What Crisis? Swiss Watchmakers Eye Record 2012

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Swiss watchmakers said Wednesday that they are expecting demand in 2012 to beat that of 2011, when exports hit a record, even though growth would be less pronounced than last year.

"If exports reach between 20 and 25 billion francs in 2012, we would be satisfied," said Francois Thiebaud, who heads the Swiss exhibitors' committee at Baselworld, the world's biggest watch fair.

Swiss exports, a barometer of the world watch industry, reached a record 19.3 billion francs (11.5 billion euros) in 2011, soaring 19.2 percent from a year earlier.

Thiebaud said that the pace of growth was likely to be slower than in 2011, adding that "if growth approaches two digits, that would be good."

Demand in January was encouraging and February "looks good" thanks to Chinese new year, he said, adding that even if the global economic outlook looks difficult, "the potential of Swiss watchmaking is still there."

"There are still good markets, notably in Asia and emerging countries," he added.

These markets have helped the sector resist consecutive economic crises, which have hit developed markets hardest.

Swiss exports to Asia alone exceeded 10 billion francs in 2011, just over half of the year's revenues.

Some 1,815 exhibitors, including leading brands Rolex, Chopard and Omega, from 41 countries are showcasing their latest creations at the Baselworld fair.

A highlight of the show would be Swiss brand Hublot's $5 million watch -- the world's most expensive and encrusted with 1,282 diamonds.

About 100,000 visitors are expected at the show which opens to the public Thursday.