For the jobless man living on welfare who made the find in an English farmer's field two months ago, it was the stuff of dreams: a hoard of early AngloSaxon treasure, probably dating from the 7th century and including more than 1,500 pieces of intricately worked gold and silver whose craftsmanship and historical significance left archaeologists awestruck.
When the discovery was announced on Thursday, experts described it as one of the most important in British archaeological history. They said it surpassed the greatest previous discovery of its kind, a royal burial chamber unearthed in 1939 at Sutton Hoo in Suffolk that was fashioned from the hull of an ancient ship. That find shaped scholars' understanding of the warring Anglo-Saxon kingdoms of 1,300 years ago that ended up as the unified kingdom of England.
The new trove includes items that one expert in Anglo-Saxon artifacts said brought tears to her eyes: gold items weighing 11 pounds (5kg) and 5.5 pounds (2.5kg) of silver.
Tentatively identified by some experts as bounty from one of the wars that racked Middle England in the 7th and 8th centuries, they included dagger hilts,pieces of scabbards and swords, helmet cheekpieces, Christian crosses and figures of animals like eagles and fish.
Archaeologists tentatively estimate the value of the trove at ฃ1 million (54 million baht) but say it could be many times that. And they took a vicarious pleasure in noting that the discovery was not the outcome of a carefully planned archaeological enterprise, but the product of a lone amateur stumbling about with a metal detector.
"People laugh at metal detectorists,"Terry Herbert,55, who made the find,told the BBC on Thursday at a news conference at the Birmingham Museums and Art Gallery, where the objects are on display for two weeks."I've had people go past and go,'Beep, beep, he's after pennies.' Well no, we're out there to find this kind of stuff, and it is out there."
Mr Herbert spent 18 years scouring fields and back lots without finding anything more valuable than a piece of an ancient Roman horse harness. Now under British laws governing the discovery of ancient treasures, he stands to get half the value of the booty.
When his discovery was announced Thursday, he kept his wish list modest,saying he would like to use some of his windfall to buy a bungalow.
Since the July day when his detector picked up traces of the hoard beneath a field in Staffordshire, a Midlands county that was at the centre of the ancient Anglo-Saxon kingdom of Mercia, Mr Herbert said, he has been seeing piles of gold in his sleep.
Awake, he has quietly celebrated his triumph over all the people who mocked him in the years when a typical day's finds amounted to little but scrap.
As for his fellow hunters in the Bloxwich Research and Metal Detecting Club,he said,"I dread to think what they'll say when they hear about this."
He said that on the day of his discovery he reworked a mantra that he regularly used for good luck."I have this phrase that I say sometimes -'Spirits of yes-terday, take me where the coins appear'- but on that day I changed 'coins' to 'gold'. I don't know why I said it that day, but I think somebody was listening."
From the Birmingham museum, the Staffordshire treasure, much of it still encrusted with dirt, will go to the British Museum in London, where the artifacts will undergo months, possibly years, of study by archaeologists and historians.
A court ruling by a Staffordshire coroner this week - conducted in secret - declared the finds to be treasure,meaning that they belong to the British crown, which is expected to offer them for sale.
The crown's practice, established in part by the many shipwrecks recovered off Britain's shores, is that a reward equal to the value of the items - likely to be set in a bidding war among British museums - will be divided between Mr Herbert as the finder, and the farmer who owns the field where the discovery was made. His name and the location of the farm (beyond the fact that it is around Lichfield, north of Birmingham) have not been disclosed, to allow archaeologists to continue searching the area for more treasure.
At the news conference, experts said that Mr Herbert's initial discovery, which he reported to a Staffordshire County official responsible for archaeological discoveries, was followed by a dig that was strictly supervised by professional archaeologists. They were assisted, the experts said, by a team from Britain's Home Office that normally works on crime scene forensics.
The experts said that a painstaking search of the area had turned up no trace of a grave, a building or anything else that suggested a careful plan to bury the objects for later recovery. They said that information, and the fact that none of the discoveries appeared to be jewellery or other feminine items, added to the likelihood that the treasure was war bounty. It may have been seized by one of the 7th century Mercian kings men like Penda, Wulfhere and Aethelred - who pursued an aggressive, plundering policy toward neighbouring kingdoms.
One of the features that led specialists to suggest the items might have been seized in battle and prized for their value in precious metal and jewels rather than as trophies, was that many appeared to have been decorative pieces ripped from other objects.
The three Christian crosses in the find had been bent into folds, as had a strip of gold with a biblical inscription in Latin of a kind likely to have been favoured by an ancient warrior:"Rise up, O Lord, and may thy enemies be dispersed and those who hate thee be driven from thy face."
Archaeologists, anthropologists and historians who participated in the Staffordshire dig, or who have studied the finds at the Birmingham museum, competed in the superlatives they used in describing the treasure.
"My first view of the hoard brought tears to my eyes; the Dark Ages in Staffordshire have never looked so bright nor so beautiful," Deb Klemperer, an expert on Staffordshire artifacts of the Anglo-Saxon period, told the Guardian .Kevin Leahy, an expert on Anglo-Saxon metallic objects who has been helping catalogue the items, described their craftsmanship as "consummate" at Thursday's news conference.
He added:"All the archaeologists who have worked with the finds have been awestruck. It's actually been quite scary working on this material to be in the presence of greatness."NYT
"I have this phrase that I say sometimes - 'Spirits of yesterday, take me where the coins appear'-but on that day I changed 'coins' to 'gold'. I don't knowwhy I said it that day, but I think somebodywas listening."
This combination of images obtained on Thursday from Britain's Staffordshire County Council shows a folded cross (top left), a gold and garnet scabbard boss (top right), a hilt fitting (above left) and a selection of items of Anglo-Saxon gold and silver (above right) found in a field in central England.
Monday, September 28, 2009
Saxon treasure find souring friendship
A stunning hoard of Anglo-Saxon treasure went on show yesterday but the golden trove's lustre was tarnished by a reported row between the two men who will share the fortune it sells for.
The discovery of the biggest ever such haul, at least 1,350 items, including 5kg of gold, found in a field in central England by a metal detector hobbyist in July was announced on Thursday. And yesterday it was unveiled to the public at the Birmingham Museum and Art Gallery, where visitors will be able to view a selection of items until Oct 13.
But the show was marred by a reported row between the 55-year-old unemployed man who stumbled upon it, and the farmer in whose field it was found.
Farmer Fred Johnson said the discovery had soured his relationship with Terry Herbert, who has been metal detecting for the last 18 years, and was using his trusty 14-year-old detector when he made the life-changing find.
"I'm not happy with Terry," he was quoted as saying by The Times newspaper."I think it is more about the money for him, and I'm going to have to confront him about that.
"Me and Terry agreed to keep it all low-key and I thought that would be the case. It is not about the money for me.It's an incredible find for the country and that's what is more important," he added.
The value of the haul has yet to be decided, but one expert, Roger Bland of the British Museum in London, said he expected it to fetch "a seven-figure sum",- which will be shared equally by Mr Herbert and Mr Johnson.
The hoard is believed to date from the seventh century AD, and may have belonged to Saxon royalty. The treasure includes sword pommel caps and hilt plates, many inlaid with precious stones.
Mr Herbert has so far been publicity shy, and did not respond to the farmer's remarks. But on Thursday he described the discovery as "more fun than winning the lottery".
"Imagine you're at home and somebody keeps putting money through your letterbox, that was what it was like. I was going to bed and in my sleep I was seeing gold items," he said.
A fellow member of Bloxwich Research and Metal Detecting Club, voiced surprise Mr Herbert had made the find.
"If you had told me someone had made such an amazing discovery I would never have thought it was Terry," Colin Pearson,64, was quoted as saying.
"If he turns up for a dig at 12 o'clock he'll normally spend an hour with his metal detector out and the remaining four hours talking," he added.
The discovery of the biggest ever such haul, at least 1,350 items, including 5kg of gold, found in a field in central England by a metal detector hobbyist in July was announced on Thursday. And yesterday it was unveiled to the public at the Birmingham Museum and Art Gallery, where visitors will be able to view a selection of items until Oct 13.
But the show was marred by a reported row between the 55-year-old unemployed man who stumbled upon it, and the farmer in whose field it was found.
Farmer Fred Johnson said the discovery had soured his relationship with Terry Herbert, who has been metal detecting for the last 18 years, and was using his trusty 14-year-old detector when he made the life-changing find.
"I'm not happy with Terry," he was quoted as saying by The Times newspaper."I think it is more about the money for him, and I'm going to have to confront him about that.
"Me and Terry agreed to keep it all low-key and I thought that would be the case. It is not about the money for me.It's an incredible find for the country and that's what is more important," he added.
The value of the haul has yet to be decided, but one expert, Roger Bland of the British Museum in London, said he expected it to fetch "a seven-figure sum",- which will be shared equally by Mr Herbert and Mr Johnson.
The hoard is believed to date from the seventh century AD, and may have belonged to Saxon royalty. The treasure includes sword pommel caps and hilt plates, many inlaid with precious stones.
Mr Herbert has so far been publicity shy, and did not respond to the farmer's remarks. But on Thursday he described the discovery as "more fun than winning the lottery".
"Imagine you're at home and somebody keeps putting money through your letterbox, that was what it was like. I was going to bed and in my sleep I was seeing gold items," he said.
A fellow member of Bloxwich Research and Metal Detecting Club, voiced surprise Mr Herbert had made the find.
"If you had told me someone had made such an amazing discovery I would never have thought it was Terry," Colin Pearson,64, was quoted as saying.
"If he turns up for a dig at 12 o'clock he'll normally spend an hour with his metal detector out and the remaining four hours talking," he added.
$1,200 NOW ANTICIPATED THIS YEAR
Gold will hit a new historic high of US$1,200 (Bt40,300) per ounce this year on anticipation of a continuing depreciation in the US dollar, predicts YLG Bullion International CEO Pawan Nawawattanasub.
The new high will possibly be marked by gold subsequently remaining above $1,000 throughout an entire week for the first time this year, she said.
"I admit predicting the gold price is difficult. Trading above the $1,000level could be due mainly to speculaฌtion, because the wholesale price now is only $750 to $850 an ounce. Thus, trading in gold carries a high risk right now. It's inappropriate for longterm investment, and investors should trade daily instead," she said.
YLG Bullion International, Thailand's leading trader of 99.99percent bullion, said 60 per cent of its cusฌtomers now were speculators, up from 40 per cent not very long ago.
The global price moves in a range of $1,000 to $1,030 an ounce, and its next resistance will be $1,080 if the price punches through the $1,030barrier.
However, gold will change to a downward cycle immediately if the price falls below $980 an ounce.
The company late next month will unveil online trading for physical gold, she said.
The system will undergo a trial run, and YLG's existing customers are expected to be the first group to use it.
Online trading is expected to raise the company's number of wholesale clients dramatically over the next three years, from 300 now to 5,000.
