski, founder of Olee’s designer who has worked with Kenzo, Key, sells her bold brass pendant Kartell, Steinmetz and Swarovski and designs across Europe. Engraved with the Royal College of Art where he words from old pop songs they headed the design products depart- include a crown with the words “I ment for 12 years, to Alber Elbaz, cre- want it all, I want it all and I want it ative director of Lanvin, and Kobi now”, designed to evoke good memo- Halperin, creative director at Kenneth ries. “I come from the Israeli high- Cole. Donna Karan has recruited tal- tech industry which has established ent from Tel Aviv’s Shenkar College itself as a leading global player. of Engineering and Design and Diane hallmark of contemporary Israeli life. earrings sit alongside dramatic neck- tourists, constantly ask us when we’re Tribal: leather jewellery and accessories Israeli fashion jewellery still has to von Furstenberg scouts the college for The Mik An Mor leather goods bou- pieces of tribal dimensions. opening a shop in their countries.” from Mik An Mor reflect the diverse prove itself,” says Ms Oleiski. interns and staff annually. tique is located in the heart of Tel “Modern day Israel is made up of Jewellery designer Orit Schatzman cultures of its three founders “I met a French jewellery buyer in “Fashion is a language that is build- Aviv’s hip Neve Tzedek neighbour- people from so many cultures. We incorporates copies of ancient Jewish Paris from one of the department ing bridges from Tel Aviv across the hood, known for its bohemian and vil- look to our family histories for design coins into her flamboyant designs. stores. She wore mostly diamonds, world,” says entrepreneur Ofir Lev, lagey, seek-and-you-shall-find vibe. inspiration. As a Jewish child in Iran, “When I served in the army, I had 200 but I noticed her striking necklace, founder of Tel Aviv fashion week. Its founders are three recent gradu- I was obliged to wear the Islamic scarf soldiers under me. Some of my pieces which I recognised as being the work If there is aesthetic or inspiration ates of Jerusalem’s Bezalel Academy – it still influences the way I drape are inspired by the colour of the of an Israeli fashion graduate. among Tel Aviv’s fashion-conscious of Arts and Design, Ron Arad’s alma leather,” says Moran Agaki, a Mik An desert,” she says. “The Israelis in Silicon Valley are jewellery designers that can be de- mater. They hail from Iranian, Indian Mor designer. “There is both a tender- Michal Negrin is Israel’s most suc- all wearing Israeli jewellery too and scribed as Israeli, it often arises from and Yemenite descent respectively. ness and a certain roughness in cessful fashion jewellery designer. they buy it as gifts for their friends. the cultural melting pot that is the Their beautifully finished leather our design. Our customers, mostly Having started in 1988 with a tiny Word is getting out.” Encrusted bags evoke an age of elegance

numbers of women used Vanity cases cosmetics and the privi- leged ones kept their Claire Adler previews make-up hidden in supple an exhibition that mesh bags made of gold and silver threads, some as fine explores the as human hair. Fabergé was history of make-up an important influence at the turn of the 20th cen- tury, producing enamelled and jewelled cigarette cases London’s Goldsmiths’ Hall and powder compacts is set to exhibit a collection depicting traditional Rus- of more than 300 bejewelled sian motifs. make-up cases and evening The gamine fashions of bags dating back to the 18th the 1920s from the likes of Make-up magic: items from basing the name on the century. These elaborate Coco Chanel and Jean the Goldsmiths’ exhibition French words “elle min- objects, that collectively tell Patou led to a streamlined include a vanity case made audait”. their own story about the chic that demanded the by Van Cleef & Arpels “The minaudière evolved history of make-up and slimmest and flattest clutch (above) and a fan styled from a simple gold case women starting to wear it, bags, so couturiers some- case by Boucheron (below) with compartments to are likely to give modern- times teamed up with the extremely sophisticated day crystal encrusted important jewellers of the models in various colours of designer clutches a run for time, notably Cartier, to front of the case itself. lacquer and precious their money. produce adventurous In the tradition of the stones,” says Mr Curiel. “Some of these enchant- designs, often most elevated kind of It would be easy to think ing little evening bags took inspired by craftsmanship, what such objects might be use- over 700 hours to make,” is going on inside ful for keeping the true says Meredith Etherington- these delicate extent of a lady’s vanity a Smith, author of Ultra-Vani- objects is at closely guarded secret, but ties, that is being published least as evidently this was not the to coincide with the exhibi- important case. “Women would put tion that opens at the as what make-up on in public at din- end of May. “Many is visible ner, or in nightclubs. It was incorporate his- on the a liberated and brave new toric plaques of outside. A world thing to do,” says Ms jade and coral. To bit like nano Etherington-Smith. make them, gold was versions of Mary Lovers and collectors of ribbed in different col- Poppins bags, some of haute couture as well as ours or even woven to the most intricate ones jewellery are expected to look like basket work. are tiny but simultaneously visit the exhibition. Unsur- Guilloché enamels were a whole world. Open one up prisingly, such pieces have encrusted with diamonds and a lipstick holder, clock, a collector’s appeal. At a and precious stones.” comb, mirror, cigarette Christie’s auction in The exhibition will show lighter and powder compact Geneva in 2012, a blackened pieces by Van Cleef & could all unfurl, appearing gold evening bag by Marina Arpels, Bulgari, Tiffany, the west’s fascination with from apparently nowhere. B in the form of an ele- Cartier, Chaumet, Schlum- Shanghai, known at the In 1935, Charles Arpels, a phant, set with yellow and berger, Lacloche, Boivin, time as the Paris of the co-founder of Parisian jew- white diamonds and pearls, Mauboussin and Buccelatti, East, according to Ms Eth- ellery house Van Cleef & soared past its pre-sale esti- in styles reflecting trends erington-Smith. Arpels, invented a new mate to fetch a handsome from Art Deco, to Art Nou- “In the 1920s, women sud- word for his own company’s SFr99,000 . veau, Cubism, Bauhaus and denly wore far fewer version of these opulent “The Ultra Vanities col- the Ballets Russes. clothes than their uphol- evening bags. “In 1934, lection is fascinating not Highlights include an stered and draped predeces- Charles Arpels attended a only because of the exqui- onyx and diamond evening sors. Beneath a neat Chanel function and noticed that site workmanship and the bag surmounted with a jersey suit or a semi-trans- the famous American heir- miracles of miniature engi- wolf’s head, commissioned parent georgette slip dress ess Florence Gould was car- neering that into their inte- in 1921, by Elsie de Wolfe, embroidered with sequins, rying her lipstick, cigarette riors, but because it shows the American actress, inte- there was no room for the lighter, powder case and a the power these glittering rior decorator and socialite, necessities of life such as few bank notes in an unat- relics have to evoke a van- whose clients included the lipstick and powder,” she tractive Lucky Strike tin ished age of elegance,” says Duke and Duchess of Wind- says. box,” says François Curiel, Ms Etherington-Smith. sor. Some of the new evening president of Christie’s Asia. Ultra Vanities – Bejewel- In the 18th century, bags were so tiny they Charles Arpels then led Make Up Boxes from the make-up became increas- slipped neatly into larger invented the name min- Age of Glamour ingly visible. By the time of antelope suede handbags audière inspired by his sis- Goldsmiths’ Hall, Friday Queen Victoria’s reign in that were often designed ter Estelle, whose manners, 31 May to Saturday 20 July the 19th century, growing with a window to reveal the he said, amused everyone, 2013 FINANCIAL TIMES THURSDAY APRIL 25 2013 ★ 19 Watches & Jewellery Resurgence of ‘big three’ sees a return to tradition

