Growth in per capita ownership of watches, coupled with demand for quality, has bolstered imports of Swiss watches to $145 million last year, according to a senior industry source quoting official figures.

The Abu Dhabi-based Al Mawasim Watch Co LLC has embarked on a Dh1.5 million promotional drive for its Chancellor watches.

Latest statistics from the Federation of Swiss Watch Makers show that the UAE's imports of Swiss watches were valued at $145 million last year compared with Dh118 million in 2001 and $108 million in 2000, said C. C. Alexander, managing director, Al Mawasim Watch Co, exclusive distributors of Chancellor and Pierre Nicole watches.

The UAE is ranked 10th in imports of Swiss watches worldwide. "The per capita number of watches in the UAE is increasing dramatically as each person owns more than three watches, and many own several more than that. It is more in keeping with fashion. Quality Swiss watches are also in great demand," he said.

The Pierre Nicole brand was introduced in the UAE 10 years ago when the company was formed.

"It has been a successful product and, as part of our tenth anniversary, we are conducting this massive promotion in which 10,000 Pierre Nicole watches worth Dh1.5 million will be given as free gifts on purchase of a Chancellor bracelet watch," he said.

Al Mawasim is also planning to open an office in Dubai shortly to ensure better delivery and stronger customer focus.

The promotion which started early this month and ends in June has elicited a strong response with almost all major outlets reporting 100 per cent sales and stocks getting replaced. "We expect our average sales to be about 10,000 watches in these two months," said Alexander.

The average growth in sales has been 20 per cent, and it should be higher through this promotion, he added.

"The UAE is one of the best watch markets in this region along with Saudi Arabia," noted Alexander who is the only Asian member of the Federation of Swiss Watch Makers.

The company is also eyeing the Iraqi market and plans to make an entry into India.

"We have already had enquiries from Iraq. As for India, it is one of the biggest markets in this region with low customs duty. We are talking to partners there," he said.