The Baselworld 2012 Watch and Jewelry Show opened in Basel, Switzerland last week, drawing more than 10,000 buyers from all over the world, and reaching a record high since the annual event started in 1917. 　　Each spring, some 1,800 companies, including the most renowned brands from the watch, jewelry and precious-stone industries, together with related sectors, showcase their latest innovations and products in Basel. 　　"We have approximately 2,000 exhibitors coming from more than 40 different countries; We have 100,000 buyers and more than 3,000 representatives of the press from all over the world," said Sylvie Ritter, Managing director of Baselworld. 　　Baselworld is considered a weather vane for fashion and luxury industries. Surprisingly, despite the Euro crisis, many brands are feeling hopeful about this year's business. 　　"You know we have the Euro crisis, but it's not gonna affect our business for the moment dramatically, 'cause the world is a big market today. If you have Europe a bit bad and you have America which is doing better, you have China still doing very well, you have other countries. I think it's a big market place, and there is a lot of market still to be developed in the world," said Stephen Urquhart, President of Omega SA. 　　The main reason why the fashion and luxury industries are optimistic about this year's business is probably because of China's growing purchasing power. 　　According to one of the watch brand, Swiss watch export was just below 20 billion Swiss francs - 19.3 percent of the total value. But Asia is beyond 55 percent of exports. 　　According to official data issued by the organizing committee, China has become the fastest growing market for the watch industry, and Hong Kong has become the second largest watch market and the fifth largest jewelry market in the world.