Dubai: Demand for Swiss luxury watches in Dubai is on the rise as the country retains its position as the ninth-biggest importer of Swiss watches in the world, Abdul Hamid Seddiqi, vice-chairman of Swiss watch distributor, Ahmed Seddiqi and Sons, told Gulf News on Tuesday.
“Dubai is a big market for luxury items; it is a hub for the whole Middle East. Each year the demand is going higher,” Seddiqi said on the sidelines of a press conference announcing the opening of a luxury watch exhibition.
Established in the late 1940s, Ahmed Seddiqi and Sons’ portfolio includes over 50 brands. The company targets both residents and tourists. “We are targeting local people first. But we are also targeting buyers from Saudi Arabia and African tourists, “ Seddiqi said.
According to him, there are enough available pieces in Dubai. “Sometimes we are faster than some European markets [in bringing in stock],” he said.
The Grand Prix D’Horlogerie De Genève (GPHG) exhibition is taking place at Dubai International Financial Centre (DIFC), and will run till Thursday. There are 70 watches on display, from Chanel and Chopard to Bell and Ross and Van Cleef and Arpels. Their prices vary, with some carrying a price tag of 1 million Swiss francs, while others are worth less than 7,500 Swiss francs.
The GPHG exhibition is in the Middle East for the first time. It was in Beijing and Macau before stopping in Dubai. “Dubai is one of the most important cities for watchmaking,” Carlo Lamprecht, President of GPHG told Gulf News.
Lamprecht said that he is considering bringing the exhibition to other emirates and other GCC (Gulf Cooperation Council) countries, but the plan is to keep it in Dubai for the short-term due to time constraints. “We have only two months to exhibit the watches,” he said.
GPHG set up its exhibition in Zurich five years ago, and for the past three years, it has expanded to international locations.
Meanwhile, the final quarter of the year is expected to see an increase in buying, Seddiqi said.
In the coming week, Ahmed Seddiqi and Sons will launch two special edition watches for National Day and Formula One.
When asked about expansion plans, he said: “Next year, we are opening a shop on Yas Island,” adding that the company’s stores in Dubai will be renovated.
The company is already opening four stores in Abu Dhabi this quarter, he added.
Last year, Gulf News reported that the company planned to open stores in Sowwah Square, Al Ain Mall, St Regis Hotel in Abu Dhabi, and Emirates Palace.
Ahmed Siddiqi and Sons and Hasan Abdullah Mohammad Group has recently acquired Al Manara International Jewellery, a luxury retailer.
