Sponsored by AGTA
Rolex, Patek, Chanel Exit Baselworld for New Watch Show
It will be held in conjunction with Watches & Wonders Geneva in April 2021.
Rolex, Patek Philippe, Chanel, Chopard and Tudor announced Tuesday they are creating a new watch trade show to be held in conjunction with Watches & Wonders Geneva.
In a joint statement with Fondation de la Haute Horlogerie, organizer of Watches & Wonders (formerly SIHH), the brands cited Baselworld’s history of making major decisions without consulting exhibitors as part of the impetus for leaving.
The beleaguered Swiss watch and jewelry exposition has come under fire in the last decade for its exorbitant pricing and disregard for exhibitor feedback.
Its most recent affront to participating brands was its postponement to January 2021 due to the coronavirus pandemic, instead of April 2021 to align with Watches & Wonders.
“There have been too many discussions and unsolved problems; trust is no longer present.” – Patek Philippe President Thierry Stern
Exhibitors were even more roiled by their two show refund options: roll over 85 percent of fees to the next show and lose 15 percent to Baselworld organizer MCH Group, or claim a 30 percent refund now, with 40 percent of fees applying to the January show and loss of the remaining 30 percent.
Rolex SA CEO and Montres Tudor Board Member Jean-Frédéric Dufour noted in the joint statement: “We have taken part in Baselworld since 1939. Unfortunately, given the way the event has evolved and the recent decisions made by MCH Group, and in spite of the great attachment we had to this watch show, we have decided to withdraw.
“Following discussions initiated by Rolex, it seemed only natural to create a new event with partners that share our vision and our endless, unwavering support for the Swiss watchmaking sector. This will allow us to present our new watches in line with our needs and expectations, to join forces and better defend the interests of the industry.”
Other executives echoed the difficulty in the historic decision to leave Baselworld.
Patek Philippe President Thierry Stern said: “The decision to leave Baselworld was not an easy one to take for me, being the fourth generation of the Stern family to participate in this traditional yearly event …Today Patek Philippe is not in line with Baselworld’s vision anymore, there have been too many discussions and unsolved problems; trust is no longer present.
The yet-to-be-named watch trade show will be held at the Palexpo in Geneva at the same time as Watches & Wonders, in April 2021.
All proceeds up to $25,000 will benefit the It Gets Better Project, a nonprofit that supports LGBTQ+ youth.
Experience all the Italian Jewelry market has to offer in Las Vegas.
It’s a reminder that life is best lived with discretion.
The end-to-end software allows for real-time control over all sales, inventory, repairs, customer communications, and marketing.
Associate Editor Lenore Fedow shares her impressions of the Las Vegas Antique Jewelry & Watch Show and a few of her favorite finds.
Provide your customers with a seamless selling solution by partnering with Windsor Jewelers, Inc.
The Asian Institute of Gemological Sciences aims to set a color standard for the trade name.
Kate Della Monica, a senior specialist in the Jewelry and Watches department, will relocate to the Sunshine State.
LVMH’s investment arm has taken a stake in Lusix, a lab-grown diamond company based in Israel.
Sotheby’s New York put a colorless diamond and a fancy deep orange-brown diamond up for sale last week, with mixed results.
Profits will help them recoup financial losses.
The organization also extended the terms of Vice President Feriel Zerouki and Treasurer Ronnie VanderLinden.
After suffering a professional setback, columnist Peter Smith reflects on our ability to bounce back even when the hits keep on coming.
Glatz owned and operated Glatz Jewelers in Aliquippa, Pennsylvania for more than 40 years.
The New York jeweler also made the pop star’s wedding bands.
It’s predicted to sell for up to $484,000 during the Bonhams Hong Kong Jewels and Jadeite auction on June 22.
The alleged scheme involving fake “Love” bracelets, necklaces and rings was designed to circumvent Amazon’s counterfeit detection tools.
Its new collection with subtle swirl designs draws inspiration from the family’s Armenian roots.