Curb Counterfeiting Says Trade at Basel

Warning “this evil has become too vast to ignore,” jewelry and watch trade groups urged governments to take aggressive action against the rampant counterfeiting of luxury products. “[We need] concerted global action … to cut off the head of this snake,” said Jacques J. Duchêne, president of the BaselWorld Exhibitors Committee, at a press conference at the opening of BaselWorld 2006. He estimated that 40 million fake Swiss watches are sold annually worldwide, netting an estimated $610 million profit for counterfeiters. Fake goods of all kinds represent about 10 percent of total global trade, with an annual turnover of about $329 billion. “Our watchmakers invest hugely in research, development, marketing, and in training their employees to offer customers the best quality, precision, materials, and brand positioning,” said Duchêne. “The imitators are profiting from
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