The answer is simple: YES
There are no custom taxes on watches and jewelleries in Iceland. All foreign tourists enjoy the privilege of buying watches and jewellery in Iceland with a 15% tax refund. Visitors from abroad are often quite surprised to discover the advantageous price of watches and jewellery in the country and many have returned home highly satisfied after doing business with the Michelsen watchmakers and finding out that the tax refund on their purchases even paid the cost of the trip to Iceland!
The Michelsen watchmakers’ shop on Laugavegur, the main shopping street in Reykjavik, offers a wide assortment of watches and jewellery, including many internationally known brands. First and foremost among these are the world famous Rolex watches, for which the Michelsens have been agents since 1981. Relatively rare models are often to be found in the Michelsen shop, for instance the Rolex Daytona in steel, Milgauss and the Sea-Dweller Deepsea to name a few.
Among other interesting watches that might be mentioned are Movado, Zeno Watch, Auguste Reymond, Swiss Military and the famous Danish brands Georg Jensen and Rosendahl.
Lancaster Italy and Emporio Armani are well known among those who choose quality fashion brands. For the young there are Diesel, Fossil, D&G and DKNY watches in an incredibly varied and colourful selection. In jewellery, the Michelsen watchmakers offer Georg Jensen, high-quality 18-carat pieces, often set with diamonds and exquisitely designed. There is also an excellent selection of other jewellery, including numerous examples, designed and handcrafted by Icelandic goldsmiths and jewellers.
