Swiss watch exports recorded a steep decline in March as demand in China and Hong Kong dipped below that of four years ago, during the height of the pandemic.
Shipments of timepieces slid 16% to CHF 2 billion ($2.2 billion) for the month, the Federation of the Swiss Watch Industry reported Thursday. The downturn followed a 3.8% fall in February, the first drop in more than two years, as appetite began to falter in Asia.
“Swiss watch exports recorded a sharp decline in March,” the federation noted. “China and Hong Kong accounted for a particularly high proportion of the trend. China suffered a decline…dropping to a level below that of March 2020, when the sector practically came to a halt in the middle of the month because of the Covid-19 pandemic. Hong Kong…saw a similar change.”
Supply to the US fell 7% to CHF 340.5 million ($374.5 million). In China, the federation’s second-largest market, shipments plunged 42% to CHF 150.2 million ($165.2 million), and in Hong Kong they plummeted 44% to CHF 148.1 million ($162.9 million). In Japan exports saw a 3.5% drop, while they slipped 3.6% in the United Arab Emirates (UAE). Decreases of 15% in Singapore, 13% in the UK and Germany, and 12% in France were closer to the global average, the federation explained.
Timepieces at each price point noted decreases. Watches that cost less than CHF 200 ($220) fell 19%, as did those priced between CHF 200 and CHF 500 ($550). Watches valued at CHF 500 to CHF 3,000 ($3,300) slid 38%, while those worth over CHF 3,000 decreased 10%.
For the first quarter of the year, exports went down 6% to CHF 6.08 billion ($6.69 billion).
Two new 36mm Explorers, one of them two-tone, headline Rolex’s 2021 introductions, released today. Other new models include a Daytona with a meteorite dial, a diamond-studded Day-Date with orange accents and a fully set Lady-Datejust
The Rolex Explorer two-tone in 18k yellow gold and Oystersteel.
The Explorer is sized down a notch to 36mm from 39mm. But it’s really back to the beginning – the Explorer was 36mm when it was introduced in 1963, which also bore the iconic 3,6 and 9 numeral placement. The two-tone 18k yellow gold and Oystersteel combo is new. The dial is lacquered now, in keeping with its notch up the scale into gold territory. Inside is the caliber 3230, featuring Rolex’s signature Chronergy escapement and a blue Parachrom hairspring, with a power reserve of 70 hours. $10,800
Rolex Daytona with meteorite dial in 18k white gold
The second new stunner from Rolex is out of this world in more ways than one. Not only is it likely to be even more unattainable than the standard Daytona at retail, but it has a solid meteorite dial. The 18k white gold version is the same size, same movement, same ceramic bezel, same Oysterflex bracelet as the standard model, but the meteorite dial somehow changes everything. It is now more than a sports watch, more than an investment piece. It is a fashion statement! There are also yellow gold and Everose gold versions, but this dial is more than perfect on the white gold version, which is priced at $34,050.
Diamond paved Rolex Day-Date 36 with coral enameled numerals and a coral alligator strap
Rolex is also demonstrating its metiers and gemsetting prowess with two jeweled watches this year: a diamond paved Day-Date 36 with orange enameled numerals and an orange alligator strap to match; and a fully set Lady-Datejust set with more than 500 diamonds – there are also turquoise and burgundy editions. The numerals on the Day-Date shine with the unmistakable glow of enamel. On the Lady-Datejust, the numerals are made of gold with a black PVD coating. The Lady-Datejust is set with 1,089 diamonds.
The Rolex Lady-Datejust is set with 1,089 diamonds
