Sales of Swiss watches exceed $7.6 billion in H1 2010
As Swiss watch exports returned to a trend of steady growth throughout the first half of 2010, an increasing number of Swiss watch manufacturers are eyeing the Middle East market to further expand their share of business. In the first six months of 2010, the sector exported products valued at 7.6 billion US$ globally*. It therefore exceeded last year's level by 19.7%, a difference of more than 1.25 billion US$.
Luxury watch brand Milus will be among the prominent Swiss manufacturers that will be displaying their range of products - along with their distributors Bahrain Jewellery Centre at the forthcoming Jewellery Arabia 2010 - the largest and most prestigious jewellery exhibition in the Middle East taking place in Bahrain from 26th to 30th October. The event, being held under the patronage of His Royal Highness Prince Khalifa bin Salman Al Khalifa, Prime Minister of the Kingdom of Bahrain, is the leading international exhibition of its kind in the Middle East since its inception in 1992.
"We have identified the Middle East region as an important growth market for our business, and Jewellery Arabia offers the ideal platform to reach out trade buyers and private collectors from throughout region," said Jan Edocs, President and CEO of Milus International.
"Bahrain offers significant business potential for the luxury business as the Kingdom offers unrivalled attractions as a base for doing business in the prosperous and growing markets of one of the world's most rapidly developing regions and caters not only to the local population but to its vast trading hinterland which includes Saudi Arabia, the UAE and Qatar as well," Mr Edocs added.
The significance of the Middle East region for the Swiss watch industry cannot be understated as the UAE (9th), Saudi Arabia (14th) and Qatar (21st) rank among the top 30 markets for Swiss watch exports in 2010.