Marketing coloured stones Emeralds, rubies and blue sapphires are being championed by ethical miner Gemfields, writes Vivienne Becker

fter decades of diamond designers to create a collection of one- so that traceability has been impracti- domination, the mono- of-a-kind jewels showing the diverse cal or impossible. chrome minimalism of the creative possibilities of emeralds, Marketing has never even entered 1990s, the celebratory spar- rubies and amethysts. the equation, and there has been no kle of the millennium and The collection, launched in London consumer-facing organisation. Athe status stones hoovered up by new last month, is touring India and will Spotting the potential for an organ- wealth, the jewellery world is embrac- move to Las Vegas, to be showcased ised, sustainable coloured mining ing colour. in May at the Couture Show. business, Gemfields says it is commit- It is reinvigorating the “big three” Jewels such as the huge gold- ted to the full traceability of its stones coloured stones – emeralds, rubies winged ring (below) by designer Jas- from mine to market, eager to ensure and blue sapphires – edging away mine Alexander clearly break out of integrity at every stage in the process from the kaleidoscope of what used to traditional mode. and to guarantee provenance. be called semi-precious stones Alongside its design initiative, Gem- The company, best known for emer- towards the intensity and saturation fields is working with Mila Kunis, as alds, operates and owns 75 per cent of of traditional colour. brand ambassador, in another first for the Kagem emerald mine in Zambia Green gold: Gemfields’ in the world. The company also owns Gemfields’ initiative, and the signs Buoyed by the connoisseurship this industry so mired in convention (the Zambian government owns the emerald operation in Zambia 75 per cent of the Montepuez ruby are already beginning to show. Sus- characteristic of the current market, and commodity, and generally so dis- other 25 per cent), the largest emerald is the largest of its kind in the deposit in Mozambique. These fine tainability and provenance are start- and a growing appreciation among connected from the end result of fabu- mine in the world, which produces 20 world; Jasmine Alexander’s African rubies are attracting great ing to become part key parts of the collectors of the subtleties, complexi- lous jewels and the women who wear per cent of the world’s supply. gold-winged ring, inset interest in the jewellery industry, conversation. ties, rarity and refinement of noble them. Prices for Zambian emer- especially as Burma rubies are so Van Cleef & Arpels has just coloured stones, this resurgence has Origin and pedigree of alds have risen dramati- rare, and demand is so high in Asia. launched its first range of coloured been focused on natural, untreated gemstones have become of cally in the past few Gemfields also has its sights set on gem engagement rings, set with gems, wherever possible, and espe- prime importance to an ever years increasing by a sapphire proposition in Madagascar, rubies, emeralds and sapphires. cially on the great heritage stones more discerning clientele. 46 per cent aiming to have the “big three” in its Olivier Reza, carrying on his from celebrated, historic mines in Gemfields’ campaign, aiming in stable. father’s business in a new Alexandre Burma, Kashmir and Colombia. part to build consumer confidence The potential for coloured gem- Reza salon in the Place Vendôme, But a high-profile marketing cam- and understanding, is driven by its stones in the global fine jewellery Paris, welcomes the initiative. paign, launched by Gemfields, the eth- credentials as a company delivering market is undoubtedly huge and their “I support any effort to promote the ical mining company, could prove to ethically sourced gemstones, and a appeal is largely untapped. beauty, mystery and complexities of be a turning point, opening the flood determination to bring transparency Now, the Gemfields marketing great coloured gems,” he says. gates of colour to a much wider audi- to a famously foggy, near impenetra- over a campaign looks set to do for coloured “These stones are far rarer than dia- ence, including the jewellery design bly opaque sector of the gemstone 15-month stones what De Beers did for monds, yet they still have a long way community. industry. period. diamonds so successfully from the to go in terms of value, appreciation This is the first campaign of its kind The coloured stone business has Kariba is 1950s, marketing, advertising, cap- and understanding. There is new and to actively promote coloured stones to remained, largely unchanged and G e m f i e l d s ’ turing the zeitgeist and running growing demand, but clients need to the public, aligning them with design- unregulated for decades. It is frag- a m e t h y s t ‘These stones are far rarer with it for the rest of the century, be educated and informed. driven jewellery style and red carpet mented, chaotic, disorganised and has mine in Zam- than diamonds, yet have a seducing new markets around the “I am fascinated to see the effect of glamour. no consistency of supply. Stones find bia, the larg- world in the process. this campaign, and just how far, and As part of the campaign, Gemfields their way from the mines into the est producer of way to go in terms of value’ Industry insiders agree that the where the passion for coloured stones has collaborated with 36 international hands of small dealers and merchants, rough amethyst business as a whole will benefit from will reach.” Industry opinion divided over gem enhancement

