The awards were distributed at a glittering function at The Palace, Old Town, Dubai.
The awards were adjudged by a panel of high-powered judges comprising leading business personalities and acknowledged connoisseurs of the finest in luxury.
They were Nuruddin Mustafa bin Abdul Latif, chairman of Manco; Yogesh Mehta, managing director of Petrochem and Janette Green, brand communications director of Aston Martin Lagonda.
"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 on receiving the award.
"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 further 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.
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.
Asia and Oceania, including the GCC and Levant take up 47 percent of Swiss watch exports in value, Europe 33 percent, Americas 19 percent. The UAE ranks among the top ten importers of Swiss watches in the world.