GPHG Awards Recap & Tariff Reduction on Swiss Watches: The Latest from the Horological World

In mid-November, the horological world arrived at the much-anticipated climax of the ‘Watch Oscars’, an essential event in the watchmaking calendar. The Grand Prix d’Horlogerie de Genève (GPHG) awards were distributed to winners in eighteen varying categories, from the everyday variety to ultra-high-end masterpieces. While the ceremony was graced by industry giants such as Audemars Piguet, Bulgari, and Grand Seiko, notable names like Rolex and Omega were stark absentees from the event each year. The GPHG Awards have been criticized for their pay-to-play format, triggering debates about the fairness of the nomination and award process. Despite the controversies, these awards are regarded as the most representative distinction of excellence within the industry.\

On another front, significant changes were underway regarding U.S. tariffs for Swiss watches. The uneven nature of these tariffs created a sense of distress within the industry. These tariffs saw alterations, from the 10% level in April to 39% in August, leading to considerable uncertainty. However, circumstances took a surprising turn when Rolex CEO Jean-Frédéric Dufour, among other Swiss watch executives, visited the White House in November. Post-meeting, the tariffs on Swiss goods saw reduction to 15%, putting them on par with other EU goods. The prevalent theory linking Rolex’s delegation visit to the tariff reduction provides a fascinating insight into the intricate dynamics of the watch industry and politics.
The mentioned occurrences serve as crucial junctures in the ongoing narrative of the global watch industry. Even as the future invariably introduces new paradigms, the incredible interplay of design, artistry, and commerce persists, making the world of horology a continually captivating realm.