The company's wholesale cusฌtomers account for 60 per cent of the total value of imported gold.
Pawan said its YLG Bullion & Futures subsidiary planned to increase its market share in goldfutures trading to 15 per cent by yearend, from 10 per cent now, jumping to 20 per cent next year.
The number of sales agents will increase from 22 to 50 by yearend, and they will be the main driver for the estimated higher market share, said Pawan.
The company will not be affected if the Thailand Futures Exchange decides to reduce the size of goldfutures contracts from 50 baht weight to 10 baht, in order to solicit retail investors.
"We must admit it would be a major move to cut the size of the futures conฌtract to 10 baht weight each. It would make an impact on physicalgold traders, because more retail investors would turn to the papergold market. We've spoken with physicalgold traders in India, and they say about 20 per cent of them shut down each year in the first five years following the inauฌguration of the goldfutures market," she said.
Meanwhile, according to Bloomberg, gold gained in London as the dollar weakened against the euro, increasing the metal's appeal as an alternative investment.
The dollar fell as much as 0.4 per cent against the euro as a report showed German business confidence rose to a 12month high this month. Bullion has climbed 15 per cent so far this year, while the dollar, which on Wednesday slid to its lowest level in a year against the single European curฌrency, has lost 5.4 per cent.
"The dollar and risk sentiment will continue to lead gold in coming sesฌsions," James Moore, an analyst at BullionDesk.com in London, said in a note. Bullion is "well placed to set fresh highs", he said.
Immediate-delivery bullion rose $6.25, or 0.6 per cent, to $1,014.65 an ounce late yesterday morning. December gold futures were 0.2percent higher at $1,016.10 on the New York Mercantile Exchange's Comex Division.
The metal rose to $1,014 an ounce in yesterday morning's "fixing" in London, used by some mining compaฌnies to sell production, from $1,010.25 at Wednesday afternoon's fixing. Spot prices are trading 1.7 below a record $1,032.70 set in March 2008.
The US Federal Reserve yesterday said it would keep interest rates low for an "extended period". It also said it would slow its purchases of mortgage securities, seeking to avoid disrupting the housing market as an economic recovery takes hold.
The new high will possibly be marked by gold subsequently remaining above $1,000 throughout an entire week for the first time this year, she said.
"I admit predicting the gold price is difficult. Trading above the $1,000level could be due mainly to speculaฌtion, because the wholesale price now is only $750 to $850 an ounce. Thus, trading in gold carries a high risk right now. It's inappropriate for longterm investment, and investors should trade daily instead," she said.
YLG Bullion International, Thailand's leading trader of 99.99percent bullion, said 60 per cent of its cusฌtomers now were speculators, up from 40 per cent not very long ago.
The global price moves in a range of $1,000 to $1,030 an ounce, and its next resistance will be $1,080 if the price punches through the $1,030barrier.
However, gold will change to a downward cycle immediately if the price falls below $980 an ounce.
The company late next month will unveil online trading for physical gold, she said.
The system will undergo a trial run, and YLG's existing customers are expected to be the first group to use it.
Online trading is expected to raise the company's number of wholesale clients dramatically over the next three years, from 300 now to 5,000.
The company's wholesale cusฌtomers account for 60 per cent of the total value of imported gold.
Pawan said its YLG Bullion & Futures subsidiary planned to increase its market share in goldfutures trading to 15 per cent by yearend, from 10 per cent now, jumping to 20 per cent next year.
The number of sales agents will increase from 22 to 50 by yearend, and they will be the main driver for the estimated higher market share, said Pawan.
The company will not be affected if the Thailand Futures Exchange decides to reduce the size of goldfutures contracts from 50 baht weight to 10 baht, in order to solicit retail investors.
"We must admit it would be a major move to cut the size of the futures conฌtract to 10 baht weight each. It would make an impact on physicalgold traders, because more retail investors would turn to the papergold market. We've spoken with physicalgold traders in India, and they say about 20 per cent of them shut down each year in the first five years following the inauฌguration of the goldfutures market," she said.
Meanwhile, according to Bloomberg, gold gained in London as the dollar weakened against the euro, increasing the metal's appeal as an alternative investment.
The dollar fell as much as 0.4 per cent against the euro as a report showed German business confidence rose to a 12month high this month. Bullion has climbed 15 per cent so far this year, while the dollar, which on Wednesday slid to its lowest level in a year against the single European curฌrency, has lost 5.4 per cent.
"The dollar and risk sentiment will continue to lead gold in coming sesฌsions," James Moore, an analyst at BullionDesk.com in London, said in a note. Bullion is "well placed to set fresh highs", he said.
Immediate-delivery bullion rose $6.25, or 0.6 per cent, to $1,014.65 an ounce late yesterday morning. December gold futures were 0.2percent higher at $1,016.10 on the New York Mercantile Exchange's Comex Division.
The metal rose to $1,014 an ounce in yesterday morning's "fixing" in London, used by some mining compaฌnies to sell production, from $1,010.25 at Wednesday afternoon's fixing. Spot prices are trading 1.7 below a record $1,032.70 set in March 2008.
The US Federal Reserve yesterday said it would keep interest rates low for an "extended period". It also said it would slow its purchases of mortgage securities, seeking to avoid disrupting the housing market as an economic recovery takes hold.
Thursday, September 24, 2009
Dollar down, gold and oil rise
The dollar weakened for the first time in three days against the euro aon speculation group-of-20 leaders this week will call for gains in other currencies to help reduce global trade imbalances.
Gold rose for the first time in four days in London as a sliding dollar boosted demand for the preciousmetal as an alternative investment.
Crude oil also rose for the first time in four days before a report forecast to show US crude supplies contracting, while a weaker dollar boosted the investment appeal of commodities.
The greenback fell versus 14 of the 16 major currencies after a spokesman for Canadian Prime Minister Stephen Harper said leaders meeting in Pittsburgh on September 24-25 will discuss "a frameworkd for balanced and sustainable growth".
New Zealand's dollar rose toward a six-week high against the yen after a government report showed the current-account deficit shrank to the narrowest in more than four years.
"There's talk that world leaders may seek to address the US imnalances," said Masashi Kurabe, head of currency sales and trading in hong Kong at Bank of Tokyo Mitsubishi UFJ, a unit of Japan's biggest publicly trded bank. "This may lead to weakness in the dollar."
The US currency dropped to $1.4714 per euro as of early afternoon in Tokyo, from $1.4680 on Monday in New York. It declined to 91.75 from 91.93 and weakened to $1.6237 per pound from $1.6217. The yen was little changed at 135.01 versus the euro from 134.96.
New Zealand's dollar strengthened 1.2 per cent to 65.79, after earlier climbing to 65.89, the highest level since August 10. The so-called kiwi rose 1.5 per cent to 71.71 US cents. Australia's dollar advanced 0.7 per cent to 86.93 cents.
The US dollar Index, a six-currency gauge of the currency's strength, slipped as much a s.9 per cent as signs the global economy is recovering spurred investors into buying higheryielding assets.
The measure has dropped 6.3 per cent this yer as gold, trading 1.9 per cent below a record $1,032.70 an ounce set in March 2008, has climbed 15 per cent.
"It's mainly dollar driven" and "in the longer term we still expect more dollafr weakness," said Walter de Wet, a London-based Standard Bank analyst. "When we approached the mid-$990 level, there was some physical buying coming in and providing some support."
COMMODITIES
Immediate-delivery bullion gained $9.80, ir 1 per cent, to $1,013.50 an ounce by mid-morning local time. The commodity on Monday dropped as low as $995.97 an ounce. December gold futures were 1 per cent higher at $1,014.90 an ounce on the New York Mercantile Exchange's Comex division.
US crude oil inventories declined a fourth week,according to analysts surveyed by Bloomberg News before an Energy Department report due today. Official data showed net crude oil imports by China,Asia's largest consumer, rose 18 per cent to 17.92 million tonnes in August, the second highest on record.
Gold rose for the first time in four days in London as a sliding dollar boosted demand for the preciousmetal as an alternative investment.
Crude oil also rose for the first time in four days before a report forecast to show US crude supplies contracting, while a weaker dollar boosted the investment appeal of commodities.
The greenback fell versus 14 of the 16 major currencies after a spokesman for Canadian Prime Minister Stephen Harper said leaders meeting in Pittsburgh on September 24-25 will discuss "a frameworkd for balanced and sustainable growth".
New Zealand's dollar rose toward a six-week high against the yen after a government report showed the current-account deficit shrank to the narrowest in more than four years.
"There's talk that world leaders may seek to address the US imnalances," said Masashi Kurabe, head of currency sales and trading in hong Kong at Bank of Tokyo Mitsubishi UFJ, a unit of Japan's biggest publicly trded bank. "This may lead to weakness in the dollar."
The US currency dropped to $1.4714 per euro as of early afternoon in Tokyo, from $1.4680 on Monday in New York. It declined to 91.75 from 91.93 and weakened to $1.6237 per pound from $1.6217. The yen was little changed at 135.01 versus the euro from 134.96.
New Zealand's dollar strengthened 1.2 per cent to 65.79, after earlier climbing to 65.89, the highest level since August 10. The so-called kiwi rose 1.5 per cent to 71.71 US cents. Australia's dollar advanced 0.7 per cent to 86.93 cents.
The US dollar Index, a six-currency gauge of the currency's strength, slipped as much a s.9 per cent as signs the global economy is recovering spurred investors into buying higheryielding assets.
The measure has dropped 6.3 per cent this yer as gold, trading 1.9 per cent below a record $1,032.70 an ounce set in March 2008, has climbed 15 per cent.
"It's mainly dollar driven" and "in the longer term we still expect more dollafr weakness," said Walter de Wet, a London-based Standard Bank analyst. "When we approached the mid-$990 level, there was some physical buying coming in and providing some support."
COMMODITIES
Immediate-delivery bullion gained $9.80, ir 1 per cent, to $1,013.50 an ounce by mid-morning local time. The commodity on Monday dropped as low as $995.97 an ounce. December gold futures were 1 per cent higher at $1,014.90 an ounce on the New York Mercantile Exchange's Comex division.
US crude oil inventories declined a fourth week,according to analysts surveyed by Bloomberg News before an Energy Department report due today. Official data showed net crude oil imports by China,Asia's largest consumer, rose 18 per cent to 17.92 million tonnes in August, the second highest on record.
Swiss watch exports fall at slower pace
Demand for Swiss watches fell 22% in August, when the pace of decline eased for the second month in a row, but appetite for timepieces remained weak in the key Hong Kong and US markets, the Swiss watch federation said.
The value of sales slipped to 843 million Swiss francs ($814 million) in August,falling below 2006 levels. Swiss watch exports have fallen 26% to 8.1 billion francs so far this year, the industry body said yesterday.
"August, which is traditionally a quieter month for the branch, saw 1.1 million watches exported from Switzerland, i.e. 590,000 less than in August 2008," the Federation of the Swiss Watch Industry said in a statement.
