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Tuesday, 21st March 2006 (5524 views)

The Swiss watch export industry is booming, bolstered by the production of gold and platinum pieces, according to Reuters.

Last month, the industry value rose by a year-on-year rate of 9.5 per cent to 930 million Swiss francs, following an increase recorded in January.

The rise in exports is expected to continue through this month, claims private bank Lombard Odier Darier Hentsch & Cie.

In a statement, the Federation of the Swiss Watch Industry said: "The export value of wristwatches was supported mainly by products manufactured from 18-carat gold and steel. Platinum timepieces also registered a significant increase."

Luxury watches proved particularly popular last year, with sales of the items reaching 50,000 units – an increase of 3.1 per cent.

Despite this, watches at the other end of the market have taken a downturn in sales in recent months.

Analysts say the sector is dependent on sales of products costing more than 3,000 francs, suggesting consumers are indulging their expensive tastes for new timepieces.

 

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