The awards were distributed at a function at The Palace, Old Town, Dubai.

"The award is further recognition of Parmigiani Fleurier's front-running position as pioneers and innovators of the first order in the world of haute horlogerie," said Guillaume Marx, area sales manager of Parmigiani Fleurier.

"The brand retains its position as one of the leading watchmakers in the industry with their technical mastery over complications and ability to carry out near-perfect restorations of old classics. I would like to take this opportunity to dedicate the award to the 500 employees of Parmigiani in Switzerland."

The award also underlines the important role played by Parmigiani as one of the leading Swiss luxury brands who are at the forefront of the rapidly resurgent Swiss watch industry, which looks set for a record year.

According to recent industry estimates, Swiss watch exports till Q3, 2011 stood at $14.72 billion, nearly 20 percent up over last year.

Exports for the fourth quarter only need equal the amount for the same period last year, i.e. $5.34 billion, to give a total of $20.05 billion for the year. Compare this with the industry's current record of $18.56 billion in 2008, the previous highest total.

The Middle East and the emerging economies of Asia are significant markets for the Swiss watch industry, which exports nearly 95 percent of its production.

The UAE ranks among the top 10 importers of Swiss watches in the world.