Following the Swiss National Bank’s removal of its three-year cap on the franc, Swiss watch prices are expected to significantly increase. The country’s national bank made a decision to remove its minimum exchange rate on January 15, causing currency to soar, reaching 13 per cent against both the dollar and the euro at press time.
According to a company statement from Swatch chairman Nick Hayek, “Today’s SNB action is a tsunami for the export industry and for tourism and finally for the entire country.”
Swatch stock fell 16 per cent following the removal of the minimum exchange rate. CJ
Author: Canadian Jeweller Magazine Staff
Canadian Jeweller Magazine Staff is the shared byline for reporting filed by the magazine's editorial desk. Founded in 1879, Canadian Jeweller is the longest running jewellery business publication in Canada, covering market reporting, retail strategy, watches, diamonds, coloured gemstones and the commerce of the Canadian jewellery trade. Work published under this byline is edited and verified by the Canadian Jeweller editorial team in Toronto.