With some treatments only finding some not as desira- Irradiation detectable using high-cost ble as before. London Blue spectrometers, the number can be a poor cousin of the There are concerns of labs that can certify aquamarine and have a that treating stones gems is limited. plasticy look to it. We are While in the past these not allergic to the semi-pre- could affect value, questions might have been cious stones. Blue topaz is limited to fine gem collec- always going to be the writes Syl Tang tors, the increasing mix of stone that, for the money, fine gems alongside semi- looks good but, when possi- Surveys in Europe and the precious ones in high-end ble, we would rather for the US regularly find blue is jewellery has resulted in same effect choose a the favourite colour of concerns for consumers, Paraiba tourmaline or a respondents, a factor fur- says Amedeo Scognamiglio, Santa Maria aquamarine.” ther recently boosted by by co-founder of Faraone Men- Price aside, one difference the “Kate Middleton effect”. nella, whose collection is for collectors also seems to However, in recent belt- carried in Bergdorf Good- come down to certification. tightening years, designers man, Harrods and Neiman According to Boodles, even under pressure to deliver Marcus, in addition to the pieces using aquamarine deeply hued blue gem- company’s own stores. can get certificated. Blue stones, similar to the Duch- “We use a lot of blue topaz, not so. ess’s sapphire engagement topaz but you have to However, Husam el Odeh, ring, have struggled for choose well. The pressure a London-based jeweller price-sensitive solutions. who has blue topaz in such Enter the London Blue pieces as his Puzzle ring, topaz. A deep, almost fluo- says consumers embrace rescent blue, the semi- the science when design- precious stone is used ers are forthright. widely in jewellery “Even with sap- collections, includ- phire, the middle ing those of range [priced Faraone Mennella, pieces] are that way Husam el Odeh and because they have this Rebekah Lea. kind of cheap, tacky, elec- “The London Blue topaz tric blue colour. London gives a rich colour enhance- Blue topaz was invented in ment which you can’t find the ’60s and I love that era in any other aquamarine or of ‘let’s change the world any other blue stone. It through science’ effect.” looks so radiant and has The alchemy around the more of a grey air to it than story is popular according other blue topaz, which is to use deeply hued stones to Mr Odeh, who introduced lighter,” says Rebekah comes from the large gem- 30 pieces utilising London Schwartz, founder of stone cutters, because, in Blue in his spring/summer Rebekah Lea Designs. the marketplace, more 2012 collection, adding that But Ms Schwartz, whose dense and blue colours pop the pieces are selling well collection is carried at such in the showcase. It’s a mer- at retailers such as Dover stores as Sucre in New chandising idea of what St Market and Brown’s. York and Pageo in Nan- sells, but at the higher end, “You do get a lot of ques- tucket, says that the stone in the luxury marketplace, tions with treated stones. comes with a catch. the lighter colours are more One question you get is “I found out through my popular, the ‘Capri’ colour.” whether pieces fade. The stone dealers that the Lon- Mr Scognamiglio says challenge is stone dealers don Blue topaz is irradiated, designers find themselves rarely tell you because they and I can understand that going from booth to booth don’t know.” people could be turned off at fairs, looking for ones Swiss Blue and sky blue by the idea of something that are not over-treated. topaz are also on the mar- irradiated.” ket. After treatment, occa- London Blue topaz is not sionally sky blue topaz can a nature-created blue. The become unstable and fade white stone is put inside a ‘Consumers ask a to white. Swiss and London nuclear reactor and treated lot of questions are stable and do not fade. with high heat to cause a “Famous natural blue dia- colour change, resulting in about stone monds, such as the Hope the deep blue hue. Diamond in the Smithso- Rubies, sapphires, ame- treatment and nian, owe their colour to thysts, aquamarine, citrine, durability’ having been formed in the morganite, tanzanite, tour- presence of certain radioac- malines, and topazes are all tive elements,” says Ian commonly treated. Heat “Aquamarines have a Saudé, a luxury products and radiation are used to milky effect. Consumers and jewellery designer. enhance colour. Diffusion, ask a lot of questions about “With topaz, after the rough the process of adding a stone treatment and dura- material is treated, it goes layer to the crystal lattice bility. When you see a through a cooling-off period of a gem, might be used to psychedelic blue, it looks of up to two years during intensify the colour. Coat- like fashion jewellery and which the product is tested ing gems with an epoxy to you have to be careful, for radioactivity.” fill fractures, might be used. because [this customer] is But Mr Saudé says con- Some dealers use laser drill- collecting a luxury artefact, sumers have nothing to ing to remove inclusions. almost a commodity.” worry about. “It’s easy to Oil treatment is common. Jody Wainwright, director buy a Geiger counter on the But enhanced stones can of gem and diamond pur- internet these days! It’s be met with controversy as chasing at jeweller Boodles, probably a thousand times various processes affect the which has also used London more dangerous standing in rarity and value of a stone. Blue topaz, agrees. front of your microwave Furthermore, treating cer- “About 15 years ago, we while it is in use, than it tain stones can affect got into coloured gemstones ever would be to wear a whether they can be recut. in a big way but we are London Blue topaz.” 20 ★ FINANCIAL TIMES THURSDAY APRIL 25 2013 Watches & Jewellery Spring into auction season as clocks go forward

Preview Blue-chip sales are already off to a good start, with signs that the category is set for another stellar year, says Simon de Burton

he clocks going forward not six have previously appeared at auc- only marks the beginning of tion, with the most expensive fetching spring, but the start of some $1.5m in 2008. serious activity in the world Such seven-figure sums have of blue-chip watch auctions, become more or less the norm at Ttoo – and the signs are that the cate- watch sales staged by Christie’s – now gory is set for another stellar year of firmly established as the market sky-high prices and record sales. leader in the field – which will hold The first evidence of this was seen a its Geneva event on May 13 at the fortnight ago when the Asian mar- Four Seasons Hotel des Bergues. ket’s seemingly insatiable appetite for With more than 350 lots on offer top-quality pieces in pristine condi- with a combined estimated value of tion resulted in a sale at Sotheby’s $15m, the sale is typically rich in rare Hong Kong grossing $28.4m – the – and highly collectable – Patek most the house has ever achieved for Philippe wristwatches, among which a watch auction worldwide and the is a “rediscovered” Reference 3448 per- highest total for any such event in petual calendar model from 1981 that Asia. is believed to be the first piece from The sale was dominated not by the maker to feature a leap year indi- wristwatches but by a collection of 22 cator. clocks consigned from a private col- This innocuous red dot, which lection that accounted for $15.9m of appears on the dial only every four the total, with the star lot being a years, allegedly makes the watch Patek Philippe model depicting a mag- worth up to $1.5m. pie’s “treasure nest” that soared to a Consigned by the family of the orig- treble-estimate $2.3m. It was reported inal owner, housed in a rare, white to have attracted no fewer than 35 gold case, unique, fresh to the market bids. and presented in “mint” condition, it On April 10, meanwhile, Antiquo- boasts all the ingredients required of rum achieved $4m for 404 lots at its a record breaker. The sale will also New York sale, which included a left- include a single-owner collection of a handed Rolex wristwatch formerly quantity of Patek Philippe watches owned by film star Charlie Chaplin. It and what Christie’s describes as being fetched a four-times-estimate $51,250, the most important selection of