"I mustn't be late for school!" "I've got a train to catch!" "The shops are about to shut!" "It's time for my favourite TV programme!" Many of us are only too aware of the need to know what time it is.

We are probably less aware of the fact that the ability to measure time precisely also enables us to know just where we are. The development of accurate and robust clocks was given an important boost in the 18th century, with the race to design a device to measure longitude at sea, and continues to the present day with the navigational satellites that lie behind GPS (global positioning system) technology. Position can be determined by comparing the local times at two points on the Earth's surface.

Important though accuracy is to us today, it was not always so. For several centuries, watches were extremely expensive and were status symbols for the wealthy. The wristwatch is a 20th century invention; before then they were worn in different ways, often as items of jewelry, and decorated accordingly.

The watchmaking industry has been one of constant innovation, demanding ingenuity, dexterity, design skill, patience and good business sense – all qualities on which the Swiss pride themselves.

The challenges continue: how to balance smallness of size with complexity of function, or low cost with high accuracy and reliability, and how to face up to competition from all over the world.

Time does not stand still; neither do the makers of watches.