FALLING POUND BOOSTS SALES OF SWISS WATCHES

13.4pc rise in Swiss watch sales in the UK in July

This compares with a fall of 14.2pc worldwide including a 27.8pc drop in France

UK makes up 6.7pc of overall Swiss watch export market

It takes up to 18 months to make a luxury Swiss watch because many parts are made by hand

Each watch movement is tested for six weeks to ensure it works

The first mechanical watches were made in Europe in 1492

THE fall in sterling has made the UK one of the world’s cheapest places to buy luxury goods – pushing up sales of Swiss watches following the Brexit vote.

Global demand for brands such as Rolex and Omega (as advertised by

Cindy Crawford, pictured) has been subdued in recent months due to a slowdown in the Far East.

But sales of Swiss watches in the UK were up 13.4pc in July as the fall in the value of pound since the Brexit vote – it is down 11pc against the dollar and the euro – boosted demand.

UK sales reached £87m in the month, according to The Federation of the Swiss Watch Industry. It was the best month for the UK market since November. Overall, exports of Swiss watches were down 14.2pc in the month compared with July last year.

The issues in the Far East continued, helping the US overtake Hong Kong as the number one market for Swiss watch exports during the month.

In Europe, sales to France were weak due to a reduction in tourists amid terrorism fears. The industry reached a record £17.5bn of export sales in 2014.

Luca Solca, luxury goods expert at Exane BNP Paribas, said: ‘Brexit has provided a boon for UK luxury retailers.’