vin- while the late baseball star Joe DiM- tage Rolex models it has ever offered aggio’s old Bulova made $20,625 and for auction. The best of these is one of 10 Jaeger-LeCoultre Reversos undoubtedly an ultra-rare, 1942 split- made for Warner Brothers executives seconds chronograph that is expected involved in the making of Batman – to fetch up to $1.3m. The Dark Knight Rises (complete with Other Rolex rarities include a gold bat-engraved case) sold for $16,250. Cosmograph Daytona, thought to be A truer test of the market will come the only one to have been retailed by next month, however, when the auc- Hermès Paris ($220,000-$420,000) and tioneers and serious collectors march an example of the exceptionally on Geneva for the season’s flagship scarce Reference 3346 Zerographe, a sales staged by Antiquorum, Chris- Tramp chic: a Rolex watch the platinum watch is one of 100 made series created for the Sultan of Oman dial configuration are known by col- flyback chronograph watch made in tie’s and Sotheby’s. owned by film star Charlie and will be sold to benefit the Leo bearing the Oman coat of arms on the lectors as “Paul Newmans”. tiny numbers during the 1930s. The sales will kick things off with Chaplin fetched $51,250 at Messi Foundation. dial. Made from yellow gold, it is mod- An especially rare example of a Cos- A selection of 10 Patek Philippe Sotheby’s first Saturday auction on the Antiquorum sale Getty Other modern collector’s pieces estly estimated to realise up to $8,500. mograph Daytona “Paul Newman” watches will also be offered by an May 11, at which a bumper crop of 400 include a $250,000 Richard Mille The following day, Antiquorum will with an unusual prototype lemon-col- anonymous collector. The proceeds, lots will be offered. Comprising RM 025 diver’s watch and a 2010 stage its traditional Sunday sale that oured dial will be among the Antiquo- which could run to $750,000, will be antique, vintage and modern clocks, Greubel Forsey tourbillon, one of just will this year include a section rum lots and could fetch in excess of donated to the Children Action charity. pocket watches and wristwatches, it, 11 made, which is tipped to sell for up devoted to the 50th anniversary of the $400,000. too, will have a celebrity theme in as to $350,000. Rolex Cosmograph Daytona sports More than double that amount, much as it will include two Patek Paul Newman’s name Interest in IWC’s celebrated Inge- watch. however, is expected for a unique, Philippe pieces originally owned by is inextricably linked with nieur “tool watch”, due to this year’s Paul Newman, the late Hollywood pink gold version of Patek Philippe’s Online Inspector Maigret author Georges relaunch of the design first introduced star, was given such a watch by his highly complicated Sky Moon tourbil- Antiquorum.com Simenon and an Audemars Piguet No. the Rolex Cosmograph in 1955, is reflected in the sale of a wife after taking up motor racing in lon, once the most complicated wrist- Christies.com 10 Royal Oak “Leo Messi” chrono- group of 26 examples of the model 1972, leading to his name becoming so watch in the world. Containing 686 Sothebys.com graph. Designed in collaboration with Daytona sports watch spanning the first 30 years of produc- inextricably linked with the model parts and produced in fewer than 30 the celebrated Argentine footballer, tion. Among them will be one of a that early versions with a particular examples between 2001 and 2011, only Small German house with a big reputation among aficionados

Profile among Asian collectors in songs” as they were known gold mouldings based on particular, who are really – employing up to 1,000 mythological tales. It is Auktionen Dr Crott fascinated by the craftsmen in and around estimated to fetch up to mechanics – they approach London to create them. €300,000 and will almost Simon de Burton on watch collecting in quite a Working from premises certainly attract interest scholarly way, rather like in Racquet Court at the from Asia. a company that the Americans and east end of Fleet Street, Mr Asian buyers are also specialises in antique Europeans did 20 years Cox was as ingenious at expected to be drawn to an ago,” says Mr Muser. devising gewgaws for ornamental musical box pocket watches “Although we only hold overseas consumption made for export to China two or three sales a year, (records exist of him in 1790 by Daniel de St Leu we attend half a dozen making a spring-loaded who was watchmaker to While Antiquorum, fairs in Hong Kong as well crown for an East India Queen Charlotte, wife of Bonhams, Christie’s and as events such as the Company nabob) as he was George II, from 1765 until Sotheby’s enjoy enviably Miami Beach antiques at self publicity, a 1797. The heavily engraved, high profiles in the field of show where we meet new combination that made gilt box is set with horological auctioneering, clients and discover new coloured stones and there is another, far pieces to offer for sale – enamel and, despite smaller house that has our profile remains measuring just 96mm wide, established an equal relatively low, however.” Panerai enthusiasts is tipped to realise up to reputation among On May 11, Auktionen will be able to €140,000. aficionados of collectable Dr Crott will stage its 87th Enthusiasts of the much- clocks and watches. auction, for which it has bid for some of collected Panerai brand, Auktionen Dr Crott was produced an extensively meanwhile, will be able to founded in Aachen in 1975 researched catalogue. the Italian maker’s bid for some of the rarest by Helmut Crott, an The “live” sale comprises rarest pieces pieces produced by the internationally recognised 604 lots and will be held at Italian military instrument expert and collector who Frankfurt Airport’s maker during the first spent 18 years building up Sheraton Hotel, although years of its foray into the business before selling about 70 per cent of buyers him something of a watch production. it to a young enthusiast will place their bids either celebrity. As much as €150,000 is called Stefan Muser. by telephone or via the The Cox creation on sale anticipated for a Reference Mr Muser, who bought internet. at Dr Crott takes the form 6152 model that is believed his first antique pocket The star lot will be an of a miniature cabinet, to be one of just 10 watch at the age of eight, example of the work of measuring less than a foot produced during the 1940s having inherited a passion James Cox, the 18th- tall and topped with a for use by the Egyptian for timepieces from his century English maker, clock. navy. collector father, harboured who, between 1766 and Its value and attraction The diver’s watch an ambition to run a 1772, shipped to Asia a lie, however, in the fact combines the original and horological auction house staggering £750,000 worth that the case is made from correct Rolex movement and was able to raise funds of lavishly ornamented agate adorned with with Panerai’s distinctive to buy Dr Crott in 1993 on works of art – or “‘sing embossed, rococo 20 carat waterproof “cushion” case the founder’s retirement. and luminous sandwich Based in Mannheim since dial. 1994, the house holds an The continuing strength average of two sales a of the market for vintage year, occasionally military and pilot watches increasing to three or four will also be catered for by when important, single- the inclusion of a selection owner collections are of wartime pieces from consigned. makers such as IWC, But it is recognised Ulysse Nardin, Stowa, worldwide by serious Hanhart and Longines, the horophiles and has come to latter being represented by be known as a rich source a 1940 example of the of rare and valuable pieces, “Hour Angle” wristwatch especially antique originally developed by renaissance and gothic Charles Lindbergh pocket watches – although following his pioneering the highest price the house transatlantic flight in 1927. has ever achieved for a The watch on offer should piece stands at €1.4m for a “soar” to an easy €15,000. 