Collapse of cryptocurrency value drives Arab collectors of second-hand luxury watches to look elsewhere

Collapse of cryptocurrency value drives Arab collectors of second-hand luxury watches to look elsewhere
Popular among wealthy Arab, Russian and Chinese clients, the market for luxury watches has not always been on the decline. 
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Updated 12 July 2022

Collapse of cryptocurrency value drives Arab collectors of second-hand luxury watches to look elsewhere

Collapse of cryptocurrency value drives Arab collectors of second-hand luxury watches to look elsewhere
  • The second-hand watches market is the first luxury goods sector to witness the impact of cryptocurrency collapse

LONDON: Reports revealed last week that the prices of some of the most sought-after luxury watches have plunged in second-hand markets due to a collapse in cryptocurrency value.

The second-hand watches market, which includes popular brands like Rolex and Philippe Patek, is the first luxury goods sector to witness the impact of cryptocurrency collapse, and it is unlikely to be the last. 

Higher interest rates, sky-rocketing inflation and the absence of Chinese and Russian buyers due to lockdowns and the conflict in Ukraine have brought the demand down, causing prices to drop by an estimated 25 percent.

Popular among wealthy Arab, Russian and Chinese clients, the market for luxury watches has not always been on the decline. 

In fact, soaring global demands for second-hand luxury goods, including handbags, designer sneakers and fine jewelry, were previously bolstered by a mix of cryptocurrency and stock-market gains, stimulus cash and speculation.

Rampant inflation and the war in Ukraine also contributed to their appeal, as buyers sought to invest in alternative assets, including non-fungible tokens and luxury watches.

In addition, a new generation of buyers driven by ethical consumerism entered the market for the first time, which further contributed to the spike in demand for some of the most well-known models like the Rolex Daytona, Patek Philippe Nautilus and Audemars Piguet Royal Oak.

Today, the appetite for genuinely rare pieces, as opposed to those that are perceived as scarce, remains high, which benefits Arab collectors whose demand for these rare timepieces makes the items desirable and highly collectible.

However, buyers are becoming more cautious, and the market for second-hand luxury watches is taking a hit, which could see Arab watch collectors and new buyers shift toward NFTs.

So far, the demand for new watches is stable and the primary markets are holding strong. Recent events in the secondary market for luxury watches, however, are a stark reminder that the boom may not last.


Chinese city to launch matchmaking app in bid to increase marriage rate

The app is not the only incentive in Jiangxi’s campaign to increase the marriage rate. (AFP)
The app is not the only incentive in Jiangxi’s campaign to increase the marriage rate. (AFP)
Updated 20 March 2023

Chinese city to launch matchmaking app in bid to increase marriage rate

The app is not the only incentive in Jiangxi’s campaign to increase the marriage rate. (AFP)
  • Service uses residents’ local data to help in search
  • Japan, Iran promoted similar initiatives to help people into relationships

LONDON: A Chinese city has launched a state-sponsored matchmaking app that promises to find the perfect partner, in an attempt to reverse the declining marriage rate.

Guixi, a city of about 640,000 people in Jiangxi province in eastern China, has developed an app that uses residents’ data to build a matchmaking platform.

After receiving the data, the app — known as Palm Guixi — then looks for potential matches to send a prospective couple on a blind date.

The app was created as part of a province-wide initiative aimed at boosting the marriage rate, which has been declining across China over the past decade.

According to the China Statistics Yearbook, in 2021 the number of people getting married in the country dropped to 7.64 million, about 500,000 down on the previous year and a rate of 5.4 marriages per 1,000 people.

The figures highlight a worrying trend, although it is difficult to gauge the impact of COVID-19 on the figures.

The marriage rate in Saudi Arabia in contrast was at 9.6 per 1,000 people in 2020, with a growth rate of 10.6 percent from 2019.

The downward trend in China is likely to be mirrored by a further fall in birth rates, which plummeted to a historic low of 6.77 births per 1,000 people in 2022, according to official figures, with the population declining for the first time in six decades.

