Recovery, not recession, is on the lips of Swiss watchmakers as they greet visitors to BaselWorld, the industry’s bellwether event held each March on the banks of the Rhine. Brands are buoyed by the latest figures out on Swiss watch exports – the opening months of 2010 marked an end to five consecutive quarters of negative growth.

In the aspirational Hall of Dreams (home to the likes of Rolex and Patek Philippe) inside Basel’s fairgrounds, some speak of the modest upturn in hushed tones; others, meanwhile, have plenty to shout about. “We’ve had the best quarter ever!” booms Hublot CEO Jean-Claude Biver, as he bangs the table with his fists for emphasis.

Biver is again playing the part of provocateur, resolute in his belief that the economic crisis has offered forward-thinking firms an advantage. “We’ve hired people while others were laying off and we’ve invested in a new factory.” The marque also unveils Unico, its first movement made entirely in-house, to much fanfare with the screening of a 3D film.

Over at Omega, employees bask in a post-Vancouver glow – the firm is the ­official timekeeper of the Olympics. “We have held up well,” says Omega president Stephen Urquhart. “Our retail presence has helped us weather the storm; own store sales are up 17 per cent.”

Like many, Omega has turned its focus to Asia – the region now accounts for over 50 per cent of industry revenue. Boosted by new shoppers in China, ­Singapore and Taiwan, Asian retailers are out in force at Basel, with many spotted at the stand of Carl F Bucherer as interest remains strong for classic brands from Switzerland.

Design-wise, understatement and ­innovation are the dominant themes. Slightly smaller cases are common, while titanium and ceramic, once exclusive watchmaking materials, are gaining in popularity. Among those pushing the horological envelope is TAG Heuer. Celebrating 150 years in the trade, its Pendulum concept watch is fitted with a magnetic oscillator, making it the world’s first mechanical movement without a hairspring. While marking the 40th anniversary of its Astron quartz wristwatch, which spurred a revolution that still stings in Switzerland, Seiko ups the ante with its new electronic ink timepiece that features a 300-dpi display.

At Maurice Lacroix, watchmakers pull off a geometric coup by using a square wheel, itself driven by a signature cloverleaf, on the dial to indicate the hour. Even couturier Chanel jumps on the creative bandwagon with a retractable crown on the dial of its sleek new J12 Rétrograde Mystérieuse.

But not all the buzz is generated by the big names. Start-up Celsius X VI II talks up its mobile phone-mechanical timepiece complete with tourbillon. The asking price? A pre-recession price tag of €250,000.