1943 Patek Philippe reference 1518 wristwatch *** The Dr Crott auction sold in 2004. takes place at noon on It remains the most Saturday, May 11, at the expensive wristwatch to be Sheraton Hotel, Frankfurt sold through a German Airport. All lots will be on auction. view the previous day “Antique pocket watches from 2pm-9pm and on are certainly our speciality the day of sale from and they are becoming 8.30am-11pm. Full details more and more popular Passion: Stefan Muser bought his first pocket watch as a boy at uhren-muser.de. FINANCIAL TIMES THURSDAY APRIL 25 2013 ★ 21 Watches & Jewellery Creative embrace of computer technology

The robot revolution ter-aided design tutor at London’s last year by Cookson Precious Metals Holts Academy of Jewellery. with manufacturing specialists EOS, When designer Kate Jones recently uses 18-carat gold powder in sealed Three-dimensional printing created a Guatemalan Day of the compartments. makes bespoke jewellery Dead gold skeleton pendant for her Jewellers and watchmakers can Ursa Major collection for the online look on through a camera within the more accessible and boutique Sancy & Regent, 3D model- machine as their computer-aided affordable, writes ling allowed her to replicate an origi- design is created layer by razor-thin nal wooden skeleton on a smaller layer of gold and emerges as a solid Claire Adler. But has it scale than previously possible. three-dimensional object within “You can also create semi-hollow hours. got heart? forms or pieces with interior lacelike Cookson has seen significant inter- or skeletal intricacies in large num- est from big high street chains that uring New York Fashion bers – it’s incredible,” says Ms Jones. are interested in offering more person- Week in February, Kimber- “With Shapeways you can order as alised jewellery and is looking to sup- ley Ovitz, the womenswear many as needed and at a low cost. port universities interested in running designer, introduced jewel- The possibilities are endless.” courses on the new technology. lery inspired by natural Computer-assisted manufacturing “We are seeing an emerging field of Ddefence, including five unique pieces techniques are also gaining traction expertise called digital craftsman- that fit the body like armour. with designers because of another fac- ship,” says Mr Scott. “Three-dimen- She brought the nylon and stainless tor – speed. sional modelling techniques require steel collection to life through on- “Computer-assisted manufacturing an understanding of material, process demand 3D printing by New York- methods, including laser technology and digital tools all honed over time based Shapeways, selling her pieces and 3D printing, are leading to faster with a meticulous eye for detail in the second they hit the runway and production. Brands are under pres- much the same way as traditional delivering to customers within two sure to prepare new products for craftsmanship.” weeks, all without investing a penny Fiera di Vicenza in January, then According to Mr Meyer, the cost of in stock. BaselWorld in the spring and other bespoke design is far cheaper than Thanks to technological strides in trade shows throughout the year. New ever before. computer-aided manufacturing, jewel- technologies make this possi- “In the next decade, as rapid lery designers are now able to release ble,” says Gianluigi Barettoni, prototyping machines get more unique designs more frequently president of Afemo, the asso- cheaper and more flexible, we – and they are precisely matching ciation of Italian Jewellery will see these machines in supply and demand in the process. Machinery Manufacturers the home where parents can “With 3D printing, it doesn’t matter and Exporters, that is in print out plastic children’s how intricate a design is or how many partnership with Fiera di toys or replacement parts variations you make, the cost of pro- Vicenza’s T-Gold jewellery for their dishwasher. As duction is only determined by the technology exhibition at Tec- the minimum size of a cost- material used,” says Duann Scott, noGold São Paulo in efficient production facility designer evangelist at Shapeways June, and other reduces, we will likely see “This means a unique item costs the T-Gold shows in Made in the UK once same price as a one-size-fits-all item. Mumbai, Dubai again with fre- “Because all items are 3D printed to and Vicenza. quency on British- order, supply exactly meets demand. “ J e w e l l e r y designed jewellery,” Customisation is free, there is no competes in says Mr Meyer. inventory and no risk to innovate,” the gifting But in a culture says Mr Scott. marketplace and an industry Computer-aided design and compu- with items driven by newness, Digital craftsmanship: such as gears and hinges, are created these individuals and understand the ter aided manufacturing – design soft- such as do we risk losing a T-Gold exhibition showcases in jewellery and watches, as well as in value of something ‘human made’. ware called Cad/Cam – has existed in mobiles, in passion for hand- the latest in jewellery medicine, aviation and motoring,” Ultimately, how automated a world do the jewellery industry for about 10 a culture crafted objects and technology, which is being says Wendy Meakin, a senior lecturer we want to live in?” years. “Until a few years ago, Cad/ where the the workforce of used by designers such as in visual cultural studies at Central Ms Meakin is not the only sceptic. Cam was almost considered a dirty newest is craftspeople to Kimberley Ovitz (left) Saint Martin’s for 15 years and a “No machine has a heart or a word by many jewellers. the most make them? LaPresse/Getty dealer in the upcoming series of Chan- mind,” says jeweller Theo Fennell, an But as businesses have come to see desirable,” “Three-dimen- nel 4 show Four Rooms. exhibitor at Masterpiece, this year’s the flexibility and efficiency it can he says. sional printing has “Yet tailors, shoemakers, jewellers London show of international crafts- bring, jewellers are increasingly A laser sin- revolutionised the and watchmakers are the people who manship. “If there is to be real emo- exploiting the potential of the technol- tering machine way unseen ele- create the objects we most covet.” tion in a piece, it needs to be hand- ogy,” says Jack Meyer, senior compu- introduced late ments of 3D objects, “As a society, we need to nurture crafted.” 22 ★ FINANCIAL TIMES THURSDAY APRIL 25 2013 Watches & Jewellery Independent designers seek alternatives to traditional trade

Retreat from convention Jewellers are finding different ways to sell, including hire purchase arrangements, writes Elisa Anniss Novel methods: Eliza Poklewski Koziell (inset) sells new and second-hand fine jewellery at Felt boutique. She allows clients to pay in instalments or part-exchange

