Middle East watch sales surge (page 4 of 4)

Imitation may be the sincerest form of flattery, but it is another problem facing watchmakers. Fake Rolex, Omega and Patek watches, produced in China and other Asian countries, are widely available for less than $30.

But the watch companies say that their main worry about fakes is not so much the monetary losses but the damage done to the brand image. "We don't risk losing any customers to imitations. Nobody who really wants to buy a genuine Chopard will even think of buying a fake one,'' says Abdul Wahed Ahmed Al Suwaidi."But he might be irritated by finding that his driver is also sporting the same watch, even if it's a fake."

The market leader, Rolex, has a similar position. "We have customers who firmly believe in the reputation of the Swiss watch industry and who will not be taken in by a cheap imitation," says Ahmed Rasoul Khouri, the agent for Rolex in Abu Dhabi. "We are not very concerned, but fake watches should not be in the market because that is a violation of trademark and intellectual property laws."

Real or fake, secondhand or truly new, the regional luxury watch market is clearly here to stay - and grow. When Breguet and Patek Philippe launched the world's first wristwatches, in the 19th century, only the kings and queens of Europe could afford to buy one.

Over the years, production increased and the number of players multiplied, but luxury watches have maintained their status as symbols of success. For the world's top brands, new markets have appeared and old ones faded. But not much else has changed. For this $3 billion industry, the most basic fact still holds true: time is money.