Exports to Hong Kong tumbled 26%,while US demand shrank by 37%. But appetite for watches rose 20% in China,making it the third most important market for Swiss exports in August.
"Swiss watch exports in August continued the trend with just a slight slowdown in the decline. It is in line with expectations. The positive surprises were China, up 20%, and Singapore, up 9.6%," said Vontobel analyst Rene Weber.
"This confirms our case for Swatch Group with highest exposure to Asia ex Japan," he said."We also expect a decline of 20% for September due to a high comparison base, but the fourth quarter of this year should get easier."
The industry, home to Swatch Group,the world's largest watchmaker, and luxury goods group Richemont, is facing its most severe drop in demand in 20 years as consumers spend less on luxury items due to worries about job losses and the shrinking value of their portfolios.
But some watchmakers, such as Swatch Group, have hit a more optimistic tone about the outlook in recent weeks.
Demand for watches costing 200-500 francs at export price remained the most resilient category, contracting 15%, while the fall in exports of watches priced over 500 francs posted a relative improvement on previous months, with their value 23% lower, the federation said.
"For the sixth consecutive month,the lower-priced segments performed better than the overall market," said Citi analyst Thomas Chauvet.
The value of sales slipped to 843 million Swiss francs ($814 million) in August,falling below 2006 levels. Swiss watch exports have fallen 26% to 8.1 billion francs so far this year, the industry body said yesterday.
"August, which is traditionally a quieter month for the branch, saw 1.1 million watches exported from Switzerland, i.e. 590,000 less than in August 2008," the Federation of the Swiss Watch Industry said in a statement.
Exports to Hong Kong tumbled 26%,while US demand shrank by 37%. But appetite for watches rose 20% in China,making it the third most important market for Swiss exports in August.
"Swiss watch exports in August continued the trend with just a slight slowdown in the decline. It is in line with expectations. The positive surprises were China, up 20%, and Singapore, up 9.6%," said Vontobel analyst Rene Weber.
"This confirms our case for Swatch Group with highest exposure to Asia ex Japan," he said."We also expect a decline of 20% for September due to a high comparison base, but the fourth quarter of this year should get easier."
The industry, home to Swatch Group,the world's largest watchmaker, and luxury goods group Richemont, is facing its most severe drop in demand in 20 years as consumers spend less on luxury items due to worries about job losses and the shrinking value of their portfolios.
But some watchmakers, such as Swatch Group, have hit a more optimistic tone about the outlook in recent weeks.
Demand for watches costing 200-500 francs at export price remained the most resilient category, contracting 15%, while the fall in exports of watches priced over 500 francs posted a relative improvement on previous months, with their value 23% lower, the federation said.
"For the sixth consecutive month,the lower-priced segments performed better than the overall market," said Citi analyst Thomas Chauvet.
Tuesday, September 22, 2009
La' Belle maker branches out into Swiss watches
After two decades of distributing La'Belle fashion products, Kaiserin Co is expanding its portfolio to younger consumers by introducing a Swiss watch brand.
The new business opportunity arose purely by chance when Kaiserin marketing director Chaluck Chivakasemsuk was stranded in the United States after the coup on Sept 19, 2006 while on a visit to promote the company's clothes.
"I met one watch distributor there and he introduced me to the Armand Nicolet brand. When I saw the watch, I liked it and finally became the distributor for the brand in Thailand," he said.
Mr Chaluck, 29, says he has loved watches since he was a child."The value of a watch doesn't mean only simple timekeeping but also its craftsmanship and aesthetic appeal. Its value rises every year as well, so I decided to run a watch business," he said.
Currently, Kaiserin sells two imported watch brands - Armand Nicolet, a classic luxury brand, and TechnoMarine, a luxury sports watch aimed at people who like sports and outdoor activities.
He plans to develop the watch business by adding one or two leading brands next year. However, the expansion will go step-by-step.
Armand Nicolet and TechnoMarine watches are currently available at six outlets - Central Chidlom, Lat Phrao,Pin Klao, Chaeng Watthana and Pattaya,and Siam Paragon - and will be sold at Central Bang Na from November.
The watches are also available at the 11th Central International Watch Fair at the Chidlom branch until Sept 27.The company is currently offering a 40-50% discount on Armand Nicolet watches and a free hotel room package for customers spending 90,000 baht on TechnoMarine watches.
Several new imported brands are entering Thailand, said Mr Chaluck."The prices of Swiss watches increase yearon-year when compared with other luxury items," he said.
Apart from watches, the company also plans to invest in developing serviced apartments in Sukhumvit Soi 103. Construction will start by year-end and finish in 2011. The building will have 160 units.
Kaiserin is also conducting a feasibility study to expand into skincare next year with a sun cream called Block 69.
The new business opportunity arose purely by chance when Kaiserin marketing director Chaluck Chivakasemsuk was stranded in the United States after the coup on Sept 19, 2006 while on a visit to promote the company's clothes.
"I met one watch distributor there and he introduced me to the Armand Nicolet brand. When I saw the watch, I liked it and finally became the distributor for the brand in Thailand," he said.
Mr Chaluck, 29, says he has loved watches since he was a child."The value of a watch doesn't mean only simple timekeeping but also its craftsmanship and aesthetic appeal. Its value rises every year as well, so I decided to run a watch business," he said.
Currently, Kaiserin sells two imported watch brands - Armand Nicolet, a classic luxury brand, and TechnoMarine, a luxury sports watch aimed at people who like sports and outdoor activities.
He plans to develop the watch business by adding one or two leading brands next year. However, the expansion will go step-by-step.
Armand Nicolet and TechnoMarine watches are currently available at six outlets - Central Chidlom, Lat Phrao,Pin Klao, Chaeng Watthana and Pattaya,and Siam Paragon - and will be sold at Central Bang Na from November.
The watches are also available at the 11th Central International Watch Fair at the Chidlom branch until Sept 27.The company is currently offering a 40-50% discount on Armand Nicolet watches and a free hotel room package for customers spending 90,000 baht on TechnoMarine watches.
Several new imported brands are entering Thailand, said Mr Chaluck."The prices of Swiss watches increase yearon-year when compared with other luxury items," he said.
Apart from watches, the company also plans to invest in developing serviced apartments in Sukhumvit Soi 103. Construction will start by year-end and finish in 2011. The building will have 160 units.
Kaiserin is also conducting a feasibility study to expand into skincare next year with a sun cream called Block 69.
Saturday, September 19, 2009
THE LAST OF THE EASTERN PLAYBOYS
We were in quite a rush to make the appointment for a photo shoot of Thanop Eiamamornpan - more commonly known as Mark. He was wearing a magnificent timepiece that had to be flown back to Singapore urgently.
After the photo shoot the timepiece came right off his wrist and was placed inside a security case and put on a plane.
In between shots, the former man-about-town talked amiably about his new image.
The 34-year-old is less of a party animal these days. He is happily married to Navipa, 29, and has a 20-month-old daughter, Namon. She will soon have a younger sibling as Navida is four months pregnant.
Many people know Mark as the heir to the family-owned Frank's Jewelry, an upscale watch boutique which bears the name of his father.
"Now I help overlook the family business by giving advice. I help with the business plan for new brands and products. For instance, today before we did the photo shoot, I was helping to negotiate a product to market in the future."
The watch that Mark wore for the photo shoot was a famous upmarket Swiss brand he is negotiating to bring to Thailand.
Mark's transition into the family business wasn't all plain sailing. His father was forced to fire him when he returned from studying abroad. "I was too aggressive and my dad couldn't handle me," Mark explained.
His father gave him a dose of reality by finding him a blue-collar job, which he worked at for six months.
"My father sent me to be a trainee at ThaiNamthip Limited, where I delivered cases of Coca-Cola, because he wanted me to learn that in life nothing comes easy."
Mark says he learned the intended lesson - that he was indeed born fortunate and daily survival is a struggle for people in Thailand surviving on the minimum wage.
"This makes me want to live a better life. Imagine eating boat noodles at the Peninsula Plaza. It costs 250 baht per bowl, which is equal to the daily wages of many people."
After the delivery job, Mark landed a job at AJF Asset Management, a joint venture between the Bank of Ayudhya and JP Morgan, where he was involved in private and investment banking. He was a star performer and developed his own method to deal with clients.
"Within a year I pulled in about 2.5 billion baht and I was only 24 years old," said Mark.
Mark cemented his name in the financial field and the Stock Exchange of Thailand asked him to host a television programme called SET in the City, offering consumer-friendly advice on investment. He hosted the show, which has been on the air almost a decade, for four years.
Since then, he has been a TV spokesperson and a guest lecturer at schools, universities and financial institutions.
But his life may have turned out differently if not for the intervention of his father at a formative age. As a 12-year-old he was in trouble at Eagle Brooks, a junior high school in Massachusetts in the United States. "I was punching the teachers," Mark confessed.
His father sent him to the Institute Le Rosey in Switzerland, where he was mentored by a family friend and member of the famed Piaget family which makes the prestigious watch brand of the same name.
Mark next went to Florida to obtain his bachelor's degree at Lynn University with a major in marketing.
"My father wanted me to have exposure to different countries. In Florida, I got an 'A' in beach volleyball. I took a class in advanced golfing and did very well. Other than that, I rarely went to class.
"Once I took my economics professor out for lunch. My friends and I were 18, and the professor was in his 40s. We had some vodka shots. My friends and I came back to the exam room and waited, ready to take the exam. The professor couldn't come back to give the exam because he was too drunk."
Now Mark is in the process of writing his second book, after a successful first effort - Hai Ngern Tum Ngarn (Let Your Money Work for You). It's been on the bestseller list for a long time, with more than 170,000 copies printed. "The book is about asset allocation, basically about how to make your money work for you in different ways."
His second book, which doesn't have a title yet, will also be about financial advice. "It will be about the global economy and the meltdown, what caused it, the effect it has, how it affects you individually and new ways of doing businesses. It's going to be similar to the first one, and it's certainly going to be easy to understand."
Anyone who knows Mark knows his passion has always been motorcycles.
"I enjoy speed machines or anything that can go fast without supplying my own power or energy. Perhaps you can call me lazy. When I was young, I used to collect the allowance that my parents gave me, and when they were gone for one week to Singapore, I secretly bought my very first motorcycle, a Honda CBR 400."
On the first day he owned the motorcycle he took a nasty fall, but still managed to keep a hot date, albeit covered in blood.
"My date ended up cleaning the blood for me and we are best friends up to this day. After we ate she took me to the hospital. Well, the lady came first."
His favourite bike today is a 1963 BMW R27, and he's also very fond of his limited edition Ducati 996 SPS.
"It's a real racing bike that you only need to add a few things to make it street legal," said Mark.
His third bike is a gift from his wife, a Sachs 150CC, which he has modified with a nitrous oxide booster. "This bike is for city use," said Mark.