eaching customers within a designers the opportunity to retail desire for brisk sales and fast profits. “There are very few stores like Lib- alarm and hidden overheads that I Small and Lena Skadegard, and with conventional retail setting direct to the customer for as little as Reluctant to tie up money in expen- erty in London or Barneys in New have to pay for”. prices peaking at around £5,000, Eliza has become increasingly dif- £250 plus VAT a month, while each sive inventory, retailers of jewellery York that will take the risk on the Increasingly, Ms Jefford is focusing Poklewski Koziell, who owns Felt, an ficult for many independent brand receives the full retail price for have become increasingly risk averse, new and take the risk on the stock. more on nurturing relationships with independent boutique in Chelsea fine jewellery designers. The any goods sold, less an administration eschewing conventional wholesale in But we have seen explosive growth in customers through press or word of Green, encourages customers, even Rcrucial problem is that only a few fee of 18 per cent plus VAT. favour of consignment. This trend has this category because we backed it, mouth. The importance of having a those on a budget, to invest in finer retailers who carry independent “Our pricing structure is already been compounded by less expensive marketed it and believed in it as the place from which she might engage quality jewellery. names are willing to pay upfront in happening in department stores to a costume and semi-precious jewellery future,” he says, referring to a group more with customers motivated her She has even introduced a type the conventional, wholesale sense. certain extent, within their conces- or big brands operating store conces- of independent designers sold in Lon- to open her own studio in Soho of hire purchase. “I have Henry Graham, owner and design sions,” says Mr Graham. “However, sions converging on the same, limited don exclusively by Liberty that last October. countless pieces that have director of Wolf & Badger, has devised our service offering is more compre- space. As a result, all but the most includes Brooke Gregson, Arman Cockpit Studios-based been paid for the slow a way to help those faced with a hensive and flexible. While interna- established independent designers are Sarkisyan, Paul Morelli and Moritz Sarah King says that, due way,” she says, shrinking retail landscape. tional jewellery brands and fashion being squeezed out of the picture. Glik. to the price of gold, she explaining how she “Jewellery designers were required houses are in a much stronger posi- “Jewellery is such a cash-intensive He says that the consumer appetite typically too makes retains the piece to carry the cost of large quantities of tion to negotiate attractive payment business to start up,” says Ed for expensive jewels and materials is expensive pieces on a until the client pays stock consigned to the retailer on a terms with retailers, we see ourselves Burstell, managing director of Liberty still healthy but is being matched by a commission-only basis off the balance in sale-or-return basis rather than pur- as a stepping stone to international in London’s Regent Street. new appreciation of design rather for clients who might instalments or by chased outright,” he says. success for younger brands.” However, he cautions, that, as well than purchases based only on the see her work at the part-exchanging Furthermore, traditional retailers Increasingly, independent designers as looking for ways to cut overheads, value of materials. Goldsmiths Fair or at their valuable, yet were overlooking talented designers, who are reluctant to have their pieces designers should try to balance this Alexandra Jefford is an established Cockpit open studios unwanted pieces purely because they did not have a taken on a consignment basis are not with finding a store they can trust – fine jeweller who sells to a clutch of events. In the past, she (Felt also sells second- long trading record. In some cases, a just embracing alternative modes of one that will present their merchan- prestigious retailers, including Dover has sold through galleries in hand fine jewellery). large part of the sale price was taken distribution such as Wolf & Badger’s dise with others of its ilk, and one Street Market, Matches, Felt in Chel- London, Washington and Ms Poklewski Koziell by retailers while some could be but also looking at other alternatives that provides the necessary traffic and sea, White Bird in Paris and Le Pan- Tokyo, but these days she says that, as an inde- aggressive with their payment terms, to conventional wholesale. type of clientele that will appreciate apé de Caméla in Geneva. But she finds that if a client pendent, Felt has to even when a product line was success- They are creating eponymous web- their design ethos. resents retailers who ask to carry her comes to her directly, explore ways of ful. In others, he says, simply making sites, opening standalone stores or pieces on a consignment basis and then she is well placed competing with beautiful objects that people wanted showing at specialist jewellery fairs, says she has become increasingly to offer a good price. the larger brands, to buy was not enough to convince trunk show house parties or independ- fussy about who she will “entrust” The gold price may their websites and buyers to stock them. ent designer destinations, such as Alexandra Jefford, an her investment to. have plummetted even the house Wolf & Badger has spaces in Not- Cockpit Studios. Others, have chosen established fine jeweller, “Everyone I know has the same recently, but it has party pop-up. This ting Hill and Dover Street in Mayfair, to significantly reduce their wholesale problem,” she says. “Increasingly, been prohibitively is her novel London, together with a transactional offering, shifting the focus to working resents retailers who ask retailers, as well as specialist jewel- high for months. Sell- scheme to boost website. The company’s jewellery on a commission basis instead. lery e-tailers will not invest in the ing modern fine jew- independent fine range includes designers such as For the retailer, just as much as for to carry her pieces on product that they want to carry.” ellery from design- jewellery design. Magdalena Tello, Ikuria, Hirotaka and the designer, a retreat from conven- a consignment basis Meanwhile, she is burdened with ers such as Alexan- And, by all Tina Zafari. It gives up-and-coming tional selling has been driven by a “extremely high insurance, a safe, dra Jefford, Pippa accounts, it works. Well-connected middleman has evolved into savvy marketer

