Susumu Muguruma, COO of Valuence Holdings Inc, explains why the Japan-listed pre-owned luxury goods trading company chose Hong Kong as its first overseas base and headquarters, and highlights the new opportunities that the city provides for the company’s global business expansion.

This page lists the contact information of Hong Kong trade associations related to watches and clocks.

The global watch industry is recovering fast from the coronavirus pandemic. While new timepieces are driving Swiss watch exports to a record high, the burgeoning pre-owned market is expected to dominate the market in a few years.

In the first 9 months of 2021, Hong Kong’s total exports of watches and clocks rose by 36%. Mainland China and the US are the largest markets, together accounting for more than one-third of total exports.

Industry players in the Watch & Clock sector are maintaining an optimistic market outlook, according to a recent HKTDC survey. Overall, respondents expected the revival in demand, a spike in e-commerce purchases and an anticipated surge in the sale of smart and sports watches to more than make up for the worst of the pandemic downturn.

The European Commission has adopted a Delegated Regulation supplementing Directive 2014/53/EU (“the Radio Equipment Directive – the RED”) regarding the application of essential requirements for radio equipment. The purpose of the new legislation is to strengthen the respect of personal data protection and privacy and to ensure an adequate level of cybersecurity for toys, childcare radio equipment, internet-connected radio equipment and wearables placed on the EU market.

CBP has issued guidance on the entry/entry summary filing requirements for components of watches or clocks subject to Section 301 tariffs on products from mainland China.

The China Horologe Association has pointed out that, as a result of the pandemic, both the production and sales of the watch industry were reduced in 2020. In the year, the watch and timekeeping instrument manufacturing sector registered a combined industrial output value of RMB48.1 billion, down 29.4% from the year before.

While the pandemic has caused suffering on a truly global scale, it has also prompted positive developments on a number of fronts, spurring people into action, overturning norms and challenging the status quo, while also hopefully ushering in a more innovative and sustainable era. Ideally positioned to track such ever-changing times, the watch and clock sector is adapting to this new dynamic by taking on the role of an innovative industry leader.

Modifications to two U.S. Customs and Border Protection rulings will eliminate Section 301 tariffs on certain watch cases made in mainland China and affect continued eligibility for duty preferences when these components are manufactured under free trade agreements or preference programmes incorporating a substantial transformation rule of origin test.