He acknowledged that married life has been very good for him. "I still party, but now that we've got a kid, I have to party with more responsibility. I go home no later than midnight. I also drive my family back home from their grandmother's house every evening after I finish work so that we all can go home together."
Instead of going out, most nights Mark watches movies with his wife. He calls it "their time" - every evening after his daughter goes to sleep.
"We watch movies together until we both fall asleep," said Mark, who added that he fell in love with Navipa at first sight, but she never gave him the time of day because of his playboy reputation. But later she saw how well he treated her and decided to give him a chance.
"After a few months, I asked her to marry me because I was ready to settle down.
"Whereas before I used to get drunk every night, now I hit the gym every day at the Polo Club," he said.
Relate Search: Thanop Eiamamornpan, Frank Jewelry, ThaiNamthip Limited, Peninsula Plaza, Institute Le Rosey, Ngern Tum Ngarn
After the photo shoot the timepiece came right off his wrist and was placed inside a security case and put on a plane.
In between shots, the former man-about-town talked amiably about his new image.
The 34-year-old is less of a party animal these days. He is happily married to Navipa, 29, and has a 20-month-old daughter, Namon. She will soon have a younger sibling as Navida is four months pregnant.
Many people know Mark as the heir to the family-owned Frank's Jewelry, an upscale watch boutique which bears the name of his father.
"Now I help overlook the family business by giving advice. I help with the business plan for new brands and products. For instance, today before we did the photo shoot, I was helping to negotiate a product to market in the future."
The watch that Mark wore for the photo shoot was a famous upmarket Swiss brand he is negotiating to bring to Thailand.
Mark's transition into the family business wasn't all plain sailing. His father was forced to fire him when he returned from studying abroad. "I was too aggressive and my dad couldn't handle me," Mark explained.
His father gave him a dose of reality by finding him a blue-collar job, which he worked at for six months.
"My father sent me to be a trainee at ThaiNamthip Limited, where I delivered cases of Coca-Cola, because he wanted me to learn that in life nothing comes easy."
Mark says he learned the intended lesson - that he was indeed born fortunate and daily survival is a struggle for people in Thailand surviving on the minimum wage.
"This makes me want to live a better life. Imagine eating boat noodles at the Peninsula Plaza. It costs 250 baht per bowl, which is equal to the daily wages of many people."
After the delivery job, Mark landed a job at AJF Asset Management, a joint venture between the Bank of Ayudhya and JP Morgan, where he was involved in private and investment banking. He was a star performer and developed his own method to deal with clients.
"Within a year I pulled in about 2.5 billion baht and I was only 24 years old," said Mark.
Mark cemented his name in the financial field and the Stock Exchange of Thailand asked him to host a television programme called SET in the City, offering consumer-friendly advice on investment. He hosted the show, which has been on the air almost a decade, for four years.
Since then, he has been a TV spokesperson and a guest lecturer at schools, universities and financial institutions.
But his life may have turned out differently if not for the intervention of his father at a formative age. As a 12-year-old he was in trouble at Eagle Brooks, a junior high school in Massachusetts in the United States. "I was punching the teachers," Mark confessed.
His father sent him to the Institute Le Rosey in Switzerland, where he was mentored by a family friend and member of the famed Piaget family which makes the prestigious watch brand of the same name.
Mark next went to Florida to obtain his bachelor's degree at Lynn University with a major in marketing.
"My father wanted me to have exposure to different countries. In Florida, I got an 'A' in beach volleyball. I took a class in advanced golfing and did very well. Other than that, I rarely went to class.
"Once I took my economics professor out for lunch. My friends and I were 18, and the professor was in his 40s. We had some vodka shots. My friends and I came back to the exam room and waited, ready to take the exam. The professor couldn't come back to give the exam because he was too drunk."
Now Mark is in the process of writing his second book, after a successful first effort - Hai Ngern Tum Ngarn (Let Your Money Work for You). It's been on the bestseller list for a long time, with more than 170,000 copies printed. "The book is about asset allocation, basically about how to make your money work for you in different ways."
His second book, which doesn't have a title yet, will also be about financial advice. "It will be about the global economy and the meltdown, what caused it, the effect it has, how it affects you individually and new ways of doing businesses. It's going to be similar to the first one, and it's certainly going to be easy to understand."
Anyone who knows Mark knows his passion has always been motorcycles.
"I enjoy speed machines or anything that can go fast without supplying my own power or energy. Perhaps you can call me lazy. When I was young, I used to collect the allowance that my parents gave me, and when they were gone for one week to Singapore, I secretly bought my very first motorcycle, a Honda CBR 400."
On the first day he owned the motorcycle he took a nasty fall, but still managed to keep a hot date, albeit covered in blood.
"My date ended up cleaning the blood for me and we are best friends up to this day. After we ate she took me to the hospital. Well, the lady came first."
His favourite bike today is a 1963 BMW R27, and he's also very fond of his limited edition Ducati 996 SPS.
"It's a real racing bike that you only need to add a few things to make it street legal," said Mark.
His third bike is a gift from his wife, a Sachs 150CC, which he has modified with a nitrous oxide booster. "This bike is for city use," said Mark.
He acknowledged that married life has been very good for him. "I still party, but now that we've got a kid, I have to party with more responsibility. I go home no later than midnight. I also drive my family back home from their grandmother's house every evening after I finish work so that we all can go home together."
Instead of going out, most nights Mark watches movies with his wife. He calls it "their time" - every evening after his daughter goes to sleep.
"We watch movies together until we both fall asleep," said Mark, who added that he fell in love with Navipa at first sight, but she never gave him the time of day because of his playboy reputation. But later she saw how well he treated her and decided to give him a chance.
"After a few months, I asked her to marry me because I was ready to settle down.
"Whereas before I used to get drunk every night, now I hit the gym every day at the Polo Club," he said.
Relate Search: Thanop Eiamamornpan, Frank Jewelry, ThaiNamthip Limited, Peninsula Plaza, Institute Le Rosey, Ngern Tum Ngarn
AUSTRALIAN ARRESTED OVER GOLD SCAM
A 64-year-old Australian accused of swindling investors in Pattaya out of millions of baht was arrested last week at Suvarnabhumi Airport by immigration officials while trying to re-enter the country.
A warrant for the arrest of Lance Frederick Shaw was issued by Pattaya police in July last year for his alleged involvement in a Ponzi investment scheme, which fraudulently promises to pay returns to separate investors from their own money or money paid by subsequent investors, rather than from any actual profit earned.
Mr Shaw is being held at Nong Palai prison on fraud charges and will not be granted bail due to the seriousness and number of charges, Pattaya police said. A police official estimated Mr Shaw allegedly defrauded investors of 10 million baht.
Six cases have been filed against the Australian, though the number has continued to increase since his arrest. The Bangkok Post's Spectrum magazine reported on the allegations against Mr Shaw in an Aug 16 article "Gold fever sinks a posse of investors".
The investors, mostly from the UK and Australia, alleged they lost amounts between US$10,000 (341,000 baht) and $250,000 each investing in an online gold investment vehicle known as Hiperfinance.com which advertised monthly profits of 10-20%.
Mr Shaw denied any wrongdoing, saying he was was merely an investor who lost $20 million himself.
He said that while he promoted the scheme to others, he was not behind the operation. Allegations against Mr Shaw will feature in an upcoming episode of Big Trouble In Tourist Thailand, a television series airing on the UK's Bravo Channel.
A warrant for the arrest of Lance Frederick Shaw was issued by Pattaya police in July last year for his alleged involvement in a Ponzi investment scheme, which fraudulently promises to pay returns to separate investors from their own money or money paid by subsequent investors, rather than from any actual profit earned.
Mr Shaw is being held at Nong Palai prison on fraud charges and will not be granted bail due to the seriousness and number of charges, Pattaya police said. A police official estimated Mr Shaw allegedly defrauded investors of 10 million baht.
Six cases have been filed against the Australian, though the number has continued to increase since his arrest. The Bangkok Post's Spectrum magazine reported on the allegations against Mr Shaw in an Aug 16 article "Gold fever sinks a posse of investors".
The investors, mostly from the UK and Australia, alleged they lost amounts between US$10,000 (341,000 baht) and $250,000 each investing in an online gold investment vehicle known as Hiperfinance.com which advertised monthly profits of 10-20%.
Mr Shaw denied any wrongdoing, saying he was was merely an investor who lost $20 million himself.
He said that while he promoted the scheme to others, he was not behind the operation. Allegations against Mr Shaw will feature in an upcoming episode of Big Trouble In Tourist Thailand, a television series airing on the UK's Bravo Channel.
When nature calls!
A meeting at any given fashion magazine to decide upon the trendiest must-haves of the moment.]Editor:Alright writers, in June we had 10 Best Hairstyles to Suit Your Face .In July it was Nine Hairstyles to Flatter Your Visage... Plus One More . And of course, we saved the best until August with You Don't Have to Hate Your Face With These 10 Hairstyles .Minion:We're still so creative after all these years!The Only Sane Person in the Room:Aren't those the same stories? I feel like I'm taking yaa that makes me baa !Minion:Gawwwd , you don't appreciate fashion. So we're going to knock the split ends off our readers with hairstyles for September?Editor:Well, that's what they would expect [evil smirk]. But let's give the fashion industry a trend they've never seen before! It's so maniacal, I'm scared to even say it! I'll give you a clue - animal print!The Only Sane Person in the Room:It's not a clue if you just told us what it is. And animal print has been in style since the 1980s.Editor:Like anybody remembers what happened in the 80s! Animal print is the trend of the moment, and you will write about it. Or I'll get a top-notch designer to carefully duplicate your skin's silky smooth texture and use that print on clothes and accessories.The Only Sane Person in the Room:Err, that actually sounds more like a compliment than a threat.Minion:Ooh, I can't wait to start writing this piece! It'll be so fun! I already have the opening sentence -"Animal print fashion is so in style right now."[End of meeting.]
Animal print fashion is so in style right now. Blasted #@!!!$%!!. The tyrannical trend totalitarian trumps again. But there's no one we can blame for the longevity of animal print in the fashion world but ourselves.Unless someone can prove that leopards, cheetahs and zebras secretly control every move made by designers and consumers (note to self: create Wikipedia page dedicated to this blatant fallacy).
While Sheikh Hot Kotture is actually a fan of animal print for both daring women and flamboyant daring men, it doesn't excuse the fact that no other pattern has enjoyed as much time in the fashion limelight.Perhaps we should blame the media? Oh, right,we are the media , I forgot!In that case, treat your other printed items like an unwanted child.Devote your love to animal patterns this season. The unanimous favourite,leopard print, is still alive and strong, but don't dismiss the funkiness of tiger, zebra, crocodile, snakeskin, and even cow designs - in the faux variety of course.
It's easier to speculate whether there will be a coup when our beloved PM goes to New York from September 21-27 (stay tuned!), than it is to conjecture why in the world so many people can still get animal print wrong, since it's been in fashion forever.
