Quartz crisis is the revolution in the watchmaking industry caused by the development of quartz watches in the 1970s and early 1980s. The quartz watches significantly replaced mechanical watches around the world. It caused the crisis of the Swiss watchmakers, which were focused on classical mechanical watches. The quartz watches appeared to be less expensive and more accurate than the mechanical ones. The quartz watches production was mostly located in Japan at that time. Such Japanese companies as Seiko, Citizen and Casio were the first to introduce the market the new electronic technology. 