The mining giant also wants to offload its platinum business as part of an overhaul designed to “unlock significant value.”
In Switzerland, a Much Smaller Baselworld Set to Open
The number of exhibitors at the watch and jewelry show is down by half.
Basel--The 2018 edition of Baselworld is set to open Thursday, and it will be shorter and smaller than in years past.
As announced back in November, the number of exhibitors at the show is down by half, from 1,300 to about 650, with many brands put off by the high cost of exhibiting at the show. Baselworld is also two days shorter this year—six days instead of eight.
At the opening press conference held Wednesday morning in Basel, show Managing Director Sylvie Ritter said the watch industry is in a period of change and “unprecedented concentration,” in which the strongest players are getting stronger and weaker brands are being challenged.
Ritter, whose speech was translated live from French to English, said Baselworld was faced with two options, “expansion or concentration,” and noted, “We have opted for concentration.”
She painted the new Baselworld as having a “clear, well-defined profile” that now has only the best and most-sought-after watch and jewelry brands.
In her speech, Ritter also alluded to the overall importance of trade shows in an age when, some might argue, the internet has made them less relevant, particularly those that are large and costly.
She said people still want to touch and feel products in person and to meet face-to-face when making deals, while also noting that the “most important” brands present their novelties only at Baselworld.
Key brands missing from Baselworld this year include pearl giant Mikimoto, Italian jewelry brand Marco Bicego and Movado Group. Movado is holding its own summit in Davos instead of exhibiting in Basel, and the hall where the company once held a prominent position in front is now empty.
Though Baselworld is much smaller, it does open amid an upswing in Swiss watch exports after two down years.
Following four years of post-recession growth from 2010 to 2014, exports dropped 3 percent in 2015 and 10 percent in 2016, according to information presented at the press conference by François Thiébaud, president of the Swiss Exhibitors’ Committee and a Swatch Group executive.
But exports recovered in 2017, growing nearly 3 percent year-over-year, and they were up 13 percent year-over-year in February, though the comparable figures from February 2017 were relatively weak.
Thiébaud attributed the Swiss watch industry’s recent difficulties not to competition from smartwatches or timepieces’ lack of relevancy to younger buyers but to the Swiss National Bank’s January 2015 decision to eliminate its cap on the Swiss franc.
The move sent
The franc has since declined in value, easing pressure on exporters.
Following the press conference, show organizers did not take questions from journalists, something they have done in the past.
Baselworld 2018 is scheduled to open Thursday and run through Tuesday, March 27.
The Latest
Christie's is selling one of the diamonds, moving forward with its Geneva jewelry auction despite the cyberattack that took down its website.
The ad aims to position platinum jewelry as ideal for everyday wear.
Despite the rising prices, consumers continue to seek out the precious metal.
Retailers can customize and print the appraisal brochures from their store.
The move follows a price-drop test run in Q4 and comes with the addition of a “quality assurance card” from GIA for some loose diamonds.
The site has been down since Thursday evening, just ahead of its spring auctions.
Tradeshow risks are real. Get tips to protect yourself before, during and after and gain safety and security awareness for your business.
The late former U.S. Secretary’s collection went for quadruple the sale’s pre-sale estimate.
Three fifth graders’ winning designs were turned into custom jewelry pieces in time for Mother’s Day.
Kimberly Adams Russell is taking over the role from her father, David Adams, marking the third generation to hold the title.
As a token of womanhood, this necklace depicts when Venus was born from the sea.
The deal gives the retailer control over the distribution of Roberto Coin jewelry in the U.S., Canada, Caribbean, and Central America.
Show your mother some love with a piece of fine jewelry.
The company’s Easton location will remain open.
Brian D. Fleming of Carla Corporation was elected to serve a one-year term in the role.
Sponsored by the Las Vegas Antique Jewelry and Watch Show
Tobak, author of “Ice Cold: A Hip-Hop Jewelry History,” shares how the exhibition came to be, and the pieces people may be surprised to see.
Stars adorned themselves in emeralds, platinum, and myriad bird motifs, writes Associate Editor Natalie Francisco.
M.S. Rau is set to open a seasonal gallery in the high-end resort town early next month.
The branded jewelry market is thriving, said Richemont Chairman Johann Rupert.
The six designers, all participants in the show’s Diversity Action Council mentorship program, will exhibit in Salon 634.
The highlight of his collection is the coveted Patek Philippe Grandmaster Chime, which could sell for up to $5 million.
The “Venetian Link” series modernizes the classic Veneziana box chain in its bracelets and necklaces.
The Swiss watchmaker said the company’s plans to use a new version of the Hallmark crown on jewelry would confuse consumers.
The executive talked about the importance of self-purchasers and how fuel cell electric vehicles are going to fuel demand for platinum.
The Indian jeweler’s new store in Naperville, Illinois marks its 350th location, part of its ongoing global expansion plans.