But maybe animal print keeps coming back to give people another chance to learn how to wear it correctly if they didn't get it right the first time. The most important thing isn't to transform your entire wardrobe into a melange of the African savannah, but to infuse animal prints based on your current style.
If you're a conservative dresser, wear animal print accessories such as headbands, shoes, and purses. If you're a bit wilder, you can get away with an entire animal print shirt, blazer, dress or skirt. But one at a time, please. Sticking to traditional colours such as brown,black and white is the safest choice, while animal prints paired with neon hues will immediately take you from classy to trashy.
Sheikh Hot Kotture would also advise women to avoid wearing animal printed corsets, mini dresses, or any clothing that could be deemed "too sexy". Animal print is already sexy in itself, and if you're wearing a tight, cleavage-baring dress with a high split up the side,other women might mistake you for being an insecure, attentionseeking coquette.
It is true that animal print will make you stand out, and if you exercise caution you will definitely draw attention in a good way and look way hotter than your friends. And now it's easier than ever to do that because when something comes back "in fashion" you can get it cheap.
Although animal print has been around for ages, you'll still be able to find traditional colour schemes, accessories with wild styles, and the occasional print that utilises shades not found in nature.
So no more ravaging high-end stores paying ridiculous sums for a pattern that designers didn't even come up with themselves.However, props to the person who initially sat down with a leopard and traced his spots. Your bravery has ensured that the fashion industry will always have "animal print" as a fallback when they draw a piece of paper out of a hat to decide upon the next "trend".
Animal print fashion is so in style right now. Blasted #@!!!$%!!. The tyrannical trend totalitarian trumps again. But there's no one we can blame for the longevity of animal print in the fashion world but ourselves.Unless someone can prove that leopards, cheetahs and zebras secretly control every move made by designers and consumers (note to self: create Wikipedia page dedicated to this blatant fallacy).
While Sheikh Hot Kotture is actually a fan of animal print for both daring women and flamboyant daring men, it doesn't excuse the fact that no other pattern has enjoyed as much time in the fashion limelight.Perhaps we should blame the media? Oh, right,we are the media , I forgot!In that case, treat your other printed items like an unwanted child.Devote your love to animal patterns this season. The unanimous favourite,leopard print, is still alive and strong, but don't dismiss the funkiness of tiger, zebra, crocodile, snakeskin, and even cow designs - in the faux variety of course.
It's easier to speculate whether there will be a coup when our beloved PM goes to New York from September 21-27 (stay tuned!), than it is to conjecture why in the world so many people can still get animal print wrong, since it's been in fashion forever.
But maybe animal print keeps coming back to give people another chance to learn how to wear it correctly if they didn't get it right the first time. The most important thing isn't to transform your entire wardrobe into a melange of the African savannah, but to infuse animal prints based on your current style.
If you're a conservative dresser, wear animal print accessories such as headbands, shoes, and purses. If you're a bit wilder, you can get away with an entire animal print shirt, blazer, dress or skirt. But one at a time, please. Sticking to traditional colours such as brown,black and white is the safest choice, while animal prints paired with neon hues will immediately take you from classy to trashy.
Sheikh Hot Kotture would also advise women to avoid wearing animal printed corsets, mini dresses, or any clothing that could be deemed "too sexy". Animal print is already sexy in itself, and if you're wearing a tight, cleavage-baring dress with a high split up the side,other women might mistake you for being an insecure, attentionseeking coquette.
It is true that animal print will make you stand out, and if you exercise caution you will definitely draw attention in a good way and look way hotter than your friends. And now it's easier than ever to do that because when something comes back "in fashion" you can get it cheap.
Although animal print has been around for ages, you'll still be able to find traditional colour schemes, accessories with wild styles, and the occasional print that utilises shades not found in nature.
So no more ravaging high-end stores paying ridiculous sums for a pattern that designers didn't even come up with themselves.However, props to the person who initially sat down with a leopard and traced his spots. Your bravery has ensured that the fashion industry will always have "animal print" as a fallback when they draw a piece of paper out of a hat to decide upon the next "trend".
Wednesday, September 16, 2009
Globlex continues gold expansion
Globlex Holding Management Plc (GBX)will continue to expand its presence in the gold market to help diversify its revenues ahead of plans to list its securities arm on the Stock Exchange of Thailand.
GBX is the parent holding company of Globlex Securities.
The brokerage currently contributes around 40% to 50% of revenues for the parent, with gold trading accounting for the rest.
Securities regulators have raised concerns about the listing plans for Globlex Securities and the impact it might have on GBX.
GBX reported first-half net profits of 13.5 million baht, up 86.1% from the same period last year. Second-quarter profits rose 367.2% year-on-year to 41.8 million baht. Gains were attributed to an 12.8% year-on-year increase in brokerage income for the second quarter, trading gains in gold futures contracts and higher gains on securities trading.
Parkpoon Pakvisal, the GBX managing director, said Globlex Securities began posting a profit in the first quarter, with gains extended in the second by the overall recovery in the equities market.
Gold trading, meanwhile, generated revenues of some some billion baht for the company in the first half. Globlex expects gold trading to generate revenues of 2.3 billion baht and profits of at least 10 million for the group for the full year.
"We expect to see very clear growth in gold trading in the fourth quarter. We will continue to develop our products and sales campaigns to support growth,"said Mr Parkpoon.
He said the company also saw growth prospects for its 18% shareholding in the software developer Cyber Planet.The games developer plans to list on the Market for Alternative investment within the next one to two months.
Shares of Globlex Holding closed yesterday on the Stock Exchange of Thailand at 0.92 baht, up two satang, in trade worth 4.38 million baht.
GBX is the parent holding company of Globlex Securities.
The brokerage currently contributes around 40% to 50% of revenues for the parent, with gold trading accounting for the rest.
Securities regulators have raised concerns about the listing plans for Globlex Securities and the impact it might have on GBX.
GBX reported first-half net profits of 13.5 million baht, up 86.1% from the same period last year. Second-quarter profits rose 367.2% year-on-year to 41.8 million baht. Gains were attributed to an 12.8% year-on-year increase in brokerage income for the second quarter, trading gains in gold futures contracts and higher gains on securities trading.
Parkpoon Pakvisal, the GBX managing director, said Globlex Securities began posting a profit in the first quarter, with gains extended in the second by the overall recovery in the equities market.
Gold trading, meanwhile, generated revenues of some some billion baht for the company in the first half. Globlex expects gold trading to generate revenues of 2.3 billion baht and profits of at least 10 million for the group for the full year.
"We expect to see very clear growth in gold trading in the fourth quarter. We will continue to develop our products and sales campaigns to support growth,"said Mr Parkpoon.
He said the company also saw growth prospects for its 18% shareholding in the software developer Cyber Planet.The games developer plans to list on the Market for Alternative investment within the next one to two months.
Shares of Globlex Holding closed yesterday on the Stock Exchange of Thailand at 0.92 baht, up two satang, in trade worth 4.38 million baht.
Sunday, September 13, 2009
Faberge is back after 90 years
Faberge', the jeweller to the last Russian czar and creator of the legendary Imperial Easter eggs, made a comeback of sorts on Wednesday when it presented its first jewellery collection in more than 90 years.
The collection is the result of a twoyear effort by Faberge"s owners, a group of investors led by the British private equity firm Pallinghurst Resources, to revive the brand by reuniting it with two heirs of the Faberge' family.
The firm also assembled a management and design team that includes Mark Dunhill, former president of Alfred Dunhill, a leather and accessories maker owned by the Swiss luxury goods company Richemont.
Faberge' said it would not sell the colourful gemstone earrings, rings and brooches through retail outlets, but through its website and 15 sales representatives.
"Rather than replicating inventory and investing capital in bricks and mortar,we can invest in making unique jewellery," Dunhill said.
The retail strategy is likely to be watched closely by competitors like Cartier and Chaumet, who are vying for the same wealthy customers.
The economic downturn did not spare luxury goods, and many high-end jewellers have reported a decline in sales. But a recent increase in the price of oil has given rise to some optimism that customers from resource-rich places like Russia and the Middle East would return.
John Guy, an analyst at MF Global in London, said Faberge' had the advantage of being a well-known name, especially in Russia."The Faberge' brand is still highly desirable," he said.
In an effort to enhance the shopping experience online, Faberge' hired IBM to create a technology that would allow customers to enlarge the image of the product on the screen, look at it from different angles and contact the sales team, which speaks 12 languages, at any time.
Potential customers could then either visit Faberge"s flagship store in Geneva to buy the jewels or get a representative to meet them.
Created in St Petersburg in 1842,Faberge' grew to become one of Russia's largest and most successful producers of jewellery and artworks. When Czar Alexander III commissioned Peter Carl Faberge' to make an Easter present for his wife, he created the first Faberge'egg;49 more followed.
The company was nationalised during the Russian Revolution and the founding family fled, scattering to France, Germany and Switzerland. The family sold the brand name in 1951 in a legal settlement with an American perfume retailer, Sam Rubin, who had used the name for a decade without the family's consent.His Faberge' perfume, toiletries and shampoo business was bought by Unilever.
In 2007, Pallinghurst joined with the South African financial services firm Investec and other investors to buy the name with a plan to revive its Russian heritage. They invited Tatiana and Sarah Faberge', Peter Carl Faberge"s two surviving great-granddaughters, to form a Faberge' heritage council to advise the management on preserving the family's legacy.
The new collection does not include any eggs, but it is strikingly colourful and based on motifs, like flowers and animals, from collections created a century ago. Prices range from $40,000 for a ring to $7 million for a bracelet inspired by Monet's "Water Lilies."
The company said it expected to turn a profit within five years.
Dunhill said there were no immediate plans to start producing Faberge' eggs again, but he did not rule it out."Eggs remain the most potent symbol of the house of Faberge'," he said."Sooner or later, we'll embrace that opportunity."
The collection is the result of a twoyear effort by Faberge"s owners, a group of investors led by the British private equity firm Pallinghurst Resources, to revive the brand by reuniting it with two heirs of the Faberge' family.
The firm also assembled a management and design team that includes Mark Dunhill, former president of Alfred Dunhill, a leather and accessories maker owned by the Swiss luxury goods company Richemont.
Faberge' said it would not sell the colourful gemstone earrings, rings and brooches through retail outlets, but through its website and 15 sales representatives.
"Rather than replicating inventory and investing capital in bricks and mortar,we can invest in making unique jewellery," Dunhill said.
The retail strategy is likely to be watched closely by competitors like Cartier and Chaumet, who are vying for the same wealthy customers.
The economic downturn did not spare luxury goods, and many high-end jewellers have reported a decline in sales. But a recent increase in the price of oil has given rise to some optimism that customers from resource-rich places like Russia and the Middle East would return.
John Guy, an analyst at MF Global in London, said Faberge' had the advantage of being a well-known name, especially in Russia."The Faberge' brand is still highly desirable," he said.
