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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.
While sustainable practices are gaining momentum in the gold and diamond supply chains, for coloured gemstones the process is still in its infancy. In an extremely fragmented industry, progress is nonetheless being made.
Switzerland’s Richemont, China’s Alibaba and France’s Artémis (Kering) are to invest over a billion dollars in British marketplace Farfetch in a bid to dominate the Chinese online luxury market. The race with Amazon is on.
The secondary watch market has been one of the year's biggest stories. From takeovers to dedicated sales spaces, from market studies to consumer analyses and brand-hosted events, pre-owned is hot news. And for a simple reason: at 8% growth per year, second-hand is the luxury industry's best-performing segment.
Morgan Stanley anticipates that Swiss watch exports for 2020 will be down by around 20% to CHF 16 billion, thereby returning to 2010 levels. Deloitte is convinced this pillar of the Swiss economy will adapt and bounce back after a year of "accelerated transformation".
Precious metal and precious stone supply chain due diligence is becoming a matter of urgency for watch brands, whose reputations could be put on the line by mining in high-risk areas. The Fondation de la Haute Horlogerie is there to assist them in this crucial social and environmental transition.
Small-scale and artisanal mines have a crucial role in improving the lives of local communities but are also a target for organised crime, which makes them a controversial topic at the heart of the gold supply chain. This third and final article in the series looks at the challenges facing the informal mining sector as debated at the recent Basel Gold Day.
