Swiss businesses discovered that they now need to deal with a new reality after the value of the Swiss franc spiked by an astonishing 30% in mid-January. Companies are fearing a crash in its exports after its central bank unlinked the currency from the euro, but will this affect the make antique pocket watches, antique wrist watches and other Swiss timepieces that are so world renowned.
It is expected that the country’s current watchmakers, and manufacturers of other luxury goods are set to be most affected by the measure. They will be facing up to a new imbalance between the revenues that they can look to achieve from abroad, and the expanding costs of manufacturing in Switzerland.
Exports account for almost a third of Switzerland’s GDP – they are led bypharmaceuticals, chemicals,precision instruments, electronics and clocks, watches and jewellery.
If we bear all this in mind then the latest news coming out of Switzerland shouldn’t have any bearing on the antique watch market and the prices of vintage Swiss movements. Essentially there is no cause for alarm at this time but we will be sure to keep our readers updated on the subject should the situation change.
Image: Jeffrey Smith under creative commons.