jewellery manufacturer holographic illusion of four New diamond brokers operating in seven coun- seasons took shape before Value added in new tries, attaches great value ‘Sightholders need their eyes, and enabling to his relationship with his to improve the Boucheron, De Beers, Tissot areas as original role broker. and Selfridges customers to “Sightholders need to way they interact try on jewellery and becomes less crucial, modernise and improve the watches for size without writes Claire Adler way they interact with with independent setting foot in a shop. independent retailers and Current projects include large global brands,” says retailers’ highly sophisticated in- Mr Mehta. “With few new store experiences for Louis For well over a century, dia- mines coming on-stream Vuitton. This is certainly a mond brokers were the peo- and rough diamond demand different business to the ple who helped diamond predicted to rise 6 per cent one Mr Bonas’s great great companies procure a regu- a year until 2020, according grandfather began in South lar flow of rough stones at to Bain & Co, diamond Africa in 1884. the best prices from De prices are likely to rise. We “Over the past few years, Beers. need to make our opera- diamond brokers have But in recent years the tions more transparent and begun offering their clients role of brokers has broad- have an experienced team a more complete advisory ened. Nowadays, they are of professionals who can service, which can include under pressure to think dif- help our business expand,” marketing advice, technical ferently and their role is he says. help and blue-sky think- often more that of an indus- Earlier this year, Charles ing,” says Mark Walker, co- try consultant. Bonas, a fifth-generation founder of Pink Iguana, the “The role of the estab- diamond broker, based a diamond investment fund. lished broker now encom- street away from Hatton Mr Walker cites the suc- passes offering advice and Garden, London’s diamond cess of the Leo Cut dia- support to sightholders district, was going through mond, sold through Ernest [companies with privileged some old documents when Jones in the UK, as an access to diamonds from he found a copy of an example of how the role of the De Beers-owned Dia- invoice from the 1930s the broker has evolved from mond Trading Company] in addressed by his grandfa- the well-connected middle- their discussions with ther to the grandfather of man to savvy marketer. producer governments one of his current clients. “This modified, round bril- through to retail outlets Given his family’s long- liant cut was developed by and, in some cases, the con- standing position in the Schachter Diamonds, a DTC sumer themselves,” says industry, Mr Bonas is one sightholder, and now has a Mark Boston, chairman of of London’s best connected retail turnover of $100m H. Goldie & Company, inter- and trusted diamond men. worldwide. Schachter will national diamond brokers In South Africa in the 1880s, certainly have had market- and consultants. members of his family were Hennig brokered ing assistance from its bro- In an average working diamond merchants and Harry Winston’s ker,” says Mr Walker. day, a broker is just as buyers of rough diamonds purchase of the Some claim the original likely to be advising an and founder members of a 968.9 carat Star role of the diamond broker African or Asian govern- syndicate of five families of Sierra Leone in is less crucial nowadays, ment on best practice in that purchased the entire the 1970s which could explain why creating a top-notch envi- production of the De Beers many are eager to add ronment for workers in the Company. value for clients in new industry, as helping a While his family has areas. Could this be a clue miner bring a new jewellery played a historical role to the reputation of mystery brand to life and securing within the highest echelons surrounding diamond bro- the distribution deals neces- of the diamond establish- kers? sary to sell that jewellery ment, today Mr Bonas has “We are entrusted with a on all five continents. his eyes set firmly on the considerable amount of Hennig, the London-based future. His clients range confidential information company that brokered from large diamond com- by leading industry Harry Winston’s purchase panies to jewellery players – some of of the 968.9 carat Star of manufacturers, the whom may be in Sierra Leone in the 1970s, world’s biggest lux- fierce competition now boasts a lengthy roster ury goods groups, gov- with one ano- of services, including rough ernments, mining compa- ther,” says Mr and polished diamond ten- nies and IT companies. Bonas. “This dering, staff training, In 2008, he invested in only happens advice on vertical integra- Holition, a cutting-edge because we are tion, mergers and acquisi- technology company that known for our tions, marketing and PR creates interactive iPad unswerving dis- services and online dia- experiences for customers cretion, tempered mond-selling solutions. in shops and at home. Holi- with the ability to In today’s competitive tion’s achievements include give valuable non- market, Vishal Mehta, the startling 1,000 guests at a attributable infor- director of Dimexon, a Dunhill catwalk show in mation to clients large-scale diamond and Shanghai, during which a when appropriate.” FINANCIAL TIMES THURSDAY APRIL 25 2013 ★ 23 Watches & Jewellery

Hong Kong sold a “fourth series” ver- sion for a record €289,350, 62 per cent more than the watch retailed for two Most expensive years ago – a sum that bodes well for the investment value of the brand’s new Grand Complication. “Auctions play an important role in the perception of a brand such as Lange as they show whether or not a masterpiece watch depreciates, keeps its value or increases,” says Arnd Einhorn, the company’s PR director. “We have recently seen some excep- tional auction results for our pieces inspired by a and this does, of course, mean that some of the people contemplating buy- ing the Grand Complication might want it for investment reasons. But just as many buyers will be true restoration watch connoisseurs who appreciate the craftsmanship behind it. Each watch takes a year to make, and is assembled from start to finish by a single master watchmaker,” he says. “The price might seem very high, but we will only make six examples and have already received inquiries from several more potential buyers than that.” Record production piece Simon de Burton The Grand Complication was inspired by an equally impressive is impressed by complex features – and price pocket watch made by A. Lange & Söhne, the 42500, which was sold to a wealthy Viennese buyer in 1902. f evidence were needed that the apotheosis of the watchmaker’s art. What happened to it during the rich really are getting richer, it But the Grand Complication fur- intervening 99 years remains a mys- could be found at January’s Salon ther boasts a split-seconds chrono- tery, but it was returned to the com- International de la Haute Horlo- graph mechanism that alone employs pany by its current, anonymous gerie in Geneva when a watch 248 parts and features “jumping sec- owner for a full restoration in 2001 – a Ibrand that few people had heard of 25 onds” that make it possible to record task that took more than three years years ago unveiled what is believed to elapsed times down to one-fifth of a to complete. be the most expensive timepiece ever second. “The pink gold case was intact but to be produced. The watch also incorporates a per- the movement was essentially a lump An atmosphere that can best be petual calendar that accounts for leap of rust,” says Mr Einhorn. described as reverential enveloped the years and that – provided the mecha- “Many of the 833 individual parts room when A. Lange & Söhne, the nism is kept wound – will not need had to be remade and we learnt so high-end Saxon maker, pulled the adjusting until 2100, while remaining much by doing the restoration that wraps off its new masterpiece, a wrist- perfectly synchronised to advance all we had the idea of recreating a ver- watch named simply “the Grand Com- of its displays (day, date and month) sion of it in a wristwatch, which we plication” – and costing a difficult-to- at