In Switzerland personal credit is available for a large number of today’s purchases, whether it be a leasing agreement for a new car, monthly payments on a new computer, or instalments on an Iranian rug. Until now no one had thought of creating a financial product for a mechanical watch or a diamond ring.

Swiss Watch Credit was launched this week in Geneva to provide personal credit specifically for watch and jewellery consumers living in Switzerland. In collaboration with GE Money Bank Limited and selected stores, it is now possible to borrow CHF 1,000 to CHF 60,000 for a watch or a piece of jewellery with no deposit and choose the payment terms (between 12 and 60 months). As Bernard Metzger, Committee Member of the Swiss Jewellery and Watchmakers Association and a Lausanne retailer himself explains, “For CHF 200 per month, you can treat yourself to the Patek Philippe of your dreams.”

The Swiss watch and jewellery retail market has not seen the same success as Asia and the Americas. “The Swiss are more hesitant than the international market.” explains Paul Cramatte, CEO and founder of Swiss Watch Credit, “We need to help things along on Swiss territory.” It is hoped that this new service will boost the average Swiss sale from CHF 350, the current amount, to CHF 2,500 and be a real tool for retailers to increase sales without having to resort to discounting. Furthermore, Swiss Watch Credit will provide consumers residing in Switzerland with a genuine solution to purchasing the watch of their dreams, hopefully steering them away from counterfeit or grey market products.

Swiss Watch Credit has joined up with 30 stores throughout Switzerland and 28 more are planned for the end of the year. By the end of 2007 it is hoped that 200 retailers will be using Swiss Watch Credit.

Source: Europa Star

www.swisswatchcredit.com

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