Switzerland, home to almost each and every luxury watch brand in the world, is seeking tougher rules to protect its “made in Switzerland” label.
It’s not only luxury watches that the Swiss Government is seeking to protect, it’s all luxury goods made in that country, from cheese and penknives to men’s and women’s luxury watches.
It’s known that when something is labeled “made in Switzerland” consumers are willing to pay for that certification; up to 20% more.
This label along with the white on red Swiss cross logo has been stolen by counterfeit companies looking to produce and sell cheaper version of luxury goods. China is king of this practice and luxury watchmakers like the Swatch Group, Rolex and Richemont, which owns brands like Cartier watches, Jaeger-LeCoultre and Panerai, among others, are feeling the brunt of this.
To toughen the use of the right to use the “Swiss made” label, the government is proposing that “60% of the manufacturing costs of industrial products are accrued in Switzerland.”
The luxury watch industry currently demands that at least 50% of a timepiece’s mechanics must be made in Switzerland to qualify as “Swiss”, but has already proposed an increase even for itself of 80%.
When shopping for a luxury watch its critical to make sure that the watch is certified and comes with a trackable serial number. However, it also pays to realize that one need not purchase a men’s or women’s luxury watch from the brand’s boutique or another retailer; there are many online sellers that offer the real deal at less expensive prices.