Tiffany & Co, one of the largest jewellers in the world, plans to increase its Middle Eastern sales fivefold over the next three years as it invests in new stores, advertising and products.
The jeweller, based in New York, joins a host of local players that are investing in the sector as confidence grows with strong consumer spending.
"The region is important for the company on different levels," said Laurent Cathala, the vice president of emerging markets for Tiffany.
"The economy is good. Our presence has been limited here … but the brand has been really appreciated."
Globally, Tiffany's sales rose 18 per cent to US$3.6 billion (Dh13.22bn) in the year ending on January 31, and net profit increased 19 per cent to $439 million, compared with 2010.
Mr Cathala said the company aims to increase sales in the region by "five to six" times but declined to disclose a sales figure in the region last year.
He added that Tiffany would spend "millions" of dirhams on advertising this year.
The New York luxury brand is celebrating its 175th anniversary and yesterday launched a new precious metal in celebration.
Called Rubedo, the metal is a mix of copper, gold and silver and will be used in a variety of pieces, including necklaces, rings and pendants.
A strong player in the engagement rings sector globally, Tiffany also hopes to expand this aspect of the business in the Emirates.
The market for luxury jewellery in the UAE has been growing strongly in recent years and jewellers are investing in major store expansions. Euromonitor, a research consultancy, estimates that spending on luxury jewellery and timepieces in the UAE increased from $509m in 2010 to nearly $600m last year.
Meanwhile, Dubai traded more than $40bn of diamonds last year, a record, according to the Dubai Multi Commodities Centre.
Malabar Gold & Diamonds, a jeweller based in Dubai with huge operations in South India, announced last month it would tap investors for $700m to embark on a global expansion aimed at making it the world's largest jeweller.
Pure Gold Jewellers, headquartered in Dubai, plans to invest Dh1bn in new stores and factories during the next five years, and the company has entered into talks with a number of Islamic banks to help to finance the expansion.
Joyalukkas, also based in Dubai, said last month that it was confident of raising $100m in a syndicated loan to expand its network of stores. With five stores in the UAE and 15 in the rest of the Middle East, Tiffany is not out to compete with the big-volume jewellers, but offer products in a higher price bracket.
It is set to renovate and upgrade some stores, while closing others to open in more favourable locations.
In the UAE, it signed a joint venture with Damas International to help operate in the country and act as a shareholder.
Damas last week received a joint buyout bid from Mannai Corporation, a Qatari conglomerate, and EFG-Hermes, an Egyptian investment bank, valuing Damas at $445m.
Tiffany opened an office in Dubai last year, which now serves as the jeweller's fourth international headquarters after other regional offices in London, Tokyo and Hong Kong, plus its flagship shop on Fifth Avenue in Manhattan.
Tiffany & Co was founded in 1837 in New York, and the company has about 230 stores worldwide.
rjones@thenational.ae
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The specs
Engine: 6.2-litre V8
Transmission: ten-speed
Power: 420bhp
Torque: 624Nm
Price: Dh325,125
On sale: Now
Porsche Taycan Turbo specs
Engine: Two permanent-magnet synchronous AC motors
Transmission: two-speed
Power: 671hp
Torque: 1050Nm
Range: 450km
Price: Dh601,800
On sale: now
The specs: 2018 Chevrolet Trailblazer
Price, base / as tested Dh99,000 / Dh132,000
Engine 3.6L V6
Transmission: Six-speed automatic
Power 275hp @ 6,000rpm
Torque 350Nm @ 3,700rpm
Fuel economy combined 12.2L / 100km
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
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Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
What is graphene?
Graphene is extracted from graphite and is made up of pure carbon.
It is 200 times more resistant than steel and five times lighter than aluminum.
It conducts electricity better than any other material at room temperature.
It is thought that graphene could boost the useful life of batteries by 10 per cent.
Graphene can also detect cancer cells in the early stages of the disease.
The material was first discovered when Andre Geim and Konstantin Novoselov were 'playing' with graphite at the University of Manchester in 2004.
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Analysis
Members of Syria's Alawite minority community face threat in their heartland after one of the deadliest days in country’s recent history. Read more
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
PREMIER LEAGUE FIXTURES
All kick-off times UAE ( 4 GMT)
Saturday
Liverpool v Manchester United - 3.30pm
Burnley v West Ham United - 6pm
Crystal Palace v Chelsea - 6pm
Manchester City v Stoke City - 6pm
Swansea City v Huddersfield Town - 6pm
Tottenham Hotspur v Bournemouth - 6pm
Watford v Arsenal - 8.30pm
Sunday
Brighton and Hove Albion v Everton - 4.30pm
Southampton v Newcastle United - 7pm
Monday
Leicester City v West Bromwich Albion - 11pm