The app is not the only incentive in Jiangxi’s campaign to increase the marriage rate.

In other areas of the province, local authorities have promoted initiatives for single locals to socialize.

The campaign also aims to raise awareness of high “bride prices,” a cultural tradition in which the potential groom offers large sums of cash to the bride’s family in a practice that remains common, especially in rural areas.

Several state officials around the world have come up with unusual ways to promote marriage and the birth rate in the last few years.

A project was sponsored a few years ago by Luanzhou municipality in China’s Hebei province, with authorities mapping data about the city’s single women and men while helping them to find their perfect match.

The Iranian government in 2021 endorsed a state-run dating app called Hamdam to help single people find the right partner for a “sustainable marriage.”

Japanese authorities since 2010 have set up matchmaking websites to pair residents with lonely hearts in cities in an effort to persuade urbanites to marry and relocate to the countryside.

 

 


Their world was the oyster: Oldest pearl town found in UAE

Their world was the oyster: Oldest pearl town found in UAE
Updated 20 March 2023

Their world was the oyster: Oldest pearl town found in UAE

Their world was the oyster: Oldest pearl town found in UAE
  • The town was likely once home to thousands of people and hundreds of homes

SINIYAH ISLAND, United Arab Emirates: Archaeologists said Monday they have found the oldest pearling town in the Arabian Gulf on an island off one of the northern sheikhdoms of the United Arab Emirates.
Artifacts found in this town on Siniyah Island in Umm Al-Quwain, likely once home to thousands of people and hundreds of homes, date as far back as the region’s pre-Islamic history in the late 6th century. While older pearling towns have been mentioned in historical texts, this represents the first time archaeologists say they have physically found one from this ancient era across the nations of the Arabian Gulf.
“This is the oldest example of that kind of very specifically Khaleeji pearling town,” said Timothy Power, an associate professor of archaeology at the UAE University, using a word that means “Gulf” in Arabic. “It’s the spiritual ancestor of towns like Dubai.”
The pearling town sits on Siniyah Island, which shields the Khor Al-Beida marshlands in Umm Al-Quwain, an emirate some 50 kilometers (30 miles) northeast of Dubai along the coast of the Arabian Gulf. The island, whose name means “flashing lights” likely due to the effect of the white-hot sun overhead, already has seen archaeologists discover an ancient Christian monastery dating back as many as 1,400 years.
The town sits directly south of that monastery on one of the curling fingers of the island and stretches across some 12 hectares (143,500 square yards). There, archaeologists found a variety of homes made of beach rock and lime mortar, ranging from cramped quarters to more sprawling homes with courtyards, suggesting a social stratification, Power said. The site also bears signs of year-round habitation, unlike other pearling operations run in seasonal spots in the region.
“The houses are crammed in there, cheek by jowl,” he added. “The key thing there is permanence. People are living there all year around.”
In the homes, archaeologists have discovered loose pearls and diving weights, which the free divers used to quickly drop down to the seabed while relying only on their held breath.
The town predates the rise of Islam across the Arabian Peninsula, making its residents likely Christians.
Umm Al-Quwain’s Department of Tourism and Archaeology, UAE University, the Italian Archaeological Mission in the emirate and the Institute for the Study of the Ancient World at New York University all took part in the excavation. Umm Al-Quwain, the least-populated emirate in the UAE, plans to build a visitor’s center at the site.
Today, the area near the marshland is more known for the low-cost liquor store at the emirate’s Barracuda Beach Resort. In recent months, authorities have demolished a hulking, Soviet-era cargo plane linked to a Russian gunrunner known as the “Merchant of Death” as it builds a bridge to Siniyah Island for a $675 million real estate development. Authorities hope that development, as well as other building, will grow the emirate’s economy.
However, even this ancient site bears lessons for the Emirates.
The story of pearling, which rapidly collapsed after World War I with the introduction of artificial pearls and the Great Depression, holds particular importance in the history of the UAE — particularly as it faces a looming reckoning with another extractive industry. While crude oil sales built the country after its formation in 1971, the Emirates will have to confront its fossil fuel legacy and potentially plan for a carbon-neutral future as it hosts the United Nations COP28 climate talks later this year.
Those searching the site found a dumpsite nearby filled with the detritus of discarded oyster shells. People walking across the island can feel those remains crunching under their feet in areas as well.
“You only find one pearl in every 10,000 oyster shells. You have to find and discard thousands and thousands of oyster shells to find one,” Power said. ”The waste, the industrial waste of the pearling industry, was colossal. You’re dealing with millions, millions of oyster shells discarded.”


