India Becomes Fastest Growing Market for Swiss Watch Exports.

Exports of Swiss watches to India grew by 25.2%, as per annual trade figures published by FH on 30th January 2025, making India the fastest-growing exports overseas market for the industry, year on year. This achievement marks a key milestone in trade relations between India and Switzerland that are poised to strengthen even further in 2025-26.

As part of a latest trade agreement, India is anticipated to reduce the import duties on Swiss watches from 22% to 0%, gradually, over seven years. The implementation of this agreement could happen between 2025-26, upon its successful ratification. This trade deal, signed in the spring of 2024, was the result of 15 years of negotiations and became the first trade agreement signed by India with any European trade bloc or nation.

India’s Swiss watch imports have consistently grown in double digits over the past few years. Before topping the growth charts in 2024, India ranked among the top five emerging markets for the Swiss watch industry in 2023. India currently accounts for about 1% of Swiss watch exports. While its market share remains small, the growth potential is immense, as indicated by its impressive growth rate.

Last year, India emerged as the world’s fastest-growing major economy, driven by robust domestic consumption. Over the past six to seven years, the country’s affluent population has grown both in size and spending power. Notably, the higher-income segment of the middle class is on the rise, notes Yashovardhan Saboo, founder and chairman of Ethos Watches, India’s largest luxury watch retailer. “This includes young professionals like doctors, lawyers, financial analysts, as well as entrepreneurs and investors,” he says.

Geographically too, luxury market growth in India is no longer limited to popular hubs like Mumbai and Delhi. The country’s diverse wealth distribution is nurturing smaller yet promising luxury markets, nationwide, "because there has been a gradual shift in the attitude of Indians towards luxury spending," observes Ankit Totla, director of Kamal Watch Co. (KWC). “For example in southern India, where wealth has historically been abundant, spending was focused traditionally on investing in gold and land for wealth preservation”. He notes that the newer generation, influenced by global exposure through international education and travel, has adopted a different approach to wealth utilisation. "Earlier, we would see wealthy Indians buying one watch every 10 years. Now, Indians want to purchase multiple watches each year from various brands."

Founded in 1969, KWC is one of India’s oldest watch retailers, now operating 57 stores across the country and offering watches in a range of price categories. While its key luxury watch stores and boutiques are in the southern city of Hyderabad, KWC has expanded into various metro cities in central and eastern India, these past 2 years.

Ankit Totla observes that watch collectors in India are gaining a much deeper understanding of complications and functions, fueling their passion for collecting watches rather than purchasing them for only special occasions. A sentiment echoed by Arka Roy, a passionate watch collector from Mumbai. Roy’s watch collecting journey began with watches that marked important milestones in his life. His first watch was a Casio Data Bank, a gift from his mother when he joined an engineering college, followed by a Longines Master collection watch, presented to him by his father-in-law at his wedding, as “a symbol of trust and family”, describes Roy.

As Roy expanded his knowledge of watches through online content and communities of like-minded enthusiasts, his appreciation for the craft evolved. “Each purchase now feels like I am embarking on a journey to uncover a story of heritage and legacy,” he says. Roy’s collection now includes A.Lange & Söhne 1815, Jaeger-LeCoultre Reverso Tribute Chronograph as well as independent brand H.Moser & Cie’s Pioneer.

Watches across various price segments have seen increased demand. Elaborating on the preferences of India’s emerging bridge-to-luxury or premium consumers, Akriti Madan, marketing head at Johnson & Co., a prominent luxury watch retailer in New Delhi, says that India’s growing middle class values luxury “that combines status and craftsmanship without being exorbitantly priced”. This preference has fueled remarkable sales for brands like Rado, Longines, TAG Heuer, and Montblanc. These brands have solidified their presence through localized marketing strategies, Indian celebrity endorsements, and by “tapping into India’s expansive gifting culture, which goes beyond graduations, weddings, and anniversaries,” adds Madan.

Higher price segments have also done well. According to Saboo, growth in sales of watches ranging between INR 10,00,000 (€11,140) and INR 100,000,000 (€1,11,405), has been extremely strong. ”because an increasing number of ultra-high-net-worth individuals are now opting to purchase these watches in India rather than in Dubai, Singapore, or London”. However 2024 saw a slight slack in demand for this price segment as compared to previous years.

Saboo anticipates that in the near future, watches priced between INR 1,00,000 (€1110) and INR 10,00,000 (€11,140) will see the highest growth in India.