In an effort to enhance the shopping experience online, Faberge' hired IBM to create a technology that would allow customers to enlarge the image of the product on the screen, look at it from different angles and contact the sales team, which speaks 12 languages, at any time.
Potential customers could then either visit Faberge"s flagship store in Geneva to buy the jewels or get a representative to meet them.
Created in St Petersburg in 1842,Faberge' grew to become one of Russia's largest and most successful producers of jewellery and artworks. When Czar Alexander III commissioned Peter Carl Faberge' to make an Easter present for his wife, he created the first Faberge'egg;49 more followed.
The company was nationalised during the Russian Revolution and the founding family fled, scattering to France, Germany and Switzerland. The family sold the brand name in 1951 in a legal settlement with an American perfume retailer, Sam Rubin, who had used the name for a decade without the family's consent.His Faberge' perfume, toiletries and shampoo business was bought by Unilever.
In 2007, Pallinghurst joined with the South African financial services firm Investec and other investors to buy the name with a plan to revive its Russian heritage. They invited Tatiana and Sarah Faberge', Peter Carl Faberge"s two surviving great-granddaughters, to form a Faberge' heritage council to advise the management on preserving the family's legacy.
The new collection does not include any eggs, but it is strikingly colourful and based on motifs, like flowers and animals, from collections created a century ago. Prices range from $40,000 for a ring to $7 million for a bracelet inspired by Monet's "Water Lilies."
The company said it expected to turn a profit within five years.
Dunhill said there were no immediate plans to start producing Faberge' eggs again, but he did not rule it out."Eggs remain the most potent symbol of the house of Faberge'," he said."Sooner or later, we'll embrace that opportunity."
Saturday, September 12, 2009
CUTTING-EDGE MASTERPIECE
Seiko Watch Corporation, the world's leading watch manufacturer, introduced its exclusive collection of luxury timepieces, Ananta, for the first time in Asia at The Campus, Grand Hyatt Erawan Bangkok, last week.
Leading the team to introduce Ananta in Bangkok was Hirohiko Umemoto, director of Seiko Watch Corporation, Japan, with Dara-ratana Mahadumrongkul, president and CEO of Trocadero Group, the exclusive distributor of Seiko elite collections. The event was also graced by HE Kyoji Komachi,the Japanese ambassador to Thailand, and many distinguished guests, celebrities and watch enthusiasts.
Inspired by the ancient art of the Japanese katana swordmaking, Seiko Ananta is a cutting-edge timepiece designed for those who truly appreciate the art of fine watchmaking, and crafted with the Spring Drive and high-grade mechanical movement.
Katana is the Japanese ancient art of swordmaking that has developed over 800 years. A katana sword has a single-sided,curved blade designed to be drawn from its scabbard and used in a single motion. Its legendary sharpness comes from a unique type of steel and a distinctive forging process,combined with superb craftsmanship.
Katana swords are still made today, and prized by their owners for their beauty and precision.
"Precision, artistry, parabolic curves and sharpness are the themes that find expression in the new Ananta collection," said Mr Umemoto."The side of the case has the distinctive katana curve and a three-stage 'blade' polishing process gives the case its remarkable mirror finish, as smooth and flat as a katana sword."
The long, graceful curve of the case is made possible by a unique construction in which the back and lugs are crafted from a single piece of steel. The collection includes three mechanical calibres, two of which are new and all of which deliver superlative levels of precision, long-term reliability and power reserve.
"Ananta is a Sanskrit word meaning 'infinite'," said Mr Umemoto."When the Seiko product development team embarked on this project, they were given infinite scope to build a watch that embodied the Seiko vision of the most technologically advanced craftsmanship in the world. The result is Ananta - a collection that expresses Seiko's dedication to infinite perfection."
Leading the Ananta collection is the Spring Drive Chronograph equipped with its 5R6 caliber,416 components and 50 jewels, the only luxury chronograph to measure elapsing time precisely, and not to the nearest tick.Alongside the chronograph is a Spring Drive GMT in which the extended power reserve of 72 hours is expressed in a katana bladeshaped sub-dial (priced at 223,850 baht).
The Ananta Automatic Chronograph is equipped with the technological movement 8R28, defined as "the most accurate alarm system" with a frequency of 28,800 rounds/hour. Coated in black stainless steel, the sleek case has a classic, luxurious appearance.The semi-skeleton, sapphire back case reveals the high-grade mechanical movement. Straps are available in a selection of black genuine leather or stainless steel with water resistance to a depth of 100 metres (priced at 112,000 baht).
Ms Chitose Masuda, the "god-hand" lady watchmaker who won first prize in Japan's National Skill Competition in 1999, flew in for the event to demonstrate the quality of Seiko hand-assembling. Each Ananta timepiece has more than 400 movements which may only be assembled by hand.
"Not everyone can assemble this complicated timepiece," said Ms Masuda."Only skilled watchmakers with lots of experience and understanding of the function of each part can do this job."
At the launch event, Ms Masuda demonstrated the delicate complexity of assembling the Ananta Spring Drive Chronograph. It needs concentration, precision and skill of a high order to adjust each individual part and movement to achieve the high standard demanded by Seiko, and the demonstration impressed everyone present.
For more information about the new Ananta collection, visit Seiko Boutique on the 1st floor of The Emporium shopping complex, tel 02-677-4500.
Leading the team to introduce Ananta in Bangkok was Hirohiko Umemoto, director of Seiko Watch Corporation, Japan, with Dara-ratana Mahadumrongkul, president and CEO of Trocadero Group, the exclusive distributor of Seiko elite collections. The event was also graced by HE Kyoji Komachi,the Japanese ambassador to Thailand, and many distinguished guests, celebrities and watch enthusiasts.
Inspired by the ancient art of the Japanese katana swordmaking, Seiko Ananta is a cutting-edge timepiece designed for those who truly appreciate the art of fine watchmaking, and crafted with the Spring Drive and high-grade mechanical movement.
Katana is the Japanese ancient art of swordmaking that has developed over 800 years. A katana sword has a single-sided,curved blade designed to be drawn from its scabbard and used in a single motion. Its legendary sharpness comes from a unique type of steel and a distinctive forging process,combined with superb craftsmanship.
Katana swords are still made today, and prized by their owners for their beauty and precision.
"Precision, artistry, parabolic curves and sharpness are the themes that find expression in the new Ananta collection," said Mr Umemoto."The side of the case has the distinctive katana curve and a three-stage 'blade' polishing process gives the case its remarkable mirror finish, as smooth and flat as a katana sword."
The long, graceful curve of the case is made possible by a unique construction in which the back and lugs are crafted from a single piece of steel. The collection includes three mechanical calibres, two of which are new and all of which deliver superlative levels of precision, long-term reliability and power reserve.
"Ananta is a Sanskrit word meaning 'infinite'," said Mr Umemoto."When the Seiko product development team embarked on this project, they were given infinite scope to build a watch that embodied the Seiko vision of the most technologically advanced craftsmanship in the world. The result is Ananta - a collection that expresses Seiko's dedication to infinite perfection."
Leading the Ananta collection is the Spring Drive Chronograph equipped with its 5R6 caliber,416 components and 50 jewels, the only luxury chronograph to measure elapsing time precisely, and not to the nearest tick.Alongside the chronograph is a Spring Drive GMT in which the extended power reserve of 72 hours is expressed in a katana bladeshaped sub-dial (priced at 223,850 baht).
The Ananta Automatic Chronograph is equipped with the technological movement 8R28, defined as "the most accurate alarm system" with a frequency of 28,800 rounds/hour. Coated in black stainless steel, the sleek case has a classic, luxurious appearance.The semi-skeleton, sapphire back case reveals the high-grade mechanical movement. Straps are available in a selection of black genuine leather or stainless steel with water resistance to a depth of 100 metres (priced at 112,000 baht).
Ms Chitose Masuda, the "god-hand" lady watchmaker who won first prize in Japan's National Skill Competition in 1999, flew in for the event to demonstrate the quality of Seiko hand-assembling. Each Ananta timepiece has more than 400 movements which may only be assembled by hand.
"Not everyone can assemble this complicated timepiece," said Ms Masuda."Only skilled watchmakers with lots of experience and understanding of the function of each part can do this job."
At the launch event, Ms Masuda demonstrated the delicate complexity of assembling the Ananta Spring Drive Chronograph. It needs concentration, precision and skill of a high order to adjust each individual part and movement to achieve the high standard demanded by Seiko, and the demonstration impressed everyone present.
For more information about the new Ananta collection, visit Seiko Boutique on the 1st floor of The Emporium shopping complex, tel 02-677-4500.
Thursday, September 10, 2009
SME BANK HELPS GEM TRADERS STAY AFLOAT
Several gem and jewellery traders have been saved from grinding to a halt by an infusion of liquidity from the Small and Medium Enterprises Development Bank.
"Gems and jewellery are the hardest hit by the export downturn, as they are considered as luxury goods. Enterprises have faced a liquidity crunch.
"The government will continue to promote the industry's growth as it supports more than 2 million workers," Deputy Commerce Minister Alongkorn Ponlaboot said yesterday.
The Commerce Ministry cooperated with the Finance Ministry yesterday to kick off the Gems Bank project with the objective of extending Bt3 billion-Bt5 billion in working capital loans to the industry.
Gem and jewellery traders have depleted their cash resources after running into business difficulties when exports and domestic sales plunged amid the economic downturn.
Loans provided by the SME Bank would underpin the industry's growth after it shrunk dramatically during the global downturn, Alongkorn said.
According to the Export Promotion Department, exports of gems and jewellery including gold increased 25.4 per cent to US$5.6 billion (Bt191 billion) in the first seven months of the year.
However, gem and jewellery exports excluding gold sank 23.4 per cent to $2.12 billion.
Gold accounts for 62 per cent of the total export value of the sector.
Gems and jewellery are the country's second largest export earner after computers and parts.
Alongkorn said the Gems Bank project should help inject circulating funds into enterprises in the sector and retain employment in the industry.
Under the Gems Bank project, SME Bank will estimate the value of gems and jewellery held by traders as their collateral for credit.
The gems and jewellery identification and grading company will estimate the value of the products so that traders would not have to put up other assets to access this loan programme.
The bank has not yet finalised the qualifications for borrowers, such as whether they have to be a member of the Thai Gems and Jewellery Traders Association.
Wasuwat Chaiyakul, vice president of the Chanthaburi Gems and Jewellery Traders Association, said many SMEs, particularly in his province, which is a major source of jewellery, lack liquidity.
"The loans provided specifically to the industry should help increase liquidity for many enterprises. Besides the 300 or so members of the association, a thousand SMEs are seeking loans to improve their cash flow and prepare for the return of economic growth," he said.
He pointed out that as the world economy remains sluggish, foreign buyers have placed smaller orders with SMEs.
The loan and flexible qualifications required for collateral should help buoy the industry.
On average, each trader needs Bt3 million to Bt10 million to continue operating as the economy picks up, he said.
