DUBAI // Dealers are ignoring laws against selling counterfeit goods and peddling fake Rolex watches on websites such as Dubizzle.
One, who includes his phone number in advertisements, has a number of models in stock.
He describes one, a platinum Yacht-Master 40mm, as "Swiss-made AAA", a designation used to describe replicas. He warns buyers not to confuse it with lower-quality copies made in Asia, and the ad includes a section headed: "What makes a Swiss-made copy different from other Rolex replicas?"
The list price for a genuine Yacht-Master 40mm is Dh41,000, while the fake is available on Dubizzle for Dh1,800. The replica is described as brand new, still in the original packaging and perfect inside and out.
Other Rolex replicas available from the same dealer include a Datejust II, Submariner and Daytona.
A variety of other replicas are available on Dubizzle, including copies of watches by makers such as Omega, Cartier, Ulysse Nardin and Hublot.
Other counterfeit items advertised on the site include designer handbags and mobile phones.
Ahmed Sawalhi, head of customer support at Dubizzle, said: "Our policy is that we do allow replica items to be posted on Dubizzle, but the ad must clearly state that the item is a replica.
"We do not condone scams where our users are deceived. In the instance that a brand complains to us and requests that we remove ads for replicas of their products, we always collaborate and remove stated replica listings for that brand.
"We have not received any formal request from the UAE police or government to remove such ads."
Counterfeit goods are also available on other websites, based in the UAE and overseas.
One dealer, who gave his name as Abdulla, even has a Facebook page, dubaiswissreplica. He said he was not concerned that dealing so openly in counterfeit goods could lead to prosecution.
"You get replicas in Dubai a lot, they're everywhere," Abdulla said. "Some people sell a copy and say it's an original Rolex and that's fraud. I wouldn't want to risk that."
Omar Shteiwi, chairman of Brand Owners Protection Group in Dubai, said selling replicas was illegal.
"However, with digital media and e-commerce nowadays you will find lots of these counterfeited items offered for sale," Mr Shteiwi said. "The consumer should be aware and vigilant not to buy.
"I think the brand owner, Rolex, needs to take legal action. However, because of the size of the counterfeit problem worldwide, usually this type of owner does not react to such illegal activity."
Cases involving trademark infringement in Dubai are investigated by the Department of Economic Development's commercial compliance and consumer protection division. The maximum fine for such an offence is Dh30,000.
Fake Rolex watches were among the items in a three-tonne haul of counterfeit goods seized by Dubai Customs last December.
Improvements in the quality of some Rolex copies over the past few years can make it difficult to tell if a watch is a fake.
One tell-tale sign is the distinctive motion of a real Rolex mechanism, where the second hand moves eight times each second.
If the movement is continuous or jerky, the watch is a fake.
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Retirement funds heavily invested in equities at a risky time
Pension funds in growing economies in Asia, Latin America and the Middle East have a sharply higher percentage of assets parked in stocks, just at a time when trade tensions threaten to derail markets.
Retirement money managers in 14 geographies now allocate 40 per cent of their assets to equities, an 8 percentage-point climb over the past five years, according to a Mercer survey released last week that canvassed government, corporate and mandatory pension funds with almost $5 trillion in assets under management. That compares with about 25 per cent for pension funds in Europe.
The escalating trade spat between the US and China has heightened fears that stocks are ripe for a downturn. With tensions mounting and outcomes driven more by politics than economics, the S&P 500 Index will be on course for a “full-scale bear market” without Federal Reserve interest-rate cuts, Citigroup’s global macro strategy team said earlier this week.
The increased allocation to equities by growth-market pension funds has come at the expense of fixed-income investments, which declined 11 percentage points over the five years, according to the survey.
Hong Kong funds have the highest exposure to equities at 66 per cent, although that’s been relatively stable over the period. Japan’s equity allocation jumped 13 percentage points while South Korea’s increased 8 percentage points.
The money managers are also directing a higher portion of their funds to assets outside of their home countries. On average, foreign stocks now account for 49 per cent of respondents’ equity investments, 4 percentage points higher than five years ago, while foreign fixed-income exposure climbed 7 percentage points to 23 per cent. Funds in Japan, South Korea, Malaysia and Taiwan are among those seeking greater diversification in stocks and fixed income.
• Bloomberg
Ziina users can donate to relief efforts in Beirut
Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”
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