The sales of Swiss Watches have seen their biggest decline since the aftermath of the financial crisis of 2008, with sales dropping by 10%, a value worth more than £1.6bn. Part of the decline was attributed to crackdown of political bribery in China, in which the watches were frequently used, as the more expensive ones are often worth more than their weight in gold. The company announced that since 2012 sales in China had dropped by 22% and by 25% in Hong Kong, meaning some of the profits of the Swiss Watches company have been affected. Between 2005 and 2012, exports to China had in fact increased by 370%, however the head of the watch industry group at Deloitte, suggested that watch sales have been on the decline for years and may never see a return to the peak of their value.