Geographical indications (GI) have become increasingly important in agri-food markets, particularly in Europe. For Swiss cheese imports and exports, we analyse in how far GI labels are associated with higher trade prices. We find that both for Swiss cheese exports, and for cheese imports (mostly from the EU), price premiums can be reached, but only for cheese types with a strong GI protection, where the whole name is protected (e.g. Gruyère, Grana Padano). Cheese types with a weak GI protection, where part of the name can be used by competitors from other regions (e.g. Emmentaler Switzerland, Gouda Holland), no price premium is realized. Also, non-GI cheeses with a protected trademark obtain a price premium compared to non-branded cheese. We conclude that higher prices in international cheese trade are less a matter of official GI labels, but more a matter of exclusive branding and ensuring non-substitutability.