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At five points in the past 500 million years, life on Earth was almost completely wiped out. We are now on the brink of a sixth mass extinction, and we are the cause. Can humans right their wrongs? The luxury industry must lead by example.
An influx of capital ends a year marked by a boom in sales at auction and on the pre-owned market as watches take on a new role as investment products.
Ex-LVMH Thierry Huron launched The Mercury Project in 2016 to provide business intelligence for the watch and jewellery industry. This includes a sell-out index for nine markets - a more reliable indicator than export figures.
In a report published on June 23, the Swiss Federal Audit Office calls attention to the inadequate control of imports of gold into the country. The current system is not equipped to prevent illegal gold from entering Switzerland, where the majority of the world's gold is refined.
It's now a case of size matters in the watch industry, both for manufacturers and for retailers. The UK-based Watches of Switzerland Group is an excellent example, as its share price confirms.
What we consider to be signs of wealth are changing, influenced by concerns of sustainability and ethics. So, what does luxury mean in 2020, and what do arguably the pinnacle of luxury – diamonds - represent today?
Watchmakers face an increasing number of setbacks in Hong Kong. No longer the number-one export market for Swiss brands, this special administrative region is also at risk of losing its status as a major trade hub.
As prices have tumbled from February highs, shares in listed luxury companies have all the charm of an excellent investment opportunity, with the added appeal of a pandemic-proof balance sheet.
