$10 Million Diamond Watch Debuts at HK Timepiece Event

A glittering diamond watch from Switzerland worth $10 million made its debut Wednesday at the Hong Kong Watch and Clock Fair, known as the world’s largest watch-and-clock trade event.

The watch, featuring 186 diamonds and weighing in at 160 carats, was presented by Swiss’s top brand, Vacheron Constantin, from its latest creation in the Kallista series which was first introduced in 1979.

In addition, the world’s first cell phone with a tourbillion was on display at the event, which retails for $400,000.

The fair, which runs until Sunday, attracted 700 exhibitors from 12 countries and regions with special group pavilion set up for Chinese mainland watch makers.

According to the latest figures, in 2011, from January to May, Hong Kong’s exports of watches and clocks to the Chinese mainland saw growth of 27 percent to $474 million.

Organized by the Hong Kong Trade Development Council, the Hong Kong Watch Manufacturers Association and the Federation of Hong Kong Watch Trades and Industries, the event also scheduled more than 25 special activities, including cocktail receptions, conferences, public seminars and watch fashion shows.

Hong Kong is the world’s second largest watch and clock exporter; exports of watches and clocks from Hong Kong reached 3.2 billion US dollars in first five months of 2011, a 24 percent increase compare with the same period last year.

Analysts expected that due to growing demand from the Chinese mainland, the market is expected to expand in the future.

Source:  Xin Hanuet

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