After more than 80 years of being the sole agent for Rolex watches in Jamaica, Swiss Stores has given up the agency, and starts a new phase in its business development as of today.

“We have decided after 80 years to give up the Rolex agency effective the end of April,” Managing Director of Swiss Stores Ueli Bangerter told the

Jamaica Observer on Friday. “It is our decision.”

The company will continue to sell jewellery and certified previously owned Rolexes from its 107 Harbour Street flagship store, but will now be closing its only other shop in Rosehall, St James.

Swiss Stores started in Jamaica in 1935 after forming a direct relationship with Rolex to sell the watches here. But changes in the economy, on both a local and global scale, helped prompt Bangerter to make the decision to discontinue the agency relationship.

“We are no longer an island as we used to be,” Bangerter told

Sunday Finance. “We were not able to recover from the 2008 crisis, including Olint and Cash Plus, that took a lot of money out of the market.”

The end result was fewer sales, making it harder for the company to maintain its six stores islandwide. Previous locations in Ocho Rios and in New Kingston were closed some time ago.

“Rolex and other luxury brands demand – rightfully – that you have a store of a certain style and in certain locations.”

To help boost profits, Bangerter – Swiss-born nephew of director Peter Bangerter – had started to extend the jewellery store’s core business into real estate and the restaurant business.

The Harbour Street store was remodelled into a trendy, upmarket restaurant, F+B – originally serving primarily sandwiches and soups to business executives in the area, but then extending the menu to include a greater variety of options, including Jamaican, pasta and Chinese dishes.

Competing jewellery store Bijoux will now carry the prestigious Swiss brand as the official agency – a move that Bangerter is happy about.

Bijoux is “an excellent company with an outstanding reputation,” Bangerter said.

Bijoux already sold several prestigious watch brands, including Omega, Breitling, Hublot and Raymond Weil, but until now could not offer perhaps the most prestigious of all – Rolex. Its locations include its headquarters on Knutsford Boulevard in New Kingston and a location near the former Swiss Stores in Rose Hall. Other stores are at Sangster International Airport in Montego Bay, St James; Ocho Rios, St Ann, and in Falmouth, Trelawny.

But Swiss Stores is still maintaining good relations with Rolex. Although it will no longer sell new Rolexes, the jewellery business will still sell previously owned Rolexes and will also repair the timepieces.

“We will continue after-sales service and will remain the official Rolex service agent, with our state-of-the-art workshop,” Bangerter said.

“Swiss Stores will continue to retail fine jewellery, watches and selected gift items and also produce custom-made, high-end jewellery in our own workshop,” he declared.