Range of Islamic toys launched in UK supermarkets ahead of Ramadan

Range of Islamic toys launched in UK supermarkets ahead of Ramadan
Updated 20 March 2023

Range of Islamic toys launched in UK supermarkets ahead of Ramadan

Range of Islamic toys launched in UK supermarkets ahead of Ramadan

LONDON: A UK-based Muslim dolls and toys company has announced that it will launch their Islamic toy range in over 150 stores across the UK.

The brand is well known for its dolls and toys that promote the Islamic faith and culture and has been working hard to expand its reach to make their products more accessible to customers across the country.

The launch coincided with a two-day meet and greet with their mascots, Omar and Hana, across London and Manchester.

The Omar and Hana singing dolls are one of the most popular items in the Desi Doll Company range. (Supplied)

It will see the dolls and toys in British supermarkets ASDA and Morrisons. The range will also feature at high-end department store Selfridges in its London, Birmingham and Manchester branches.

The Omar and Hana singing dolls, one of the most popular items in the Desi Doll Company range, are the company's first License toys based on a hit children’s animation with over 1 million subscribers. It features Islamic content around having good character and moral values.

“Ramadan is an important time in the Islamic calendar, and families become more focused on their faith during this month,” the company said in a statement.

“With this additional focus on faith, parents look for ways to make the month more meaningful for their children, and Desi Doll Company sees a peak in demand for their range of Islamic toys at this time of year,” it added.

“The fasting month ends with the celebration of Eid, a time, like Christmas, when parents are looking for extra special gifts for their children, and toys that have the added benefit of Islamic values are usually top of the list,” it also said.

Farzana Rahman, founder and director of Desi Doll, said: “We are thrilled to be launching our range of unique toys in supermarket stores across the UK,” that are designed to provide children with enjoyable, informative and educational experiences of the Islamic faith.

The launch coincided with a two-day meet and greet with their mascots, Omar and Hana, across London and Manchester. (Supplied)

“With the arrival of our toys in ASDA and Morrison stores, customers now have the opportunity to discover our unique toys while doing their weekly shopping,” she added.

“We are also excited that our range is also available in the iconic Selfridges stores, allowing us to reach even more households with our products,” Rahman said.


Social media, bloggers boost Arab tourists’ presence in Turkiye

Social media, bloggers boost Arab tourists’ presence in Turkiye
Updated 17 March 2023

Social media, bloggers boost Arab tourists’ presence in Turkiye

Social media, bloggers boost Arab tourists’ presence in Turkiye
  • People from MENA region influenced by popular Turkish dramas, social media and blogs
  • Instagram and Snapchat accounts dedicated to promoting Turkish tourism provide detailed information for holidays

