Resurgent jeweller Garrard 'entangles' Dubai with new collection



With a history of royal commissions spanning nearly 300 years, Garrard is the world's oldest jeweller and arguably the most discreet.

Having experienced something of a renaissance since the iconic Dh1.5 million engagement ring once worn by Princess Diana graced the hand of the Duchess of Cambridge in November 2010, at no point did the master British jeweller seek to capitalise on the publicity.

"It happens to be a very visible commission," says chief executive Eric Deardorff. "And one of the critical long-term attributes of Garrard is that what we do for people remains confidential unless it becomes visible from their end. But we would never copy the ring and we haven't actively sold or displayed smaller and bigger sapphire and diamond clusters - even though our competitors have."

By wearing one of the most famous pieces of jewellery in the world, the Duchess has become a silent ambassador for the historic house, embodying the classic-yet-contemporary brand through her natural "style and grace", says Deardorff.

Protocol and pageantry have gone hand-in-hand for Garrard since 1735, when the founder George Wickes was appointed goldsmith to the Prince of Wales, having first entered his mark at London's Goldsmiths Hall in 1722. The company name was cemented by then-partner Robert Garrard Sr, who took sole control of the firm in 1802, and the jeweller remained with the family for the next 144 years.

Most notably in 1843, Queen Victoria appointed Garrard as Crown Jeweller, a tradition that continued for six successive monarchs. Historical royal pieces crafted by the houses include Queen Victoria's signature small crown of 1,187 diamonds made in 1870, Queen Mary's crown for the Coronation of 1911 and the Imperial Crown of India worn by King George V later that same year.

Another Coronation 26 years later saw Garrard receive the commission for a crown set with the Koh-I-Noor diamond to be worn by the late Queen Mother. The Imperial State Crown was subsequently remounted in 1937 and adjusted for The Queen's Coronation in 1953.

"One of the things we do is leverage our history," says Deardorff. "In 1914, we made a tiara for Queen Mary called the Cambridge Lovers Knot and the motif of that tiara was the inspiration behind the Entanglement Collection, which we launched a couple of years ago. So when you see our current pieces, there's roughly 100 years' worth of history in the design."

For the next four weeks, Garrard's flagship boutique in Dubai Mall will display more than a dozen pieces from the Entanglement series including intricately designed collars and cuffs in precious stones valued at between Dh22,000 and Dh367,000.

"It's a beautifully artistic, contemporary collection," says Deardorff, who was in the region attending the Doha Jewellery fair this past week and stopped off at the Garrard boutique in the Dubai Mall to deliver the new Entanglement pieces. "We've also just added gorgeous multi-strand ruby, emerald and sapphire necklaces with diamond clasps bearing the Entanglement motif. The pieces lay very well and are appropriate for the 21st century - so even though the collection's routes are quite old, we've learnt to move with the times."

To ensure its continued appeal with new generations and in new markets, Garrard brought Jade Jagger on board as creative director in 2002, followed by Stephen Webster five years later. In a nod to tradition, pieces still frequently bear the original "G and crown" hallmark from 1822 but styles, in particular for the discerning Gulf market, often bear traces of Webster's quirky, unconventional style.

Garrard's association with the Middle East stems back to the 1970s and high-profile commissions, requests for bespoke medals and objets d'art have gained particular momentum in recent years signalling that further regional expansion is on the horizon, says Deardorff.

"Buyers in the Middle East are clearly global travellers with very sophisticated tastes," he says. "They appreciate creativity and, generally speaking, favour bigger stones, which make for pretty magnificent statement pieces."

Making a statement of a different kind, Garrard has also been handling corporate bespoke commissions for more than two centuries and its name has become synonymous with the America's Cup and the ICC Cricket World Cup. Another special commission came from the UAE back in 1996 and once again Garrard's gleaming gold trophy will be held aloft by the winning jockey in the final race of the Dubai World Cup on March 31 at Meydan Racecourse.

To see the Entanglement collection, visit www.garrard.com, visit Garrard on the ground floor of Dubai Mall or call 04 339 8386.

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Biog

Mr Kandhari is legally authorised to conduct marriages in the gurdwara

He has officiated weddings of Sikhs and people of different faiths from Malaysia, Sri Lanka, Russia, the US and Canada

Father of two sons, grandfather of six

Plays golf once a week

Enjoys trying new holiday destinations with his wife and family

Walks for an hour every morning

Completed a Bachelor of Commerce degree in Loyola College, Chennai, India

2019 is a milestone because he completes 50 years in business

 

Draw for Europa League last-16

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Rangers v Bayer Leverkusen; VfL Wolfsburg v Shakhtar Donetsk; Inter Milan v Getafe

Sevilla v AS Roma; Eintracht Frankfurt or Salzburg v Basel; LASK v Manchester United

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In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458. 

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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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Washmen Profile

Date Started: May 2015

Founders: Rami Shaar and Jad Halaoui

Based: Dubai, UAE

Sector: Laundry

Employees: 170

Funding: about $8m

Funders: Addventure, B&Y Partners, Clara Ventures, Cedar Mundi Partners, Henkel Ventures

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Family: Five sons and three daughters

The first female investigator in Hatta.

Role Model: Father

She believes that there is a solution to every problem

 

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Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
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Apart from the piano, he plays the accordion, oud and guitar

His favourite composer is Johann Sebastian Bach

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Other musicians he likes are Syrian-American pianist Malek Jandali and Lebanese oud player Rabih Abou Khalil

Hotel Data Cloud profile

Date started: June 2016
Founders: Gregor Amon and Kevin Czok
Based: Dubai
Sector: Travel Tech
Size: 10 employees
Funding: $350,000 (Dh1.3 million)
Investors: five angel investors (undisclosed except for Amar Shubar)

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How much do leading UAE’s UK curriculum schools charge for Year 6?
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Date of launch: November 2018

Founder: Monark Modi

Based: Business Bay, Dubai

Sector: Financial services

Size: Eight employees

Investors: Self-funded to date with $1m of personal savings