"Gems and jewellery are the hardest hit by the export downturn, as they are considered as luxury goods. Enterprises have faced a liquidity crunch.
"The government will continue to promote the industry's growth as it supports more than 2 million workers," Deputy Commerce Minister Alongkorn Ponlaboot said yesterday.
The Commerce Ministry cooperated with the Finance Ministry yesterday to kick off the Gems Bank project with the objective of extending Bt3 billion-Bt5 billion in working capital loans to the industry.
Gem and jewellery traders have depleted their cash resources after running into business difficulties when exports and domestic sales plunged amid the economic downturn.
Loans provided by the SME Bank would underpin the industry's growth after it shrunk dramatically during the global downturn, Alongkorn said.
According to the Export Promotion Department, exports of gems and jewellery including gold increased 25.4 per cent to US$5.6 billion (Bt191 billion) in the first seven months of the year.
However, gem and jewellery exports excluding gold sank 23.4 per cent to $2.12 billion.
Gold accounts for 62 per cent of the total export value of the sector.
Gems and jewellery are the country's second largest export earner after computers and parts.
Alongkorn said the Gems Bank project should help inject circulating funds into enterprises in the sector and retain employment in the industry.
Under the Gems Bank project, SME Bank will estimate the value of gems and jewellery held by traders as their collateral for credit.
The gems and jewellery identification and grading company will estimate the value of the products so that traders would not have to put up other assets to access this loan programme.
The bank has not yet finalised the qualifications for borrowers, such as whether they have to be a member of the Thai Gems and Jewellery Traders Association.
Wasuwat Chaiyakul, vice president of the Chanthaburi Gems and Jewellery Traders Association, said many SMEs, particularly in his province, which is a major source of jewellery, lack liquidity.
"The loans provided specifically to the industry should help increase liquidity for many enterprises. Besides the 300 or so members of the association, a thousand SMEs are seeking loans to improve their cash flow and prepare for the return of economic growth," he said.
He pointed out that as the world economy remains sluggish, foreign buyers have placed smaller orders with SMEs.
The loan and flexible qualifications required for collateral should help buoy the industry.
On average, each trader needs Bt3 million to Bt10 million to continue operating as the economy picks up, he said.
Tuesday, September 8, 2009
GOLD SHINES AT 18-MONTH HIGH
Gold hit US$1,000 an ounce yesterday, a 18-month high, on inflation fears and dollar weakening causing investors to gravitate to safe haven assets, with last year's all-time record of $1,034 appearing within reach this year.Yesterday was the third time bullion has passed $1,000 after peaking this year at $1,005 in February and lifting the bar to $1,034 in March last year.
Silver climbed to a 13month high as a weaker dollar and concern that inflation may accelerate boosted the appeal of precious metals.
Bullion for immediate delivery surged to $1,007.70 in London, taking this year's increase to 14 per cent. Gold, which reached a record $1,032.70 in March 2008, is set for a ninth yearly gain.
Crudeoil futures and all six industrial metals on the London Metal Exchange rallied as the Dollar Index lost as much as 0.8 per cent. Raw materials typically move inversely to the US currency.
Governments have cut interest rates and boosted spending to fight the worst recession since World War II, spurring investors to buy bullion as a hedge against potential inflation and debasement of currencies.
Gold, silver and palladium holdings in exchangetraded funds have advanced to records.
"We don't see any immediate recovery in the dollar and gold is one of the better alternatives," said Bernard Sin, head of currency and metals trading at bullion refiner MKS Finance in Geneva. "From here, the next technical level is $1,040, and at the rate it's going it might not be difficult. There's a lot of new money coming into gold."
n the local market, gold continued soaring with an increase of Bt750 per baht weight over one week after bouncing around in the past few weeks.
Fundamental factors still support the bullion rally with the US dollar drooping, while technical factors also support gold prices, experts said.
They predict that if gold can completely break through $1,000 per ounce, the next peak is expected at $1,030. But some believe this rally might be shortlived, as demand for jewellery is not strong.
Bloomberg quoted UBS AG analyst John Reade as writing in an emailed note yesterday that gold's rally to more than $1,000 an ounce is a "profittaking opportunity rather than a signal to buy". UBS maintained its one and threemonth forecasts for the metal at $950 and $1,000 an ounce respectively.
Yesterday, the domestic gold price had to be adjusted four times in line with the global market. The last adjustment was made at 2:24pm when gold bullion traded at Bt16,100 per ounce for selling and Bt16,000 for buying, while gold ornaments were pegged at Bt16,500 for selling and Bt15,766.40 for buying.
The gold price recently has been adjusted several times a day, such as three times on Monday, and two a day from Wednesday to Friday last week. Most of the changes are an increase of Bt50-Bt100.
Since last Wednesday gold has gained Bt750 per onebaht weight, with a sharp jump on Thursday of Bt350, while the US currency traded in a narrow range of Bt34.02-34.06 from September 1 to yesterday.
Jitti Tangsithpakdi, president of the Gold Traders Association, said gold had continued rising since last week, because funds were shifted to the gold market for speculation. However the gold price might swing slightly in the next period, the same as equity investment.
Currently the price of gold bars was at Bt16,100 per baht for selling, which increased from last Tuesday by Bt750 and was the highest in six to seven months.
Jitti predicts that gold may tag a new high at $1,034 per ounce this year, because the economy has not completely recovered yet. Investors are still not confident in the global economy and allocate money for gold investment, which will push gold prices up.
Investors should sell half of their gold for profit, while keeping the other half, because the gold price might rise further, he said.
Kritcharat Hirunyasiri, deputy general-secretary of the Gold Traders Association, said fundamental factors still support the rise in gold prices.
The US dollar was still weak, while technical factors also supported the gold price as the current gold price stood above the average price in every market.
Last week gold shot through the $960perounce level and zoomed to $997 per ounce on Friday. The gold price could stay above $990 per ounce, which means that the gold price had turned to an uptrend in the medium and long term, he said.
The oil price, which generally goes in the opposition direction to gold, fell from $70 per barrel to $67 and US equities were still retreating overall, so funds should give gold a greater weighting. The gold price was supposed to continue increasing at least one week, he said.
If gold can crack $1,000 per ounce, the next target is expected at $1,030 per ounce.
Silver climbed to a 13month high as a weaker dollar and concern that inflation may accelerate boosted the appeal of precious metals.
Bullion for immediate delivery surged to $1,007.70 in London, taking this year's increase to 14 per cent. Gold, which reached a record $1,032.70 in March 2008, is set for a ninth yearly gain.
Crudeoil futures and all six industrial metals on the London Metal Exchange rallied as the Dollar Index lost as much as 0.8 per cent. Raw materials typically move inversely to the US currency.
Governments have cut interest rates and boosted spending to fight the worst recession since World War II, spurring investors to buy bullion as a hedge against potential inflation and debasement of currencies.
Gold, silver and palladium holdings in exchangetraded funds have advanced to records.
"We don't see any immediate recovery in the dollar and gold is one of the better alternatives," said Bernard Sin, head of currency and metals trading at bullion refiner MKS Finance in Geneva. "From here, the next technical level is $1,040, and at the rate it's going it might not be difficult. There's a lot of new money coming into gold."
n the local market, gold continued soaring with an increase of Bt750 per baht weight over one week after bouncing around in the past few weeks.
Fundamental factors still support the bullion rally with the US dollar drooping, while technical factors also support gold prices, experts said.
They predict that if gold can completely break through $1,000 per ounce, the next peak is expected at $1,030. But some believe this rally might be shortlived, as demand for jewellery is not strong.
Bloomberg quoted UBS AG analyst John Reade as writing in an emailed note yesterday that gold's rally to more than $1,000 an ounce is a "profittaking opportunity rather than a signal to buy". UBS maintained its one and threemonth forecasts for the metal at $950 and $1,000 an ounce respectively.
Yesterday, the domestic gold price had to be adjusted four times in line with the global market. The last adjustment was made at 2:24pm when gold bullion traded at Bt16,100 per ounce for selling and Bt16,000 for buying, while gold ornaments were pegged at Bt16,500 for selling and Bt15,766.40 for buying.
The gold price recently has been adjusted several times a day, such as three times on Monday, and two a day from Wednesday to Friday last week. Most of the changes are an increase of Bt50-Bt100.
Since last Wednesday gold has gained Bt750 per onebaht weight, with a sharp jump on Thursday of Bt350, while the US currency traded in a narrow range of Bt34.02-34.06 from September 1 to yesterday.
Jitti Tangsithpakdi, president of the Gold Traders Association, said gold had continued rising since last week, because funds were shifted to the gold market for speculation. However the gold price might swing slightly in the next period, the same as equity investment.
Currently the price of gold bars was at Bt16,100 per baht for selling, which increased from last Tuesday by Bt750 and was the highest in six to seven months.
Jitti predicts that gold may tag a new high at $1,034 per ounce this year, because the economy has not completely recovered yet. Investors are still not confident in the global economy and allocate money for gold investment, which will push gold prices up.
Investors should sell half of their gold for profit, while keeping the other half, because the gold price might rise further, he said.
Kritcharat Hirunyasiri, deputy general-secretary of the Gold Traders Association, said fundamental factors still support the rise in gold prices.
The US dollar was still weak, while technical factors also supported the gold price as the current gold price stood above the average price in every market.
Last week gold shot through the $960perounce level and zoomed to $997 per ounce on Friday. The gold price could stay above $990 per ounce, which means that the gold price had turned to an uptrend in the medium and long term, he said.
The oil price, which generally goes in the opposition direction to gold, fell from $70 per barrel to $67 and US equities were still retreating overall, so funds should give gold a greater weighting. The gold price was supposed to continue increasing at least one week, he said.
If gold can crack $1,000 per ounce, the next target is expected at $1,030 per ounce.
Monday, September 7, 2009
Prices to top $1,000 this week
Gold prices yesterday continued to climb near US$1,000 per ounce amid investor concerns about rising inflation and fresh hiccups for the global economic recovery.
Gold in Hong Kong yesterday closed at $995.5 to $996.5 per ounce, up from $987 to $988 on Friday.
In the local market, the buying price for 99.99% gold bars was 16,175.72 baht per baht-weight, up from 16,084.76 on Friday. Prices for 96.5% pure bars were quoted with a buying price of 15,800 baht per baht-weight.
On the Thailand Futures Exchange,trading activity has leapt in recent sessions, with gold futures contracts hitting an all-time high last Thursday of 2.12 billion baht. Yesterday volume for gold contracts totalled 1,026, with open interest of 4,708 contracts.
MTS Gold Futures, a TFEX gold broker,expects gold to break $1,000 per ounce within a few days.
Concern about rising bank collapses in the US and uncertainties about the global economic recovery have helped push up prices, said MTS Gold president Kritcharat Hirunyasiri.