ANKARA: Turkiye has witnessed a noticeable increase in the flow of tourists from Arab countries over the past few years thanks to social media and online blogs.
Over the past few years Arabs have been highly influenced and encouraged by popular Turkish dramas, social media and blogs to visit Turkiye’s most popular cities such as Istanbul, Ankara, Marmaris and others.
Kuwait’s News Agency reported on Friday that, despite the catastrophic 7.7 and 7.6-magnitude earthquakes that hit southern Turkiye recently, Arab tourists have still traveled to the country for its nature and cultural heritage.
Tourist Sarah Al-Enizi from Kuwait said she was tempted and intrigued to explore a small town on the coast of the Aegean Sea, Kusadasi, due to heavy promotional content on social media.
The detailed content she watched on a Snapchat account was of great assistance and made her trip to Kusadasi an enjoyable experience.
One Kuwaiti blogger documented the holiday of his compatriots Ahmad Al-Kander and Dalal Al-Mulaifi when they visited Sapanca and other cities.
They confirmed that social media played a role in choosing their holiday destinations in Turkiye.
Social media also inspired Egyptian tourist Ala’a Mohammad, who spent his honeymoon traversing across cities including Antalya. It also acted as an eyeopener in terms of visiting and enjoying several unexplored destinations.
Lebanese tourist Mariam Madi spent her vacation on Turkish beaches. She said she had unforgettable experiences at Buyukada, Marmaris and Alanya.
Meanwhile, the owner of an Instagram account dedicated to Turkish tourism, Abdulrahman Mousa Mohammed, said his passion for traveling to Turkiye stimulated him to create his own content and share his experience online for voyagers to benefit from.
His Instagram page offers all vital information on travel to Turkiye from transport, hotels, and various tips and advices.
Kuwaiti tourists were attracted to Bursa for tourism as well as buying real estate, according to Mohammed, who added that Sapanca was a top destination due to its breath-taking nature in addition to Bodrum, where most Kuwaitis seek to relax.
However, Mohammed warned against fake media accounts that entice tourists with low prices and great accommodations but end up facing horrible travel experience.


Australian surfs for 40 hours to smash world record

Australian surfs for 40 hours to smash world record
Updated 17 March 2023

Australian surfs for 40 hours to smash world record

Australian surfs for 40 hours to smash world record
  • Johnston raised more than $133,000 for mental health, taking on the record to mark 10 years since losing his father to suicide

Sydney: Australian Blake Johnston on Friday shredded the world record for the longest surfing session, dodging swarms of jellyfish to ride hundreds of waves across 40 punishing hours.
The 40-year-old former surfing pro broke down in tears after smashing South African Josh Enslin’s previous record of 30 hours and 11 minutes.
Johnston surfed back to shore in the evening to rapturous applause from the hundreds of supporters who had gathered at Sydney’s Cronulla Beach to watch.
Wearing a black cowboy hat and draped in a thermal blanket, he was carried off the beach on his friends’ shoulders after finally hanging up his surfboard.
Johnston raised more than $133,000 for mental health, taking on the record to mark 10 years since losing his father to suicide.
He rode more than 700 waves in setting the record, braving pitch-black seas that are home to many species of shark.
“I’ve still got a job to do. I said 40 (hours) so I’ll go and give it a crack,” he told reporters earlier in the day, after passing the previous 30-hour record.
“I’m pretty cooked, yeah, but we’ll push through.”
Johnston eventually surfed for more than 40 hours — he started at 1:00am on Thursday, using large spotlights to illuminate the water — but his official record time was not immediately known.


Under the rules of the attempt, he was allowed to sporadically leave the ocean so he could soothe his eyes with eyedrops, refuel with snacks and lather himself up in sunscreen.
Medics would check his heart rate and blood pressure before he dashed back into the swell.
With Sydney in the grip of a minor heatwave, the water temperature has been hovering around a balmy 24 degrees Celsius, lessening the risk of hypothermia.
Johnston had originally planned to raise money by tackling a 1,000-kilometer run, but settled on surfing when he saw the previous record was “only” 30 hours.
“I thought I could just do it,” he said before the attempt.
“I push myself to the limits with my adventures and to prove to myself that I’m worthy and can get through hard times, and that’s when my lessons are learnt.”
He anticipated infected ears, dehydration and sleep deprivation would push his body to its limits.


Johnston’s brother Ben said they had also prepared for the possibility of a shark attack, but it wasn’t something that had worried them.
“I surfed at two in the morning with him and the lights actually went out so it was pitch black,” he told national broadcaster ABC.
“There were a whole bunch of jellyfish out there, so it was interesting to say the least.”
It is not Johnston’s first time taking part in a marathon test of human endurance.
In 2020, he ran 100 kilometers along the rugged coastline south of Sydney — covering the vast majority of the trek in bare feet.