midnight precisely. now see as the Grand Complication.” comprehend €1.9m. Even the dial is an exceptional work ‘Each watch takes a year The original 42500 now serves as the The name may be short and sweet, of art, comprising five separate, enam- to make and is highlight of an exhibition dedicated to but it speaks volumes about this elled elements and concealing the the watches of the Kings of Saxony micro mechanical production master- exquisitely finished, hand-wound assembled from start that can be seen at the newly reo- piece that took seven years to develop movement that features plates and pened Mathematisch- and will be made in a mere six exam- bridges made from untreated German to finish by a single Physikalischer Salon in ples at the rate of one a year. silver, a lever and escape wheel made master watchmaker’ Dresden’s historic The most impressive of its many from 18-carat gold, 67 jewel bearings Zwinger Palace. functions is the minute repeating and extensive hand engraving. mechanism which, when set in The Grand Complication marks a “grande sonnerie” mode, invokes a pinnacle of achievement for the tiny, low-pitched gong to sound the modern-day A. Lange & Söhne, which quickly mani- full hour, followed by a double strike was revived in December 1990 by Wal- fested itself in of the low-pitched gong and a higher ter Lange. The company was founded 1994 with the pitched one to mark the quarters. in Glashütte in 1845 by his great production of a In the “petite sonnerie” setting, the grandfather, Ferdinand Lange, and watch called watch indicates the elapsed quarter built an enviable reputation for mak- the Tourbillon hours with one, two or three double ing some of the finest watches in the Pour le Merite, strikes on both gongs. world – before being expropriated by Back to the beginning: which helped to Fiendishly complex to achieve, the East German state in 1948 and A. Lange & Söhne’s €1.9m earn A. Lange & both for its mechanical intricacy fading into oblivion. Grand Complication Söhne a following among and the difficulty of creating a crisp, A determination to rebuild the com- (above) is a tribute to its some of the world’s leading clear sound, the grande sonnerie pany with the same ethos of excel- 42500 pocket watch, inset, collectors. is regarded by many as being the lence on which it had been founded sold in 1902 Earlier this month, Sotheby’s Journey from grim beginnings of greatest exponent of his craft

Book review A no-nonsense and springs; how he worked in sometimes daunting a garage, recycling George Daniels individual, Mr Daniels batteries and re-treading chose carefully those tyres for Harford Soper. Simon de Burton on whom he decided to take Mr Soper was a kindly into his confidence. American who, recognising a life of triumph Mr Clerizo first made his his employee’s innate over adversity acquaintance in 2002 while understanding of things searching for an mechanical, set him the interesting watch article to task of converting defunct The death in 2011 of write for an American silent movie projectors to George Daniels, CBE, and publication, a meeting that play “talkies”. the subsequent multi- proved to be the start of a The book then takes us million pound auction sales friendship that lasted in detail through Mr of his personal collections almost a decade, with the Daniels’ circuitous route to of cars and watches, two men agreeing to co- his vocation as a brought the highly operate on the biography horologist. regarded horologist into in 2010. It starts with an the international spotlight, The following year, Mr apprenticeship at the revealing to a wider Clerizo spent many weeks Franco-British Electrical audience his role in paving at Mr Daniels’ imposing Company in north London, the way for the upsurge in home on the Isle of Man and carries on with his high-end, independent where, through more than conscription in August, watchmaking. 30 hours of interviews, he 1944 (when he learned to The numerous obituaries gleaned the full and drive and established a and magazine articles fascinating story of the passion for cars) and his about Mr Daniels, who is watchmaker’s life. posting to north Africa. widely credited as having It was there that a been the 20th century’s childhood obsession – greatest exponent of his first triggered by the craft, also revealed how his George Daniels mysterious arrival of a life evolved into a spent 25 years pocket watch in the family remarkable story of home when he was six – triumph over adversity as inventing, creating suddenly returned and he rose from poverty to resulted in him setting up great wealth and and promoting a sideline repairing the international acclaim. the Co-Axial watches of his fellow But the story has, at soldiers. best, only ever been half- The story then moves to told – even his Mr Daniels’ first watch autobiography, which he From his poverty- repairing job on civvy published in 2000 at the stricken upbringing in street and his enrolment age of 74, failed to provide north London at the hands on the three-year horology a truly in-depth picture of of a drunken, violent course that was to give the man. father he ultimately gained him the grounding he That situation has now acceptance by the Swiss needed to take his first been rectified with the brand Omega that his steps towards making the arrival of George Daniels – revolutionary Co-Axial move from repairer to a Master Watchmaker and escapement – which he restorer to maker – and his Art, a new, 208-page, spent 25 years inventing, ultimately to inventor of large-scale volume by creating and promoting – the revolutionary Co-Axial Michael Clerizo, the really did represent the escapement. London-based American greatest advance in Mr Clerizo remained in journalist, in which almost mechanical horology for close contact with Dr every aspect of Mr Daniels’ more than 200 years. Daniels until September battle for recognition and The book explains in 2011, just weeks before the success is documented. detail the true grimness of horologist died from With a cover illustrated the Daniels childhood, complications following a with the Daniels Space during which he roamed hip replacement operation. Traveller II pocket watch, the streets in threadbare As a result, there can be sold at Sotheby’s for £1.3m clothes, attempting to no more complete account last November, the book “glean”, as he called it, of the life of a man who contains 200 illustrations, left-over food from kind- GEORGE DANIELS – A was not merely a great ranging from previously hearted shopkeepers MASTER WATCHMAKER watchmaker, but a truly unseen design drawings to before, at the age of 11, AND HIS ART remarkable individual images of his first establishing a business across the board. workbench – a makeshift selling kindling wood made A biography of the highly The book is an essential affair rigged up at his from broken-up grocer’s regarded horologist addition to any serious Army quarters in the crates. Michael Clerizo horological library and is Egyptian desert in 1946 – It documents his brief entirely worthy of a place his beloved cars and employment, aged 14, at Published by Thames and beside Mr Daniels’ own motorcycles and, of course, the Sleepezee mattress Hudson celebrated volumes The Art his many remarkable factory where he found a £75 of Breguet and Watch horological creations. job clipping together bed Making. 24 ★ FINANCIAL TIMES THURSDAY APRIL 25 2013