Reports that bullion held in the SPDR Gold Trust, the world's largest gold exchange traded fund, rose 14.65 tonnes on Thursday also helped push up prices,said Mr Kritcharat.
"Investors are concerned about the global economy. This is putting pressure on funds to shift to lower-risk assets,"he said."Inflation is another concern,as is the trend towards US dollar depreciation."
He predicted that trading for TFEX gold futures will reach 900 contracts per day this month, as local investors follow the global trend. Contracts for October gold futures (GFV09) are likely to trade between 15,700 to 15,900 baht, he added.
"Gold futures will be more attractive for investment in the future and we will see trading value reach 3 billion baht per day very soon," he said.
Jitti Tangsithpakdi, president of the Gold Traders Association, said gold prices could post a modest decline this week as investors take profits from recent gains.
"However, for the long term we are confident that the price will continue to rise, and this year will set a new high.Last year it had its highest price at $1,034 per ounce," he said.
Apichat Laksanasirisak, managing director of TC Ausiris Futures, predicted gold will hit $1,100 per ounce within six months due to factors such as inflation,the weak US currency and asset allocation shifting from equity to gold.
Gold in Hong Kong yesterday closed at $995.5 to $996.5 per ounce, up from $987 to $988 on Friday.
In the local market, the buying price for 99.99% gold bars was 16,175.72 baht per baht-weight, up from 16,084.76 on Friday. Prices for 96.5% pure bars were quoted with a buying price of 15,800 baht per baht-weight.
On the Thailand Futures Exchange,trading activity has leapt in recent sessions, with gold futures contracts hitting an all-time high last Thursday of 2.12 billion baht. Yesterday volume for gold contracts totalled 1,026, with open interest of 4,708 contracts.
MTS Gold Futures, a TFEX gold broker,expects gold to break $1,000 per ounce within a few days.
Concern about rising bank collapses in the US and uncertainties about the global economic recovery have helped push up prices, said MTS Gold president Kritcharat Hirunyasiri.
Reports that bullion held in the SPDR Gold Trust, the world's largest gold exchange traded fund, rose 14.65 tonnes on Thursday also helped push up prices,said Mr Kritcharat.
"Investors are concerned about the global economy. This is putting pressure on funds to shift to lower-risk assets,"he said."Inflation is another concern,as is the trend towards US dollar depreciation."
He predicted that trading for TFEX gold futures will reach 900 contracts per day this month, as local investors follow the global trend. Contracts for October gold futures (GFV09) are likely to trade between 15,700 to 15,900 baht, he added.
"Gold futures will be more attractive for investment in the future and we will see trading value reach 3 billion baht per day very soon," he said.
Jitti Tangsithpakdi, president of the Gold Traders Association, said gold prices could post a modest decline this week as investors take profits from recent gains.
"However, for the long term we are confident that the price will continue to rise, and this year will set a new high.Last year it had its highest price at $1,034 per ounce," he said.
Apichat Laksanasirisak, managing director of TC Ausiris Futures, predicted gold will hit $1,100 per ounce within six months due to factors such as inflation,the weak US currency and asset allocation shifting from equity to gold.
Sunday, September 6, 2009
Passing on the beauty of Sirabhorn
The art of making traditional theatrical costume jewellery Sirabhorn has been passed down through the generations in Phetchaburi, the central province known for its richness in arts and culture.
In the old days, Sirabhorn was worn by performers of classical dances such as khon ,lakhon .But nowadays, the jewellery has become a souvenir very popular with foreign visitors.
Narongchai Makbamrungchit, a 50-year-old teacher at Ban Don Yang Witthaya School in Muang district, has helped to keep alive the Sirabhorn-making tradition.
He has researched the history of Sirabhorn crafts of the past and how they were produced in their various shapes and forms.
From this research, he has acquired the skills to make the jewellery through experimenting and practising. The knowledge he cultivated is passed on to his students and the community.
Making Sirabhorn requires a combination of plaster moulding and long rak lacquering. The practice is getting harder to find in the province.
Sirabhorn making is adapted from khon mask production which originated in the palaces.Impressed by the exquisiteness of the khon masks, the self-taught Phetchaburi craftsmen invented the crafts which eventually gave birth to the Sirabhorn jewellery.
The materials they came up with for producing a piece of Sirabhorn jewellery were crushed granite, cooked rice and straw paper. After moulding the ingredients into the desired shape,the work was then lacquered and covered and decorated with gold foil.
These days, craftsmen usually create permanent moulds for making a collection of Sirabhorn jewellery. The moulded plaster pieces are lacquered and decorated with gold foil and studded with coloured gems. The pieces are then assembled into jewellery.
Along with traditional costume jewellery, the art of making Sirabhorn has also been diversified into other forms of souvenirs such as traditional food ware and business card containers.
Most souvenirs are made from sugar palm trees and decorated with tiny pieces of the Sirabhorn jewellery.-Chaiwat Satyaem
In the old days, Sirabhorn was worn by performers of classical dances such as khon ,lakhon .But nowadays, the jewellery has become a souvenir very popular with foreign visitors.
Narongchai Makbamrungchit, a 50-year-old teacher at Ban Don Yang Witthaya School in Muang district, has helped to keep alive the Sirabhorn-making tradition.
He has researched the history of Sirabhorn crafts of the past and how they were produced in their various shapes and forms.
From this research, he has acquired the skills to make the jewellery through experimenting and practising. The knowledge he cultivated is passed on to his students and the community.
Making Sirabhorn requires a combination of plaster moulding and long rak lacquering. The practice is getting harder to find in the province.
Sirabhorn making is adapted from khon mask production which originated in the palaces.Impressed by the exquisiteness of the khon masks, the self-taught Phetchaburi craftsmen invented the crafts which eventually gave birth to the Sirabhorn jewellery.
The materials they came up with for producing a piece of Sirabhorn jewellery were crushed granite, cooked rice and straw paper. After moulding the ingredients into the desired shape,the work was then lacquered and covered and decorated with gold foil.
These days, craftsmen usually create permanent moulds for making a collection of Sirabhorn jewellery. The moulded plaster pieces are lacquered and decorated with gold foil and studded with coloured gems. The pieces are then assembled into jewellery.
Along with traditional costume jewellery, the art of making Sirabhorn has also been diversified into other forms of souvenirs such as traditional food ware and business card containers.
Most souvenirs are made from sugar palm trees and decorated with tiny pieces of the Sirabhorn jewellery.-Chaiwat Satyaem
Thursday, September 3, 2009
Chic and hot for all gals
Considered one the hottest trends last year,statement jewellery is still high on the agenda for this year. Its bolder feature in a bigger size makes it stand out on every occasion; it can never lose its charm as a fantastic adornment to whatever kind of wardrobe you have.
You don't need to rely on a genuine stone to attract the eyes of those around you as a fabulous design with the help of rich colours here and there should be enough to do the trick - without denting your purse.
And if you need more of a sexy look without revealing too much skin, there are some chic leather bracelets adorned with golden rivets to go with your rock clothing.
Statement jewellery isn't restricted just to ladies with an extreme personality, while leather and rivet-studded designs aren't solely for hot girls.
Actually, they should be among the must-have items for every girl who sometimes wishes to spice up her days,especially during this gloomy political and economic sit-ation.RT
All items are available with special discounts during the "W We Love Fashion: Shoes, Bags and Accessories Mania" promotion which is running from Sept 9-29 at The Emporium, Paragon and all branches of The Mall. For more information, please call 02-310-1846.
You don't need to rely on a genuine stone to attract the eyes of those around you as a fabulous design with the help of rich colours here and there should be enough to do the trick - without denting your purse.
And if you need more of a sexy look without revealing too much skin, there are some chic leather bracelets adorned with golden rivets to go with your rock clothing.
Statement jewellery isn't restricted just to ladies with an extreme personality, while leather and rivet-studded designs aren't solely for hot girls.
Actually, they should be among the must-have items for every girl who sometimes wishes to spice up her days,especially during this gloomy political and economic sit-ation.RT
All items are available with special discounts during the "W We Love Fashion: Shoes, Bags and Accessories Mania" promotion which is running from Sept 9-29 at The Emporium, Paragon and all branches of The Mall. For more information, please call 02-310-1846.
Wednesday, September 2, 2009
India's gold imports down
India's gold imports in August slumped by more than 85% from a year earlier as high prices and weak monsoon rains dented demand, the top official of Bombay Bullion Association (BBA) said yesterday.
BBA president Suresh Hundia told Reuters provisional figures showed imports of between 12 and 14 tonnes in August, compared with imports of 98 tonnes last year.
"Gold prices are high and so are the prices of everything else. The monsoon is also not good," Hundia said.
Gold on Multi Commodity Exchange of India traded at 15,094 rupees ($309.24)per 10 grammes yesterday afternoon,down 0.21% from Monday's close.
India's monsoon has been about a quarter below average up to late August,pushing up prices of most essential commodities in anticipation of a poor harvest this year.
For January to August, BBA data showed gold imports of 84.6 tonnes,down 68% from the same period last year.
Dealers in banks said sales had improved in August compared to the previous months due to the start of the festival season, which will peak around Diwali in October."Our sales are 30%down in August compared to last year,"said one dealer in a bank in Mumbai.
"There was some demand, but very light," said Afshin Nabavi, head of trading at MKS Finance, a Geneva, Switzerlandbased supplier.
Hundia and dealers were still hoping for a demand revival around big Hindu festivals such as Dussera, Diwali and Dhanteras, but said prices must fall by around 1,000 rupees for a big pick-up.
If prices were to fall to around 14,000 rupees per 10 grammes,"there will be bumper sales," said Amit Mittal, marketing manager at M.D. Overseas Ltd, a large importer in New Delhi.
BBA president Suresh Hundia told Reuters provisional figures showed imports of between 12 and 14 tonnes in August, compared with imports of 98 tonnes last year.
"Gold prices are high and so are the prices of everything else. The monsoon is also not good," Hundia said.
Gold on Multi Commodity Exchange of India traded at 15,094 rupees ($309.24)per 10 grammes yesterday afternoon,down 0.21% from Monday's close.
India's monsoon has been about a quarter below average up to late August,pushing up prices of most essential commodities in anticipation of a poor harvest this year.
For January to August, BBA data showed gold imports of 84.6 tonnes,down 68% from the same period last year.
Dealers in banks said sales had improved in August compared to the previous months due to the start of the festival season, which will peak around Diwali in October."Our sales are 30%down in August compared to last year,"said one dealer in a bank in Mumbai.
"There was some demand, but very light," said Afshin Nabavi, head of trading at MKS Finance, a Geneva, Switzerlandbased supplier.
Hundia and dealers were still hoping for a demand revival around big Hindu festivals such as Dussera, Diwali and Dhanteras, but said prices must fall by around 1,000 rupees for a big pick-up.
If prices were to fall to around 14,000 rupees per 10 grammes,"there will be bumper sales," said Amit Mittal, marketing manager at M.D. Overseas Ltd, a large importer in New Delhi.
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