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Raymond Weil of the eponymous Swiss luxury watch brand died on Sunday, leaving behind a legacy of creating luxurious yet affordable timepieces.
While the investigation into the fire that destroyed part of a Swatch Group factory remains under investigation, a company spokesperson said early results indicate the fire was caused by a “technical deficiency” in one of the pumps in the galvanic workshop. 
A watch company has been ordered to pay Audemars Piguet more than $9 million in damages for selling a watch that was deemed to be a knockoff of the luxury watchmaker’s “Royal Oak.”
A spokeswoman for the Swatch Group said the company is still trying to determine how a fire that destroyed a unit within its ETA factory on Sunday will impact production.
The luxury market in China has slowed considerably in 2013, impacting high-end watch sales there, according to a report from global consulting firm Bain & Co.
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Since 1906, National Jeweler has been the must-read news source for smart jewelry professionals--jewelry retailers, designers, buyers, manufacturers, and suppliers. From market analysis to emerging jewelry trends, we cover the important industry topics vital to the everyday success of jewelry professionals worldwide. National Jeweler delivers the most urgent jewelry news necessary for running your day-to-day jewelry business here, and via our daily e-newsletter, website and other specialty publications, such as "The State of the Majors." National Jeweler is published by Jewelers of America, the leading nonprofit jewelry association in the United States.