Baselworld 2012 – the time of challenges and true solutions

This week the 40th edition of the largest and most prominent jewellery and watches show Baselworld has opened its doors to public, featuring the most famous luxury brands in a number of categories.
During the show jewellery and watch manufacturing companies will unveil their latest collections displaying technological know-hows, craftsmen’s findings and magnificent design. Six huge pavilions are stuffed with brilliant shine and radiance of high-end designer’s jewellery, watches and ornaments.
A total of 441 companies take part in the show, including 296 watch producers and 33 jewellery brands.
At the official Baselworld opening ceremony on 8 March 2012 Jacques J. Duchêne, Chairman of the Exhibitors’ Committee, blessed all the participants relying on stability of the industry and noted that, amid tough economic environment, Swiss watch sector posted the highest results in 2011. Exports of Swiss watches reached a record high worth CHF 19.28 billion having posted 19.2% growth over the previous year.
Asian countries accounted for approximately 55% of Swiss watches sales, while 29% of goods were sold in Europe, 14% in USA, 1% in each of Africa and Australia.
“The positive start of the previous year may be treated as a fortunate omen for 2012 as well,” - Jacques J. Duchêne concluded.
Nevertheless such forces as deterioration of global economic situation, ongoing debt crisis in a number of countries, Euro and US Dollar crisis, rise of Swiss Franc rate, uncertainty resulting from instability of democracy and permanent conflicts in many regions of the world might have contributed to relatively quiet start of the show where no rush of visitors was observed.
Participants of the show pin their hopes on the calm and reserved atmosphere of the show signifies the necessity to outlive drastic restructuring following hard times for the global economy.
During traditional press lunch organized by Israel Diamond Institute (IDI) Eli Avidar, IDI Managing Director spoke with Rough&Polished reporter on the short-term prospects of the diamond industry.
Eli Avidar stated: To my regret, and unfortunately for the whole industry, the territory of former USSR is still not open to the market and diamond trade to the full extent, due to high taxes on polished imports. This market has become the last major market retaining high taxes. We would like to make sure that the time has come to develop polished diamond trade in these regions. The appropriate reforms could carry greater and more positive news than one we evidence from Asian continent.”

Veronica Novoselova, Rough&Polished, from Basel