Bad times for watch industry as Basel trade fair opens

The world's biggest watch fair opened in the Swiss city of Basel on Thursday as a slumping luxury market and the soaring popularity of connected timepieces cast gloom over the industry. Baselworld is the highlight of the year for watch and jewellery makers, with retailers flooding in to snap up the latest eye-candy for their showcases. Around 1,500 exhibitors were participated in the event, including leading watch brands like Rolex, Patek Philippe, Breguet and Omega, alongside high-end jewellers like Graff and Harry Winston, and is expected to draw some 150,000 visitors.