Swarovski was founded in 1895 by Daniel Swarovski, a Bohemian inventor and visionary based in Wattens, Tyrol in Austria. It came to dominate the European jewelry industry through its newly-invented machine for cutting and polishing crystal jewelry stones. Today, the company, still family-owned and run by 5th generation family members, has a global reach with some 25,000 employees, a presence in over 120 countries and a turnover in 2012 of 2.38 billion Euros. Swarovski comprises two major businesses, one producing and selling loose elements to the industry and the other creating design-driven finished products. Swarovski crystals have become an essential ingredient of international design. Since 1965 the company has also catered to the fine jewelry industry with precision-cut genuine gemstones and created stones.