That is also my opinion and question: is the watch still Swiss watch???
Or more specific: a watch made by the traditional Swiss way?
To bear the Swiss logo it needs ONLY to be made more than 50% of the value in Switzerland.
The Geneva Seal is going much, much further and saying it has to be produced in Geneva.
You can find infos about the PP Seal on their webpage.
I have cross read it again and did not find any hint about "being produced in Geneva".
This is not a matter of fact what I am saying here and only my opinion. ( I feel a little caution in writing this is appropriate :-/ )
Best
Moritz