- Lawyers of women alleging Al-Fayed sex abuse receive over 150 new enquiries
- President Museveni's son backs Ugandan strongman for 7th term
- Norris quickest as Verstappen bounces back in Singapore practice
- Wallabies lament All Blacks' fast start
- Germany's Oktoberfest opens under tight security after attacks
- Environmental protesters block French cruise liner port
- Hezbollah in disarray after Israeli strike kills top commanders
- No place like home: Biden hosts 'Quad' leaders
- One dead, 7 missing as heavy rains trigger floods in central Japan
- Zelensky says no UK, US go-ahead to use long-range missiles
- New Zealand edge Australia 31-28 in Bledisloe Cup thriller
- Japan orders evacuations as heavy rains trigger floods in quake-hit area
- New Zealand pilot freed in Indonesia after 19 months in rebel captivity
- Hezbollah in disarray after Israeli air strike kills top commanders
- Leading climate activist released from Vietnam jail
- Ethiopians struggle with bitter pill of currency reform
- Sri Lanka votes in first poll since economic collapse
- Feminist author warns of abortion disaster if Trump wins US election
- US city of Flint still reeling from water crisis, 10 years on
- Arsenal's mean defence faces acid test to shut out Man City again
- Late surge lifts Thailand's Jeeno to LPGA Queen City lead
- DeChambeau says PGA's Ryder Cup decision 'just the start'
- Alcaraz defeated on Laver Cup debut
- Postecoglou embraces 'struggle' to make Spurs a success
- Nice hand 'ashamed' Saint-Etienne 8-0 Ligue 1 mauling
- Boeing CEO says ending strike 'a top priority'
- Stock markets mostly fall after Fed-fueled rally
- Harris slams Trump for hypocrisy on abortion as US starts voting
- Academy to host first overseas ceremony to honor young filmmakers
- No doctor necessary: US okays nasal spray flu vaccine for self-use
- Gurbaz, birthday boy Rashid lead Afghanistan to 177-run rout of South Africa
- Former delivery man Baldwin leads star names at PGA Championship
- Trump shooting: Secret Service admits complacency
- Can an ambitious Milei make Argentina an AI giant?
- Haiti, its suffering growing, in 'race against time': UN expert
- Ibrahim Aqil, the Hezbollah elite unit commander wanted by the US
- Chinese forward Cui signs NBA contract with Brooklyn Nets
- US Fed dissenter calls for 'measured' pace of rate cuts
- Guardiola tells players to lead change over workload as Kompany demands cap on games
- Norway limits wild salmon fishing as stocks hit new lows
- Top Hezbollah commander killed in Israeli strike on Beirut
- Rotterdam fatal knife attacker suspected of 'terrorist motive'
- First early votes cast in knife-edge US presidential election
- Top-ranked Swiatek out of Beijing due to 'personal matters'
- Hard-right Reform UK looks to the future after vote success
- Embiid agrees to NBA contract extension with 76ers
- Joshua aims to complete road to redemption in Dubois bout
- World champion Bagnaia sets pace with lap record at Misano
- Biden says 'working' to get people back to homes on Israel-Lebanon border
- Pope criticises Argentina's crackdown on protesters
Clock ticking on Swiss watches' raw materials from Russia
Diamonds shine brightly at this year's Geneva watch fair but the sanctions slapped on Russia could soon force the Swiss watch industry to produce more subdued designs.
Russia is a major supplier of diamonds, gold and other precious metals to the luxury watchmakers exhibiting at Watches and Wonders, one of the world's top salons for the prestige industry.
The Russian group Alrosa -- the world's largest diamond mining company -- was hit by US sanctions within hours of the Kremlin-ordered invasion of Ukraine on February 24.
According to US Treasury figures, it accounts for 90 percent of Russia's diamond mining capacity, and 28 percent globally.
And while trade between Switzerland and Russia is modest, gold is the chief import, ahead of precious metals such as platinum followed by diamonds not mounted or set, according to the Swiss customs office.
Compared to other sectors of the Swiss economy, "watchmaking was a branch that was less affected than others by supply problems in 2021", Jean-Daniel Pasche, president of the Federation of the Swiss Watch Industry, told AFP.
But that may no longer be the case, he acknowledged, adding that it was hard to assess the repercussions for the watch industry at this stage.
"There are obviously reserves. Afterwards, we will have to see, depending on how long the conflict lasts," Pasche said.
- Recycled gold and palladium -
The Swiss luxury giant Richemont owns the Cartier and Van Cleef & Arpels jewellery firms, plus eight prestigious watch brands, including Piaget and IWC.
The group took the lead on Wednesday, saying all its brands have stopped sourcing diamonds from Russia.
The move will create a lot of work on the supply chain to find responsibly-sourced, quality diamonds from elsewhere, Richemont chief executive Jerome Lambert told a press conference.
Gold supply is of less concern. For a decade or so, Richemont has been sourcing recycled gold for watchmaking, bought from industry and the electronics sector.
For palladium, used for instance for wedding and engagement rings, the group decided "ahead of the sanctions" to switch to suppliers specialising in recycled palladium, Lambert said.
- Draining the stocks -
At Patek Philippe, one of the most prestigious Swiss brands, the firm's president is counting on his stockpile to ride out the storm.
"Luckily I produce in small quantities," said Thierry Stern, who represents the fourth generation of his family at the company helm.
"So I don't feel any difference yet," he told AFP. For 2022, Patek Philippe plans to manufacture 66,000 timepieces.
"And if I can't find certain stones, I can always do engraving," said the head of the brand, which relies on a wide range of disciplines including ceramics, marquetry and enamel.
H. Moser, a niche brand producing 2,000 watches a year for wealthy collectors, struck much the same tone.
"Purchases are made in advance. For example, for the casings that I want to make in 2023, I have already bought all the gold I need," said boss Edouard Meylan.
"But maybe in six months' time some of our suppliers will call to push back the deadlines because they haven't received the materials," he admitted.
Concerns over raw materials "will drive up prices, of course", said Jon Cox, an industry analyst with the Kepler Cheuvreux financial services company.
However, compared to other sectors, luxury firms have more leeway to pass on costs to customers, he added.
However, given the war and its repercussions, "I imagine product development will move to more subdued luxury goods", Cox said.
J.Fankhauser--BTB