The sudden announcement of President Donald Trump imposing a 31% tariff on Swiss watch imports landed like a thunderbolt in the middle of Watches & Wonders 2025 in Geneva—the world’s most important annual watch fair. What began as an upbeat celebration of horological artistry soon turned sombre, as CEOs started reworking their strategies. The US accounts for one-fifth of the entire Swiss watch exports, which has been steadily growing over the past couple of years, offsetting the fall in sales in Greater China and Hong Kong. These hurdles, along with growing geopolitical tensions, are factors that are weakening consumer confidence and purchasing power worldwide. In comparison, according to a Statista report, the current Indian watch market is pegged at around USD 4.25 billion, projected to grow at an annual CAGR of 8.2% over the next five years.
Art of Time Roger Dubuis Excalibur Monobalancier Lord Ganesha Edition | pic: Art of Time
Unstoppable India
Niladri Mazumder, President and COO, Seiko Watch India, comments, "Post Covid the luxury watch sales growth in India has been exponential. Seiko India has grown by 50% year on year since. During the Covid years, the rich with high disposable income renewed their confidence to buy in India due to better product availability and great service from Indian retailers. This has continued in the post-Covid times, leading to this surge in luxury watch sales."
While the top 15 watch markets have been literally flat in the first half of 2025, India—still ranked 21st in terms of size—has been steadily growing in double digits. In the first half of 2025, Swiss watch exports to India grew 12.7% year-on-year, reaching CHF 128.3 million. This is not an aberration; India has been the fastest-growing market for Swiss watches for the past three years. With strong GDP growth (projected at around 6.5% for FY26) and a rapidly expanding upper-middle class, the demand for luxury items is soaring. The number of dollar millionaires in India is 868,660. The number of billionaires currently stands at 191, together holding close to USD 1 trillion in reported wealth. This wealth creation is reshaping the luxury landscape. “A decade ago, luxury watches in India were for a small circle of collectors. Today growth is fuelled by a community of young professionals, women buyers and enhanced interest from Tier II cities,” explains Gaurav Bhatia, Director, Art of Time, one of India’s leading luxury watch retailers.
Rose x Chopard Limited Edition Happy Sport | Rose The Watch Bar
Favourable trade deals
The India–EFTA Trade & Economic Partnership Agreement (TEPA) plans to reduce customs duties on Swiss watches (currently around 20–23%) to zero over seven years, enhancing market sentiments and sparking confidence among brands and consumers. Major luxury watchmakers are eyeing India—Richemont’s crown jewel and French high jewellery house, Van Cleef & Arpels, is likely to make its India debut in the next couple of years.
Star power and smart collabs
Luxury watchmakers are increasingly speaking the local language. Bollywood celebrities like Hrithik Roshan and Katrina Kaif for Rado, and Ananya Panday for Timex, have helped the brands connect with the aspirational Indian buyers. Exclusive limited-edition watches made with cricketers MS Dhoni and Sachin Tendulkar have also helped brands like
Panerai and Audemars Piguet gain
visibility. A new trend among Swiss brands is to create collaborative pieces for the Indian market. Chopard has crafted multiple special edition watches for Rose The Watch Bar in Mumbai, including the green dial Happy Sport Oval watch. Most recently, Roger Dubuis launched a special Ganesha edition to celebrate the 10th anniversary of Art of Time just ahead of the Ganpati festival.
In May, Ethos Watches unveiled the 22,000-square-foot City of Time in Gurugram | Pic: Ethos Watches
Retail on the rise
Top luxury retail chains like Ethos and Titan-owned Helios are growing aggressively, while global names such as Cartier, Bvlgari, IWC, Panerai, Breitling and Grand Seiko are opening boutiques in key metro cities. But the next phase of growth will be driven by demand from the Tier II and Tier III cities. Richemont’s luxury retail concept TimeVallee, run by Art of Time in India, is witnessing 40% of its sales come from smaller towns.
E-commerce boom
E-commerce is reshaping watch retail in India. Platforms like Amazon, Flipkart, Myntra, and Tata CLiQ Luxury are fueling access—especially for smaller cities. Montblanc India MD and CEO Neeraj Walia sheds light, “The first sale on Tata CLiQ when Montblanc got listed in April 2018 came within four hours from a district called Kanpur Dehat.” News reports state e-commerce has allowed the luxury sector to expand its reach, and non-metro markets now account for about 55% of our overall revenue for Tata CLiQ.
The future is bright
With the country experiencing a good monsoon and ongoing talks on easing GST, it is expected that the festive and wedding season will be a bumper one for the Indian luxury watch market. “This isn’t a bubble. A young, global-minded audience plus generational wealth means growth will only accelerate. The real driver is personalisation; luxury is becoming a relationship, not just a sale,” Bharat Kapoor, Director, Art of Time.
