India now one of the biggest markets for Swiss watches
What's the story
India is fast emerging as a key player in the global Swiss watch market, according to the Federation of the Swiss Watch Industry. The country imported 200,000 Swiss watches in H1 2026, a nearly 37% increase from last year. The value of these imports also saw a significant rise of over 31%, amounting to CHF 168.7 million (approximately ₹1,991 crore).
Market ranking
India's rise amid global watch market trends
The surge in imports has propelled India to the 15th position among the world's largest export markets for Swiss watches, up from 21st last year.
This comes even as global exports of Swiss watches by volume fell by 0.7%.
Unlike mature luxury markets where growth is driven by replacement purchases, India's market is expanding due to first-time luxury buyers and an expanding premium retail sector.
Economic factors
Economic factors and trade agreements boosting imports
Philippe Pegoraro, Chief Economist at the Federation of the Swiss Watch Industry, attributed India's growth to increased demand resulting from the rising purchasing power of the middle class and rising wealth levels.
He also credited the free trade agreement between Switzerland and India that came into effect last October for contributing to this growth.
The India-Switzerland Trade and Economic Partnership Agreement (TEPA) is expected to gradually reduce tariffs on Swiss watches over the coming years.
Market dynamics
Impact of currency fluctuations and rising material costs
The depreciation of the Indian rupee, rising costs of precious materials used in watches, and an expanding market size have all contributed to the increase in imports.
Ashok Goel, Managing Director at Luxury Time Ltd. said shipments of brands his company represents have grown by around 10-12%.
He noted that while higher prices inflated import values, demand has remained healthy.
Market trends
Growth of premium segments in India's luxury watch market
Watches priced above ₹10 lakh are the fastest-growing segment in India's luxury watch market.
The ₹5-10 lakh category is also witnessing healthy growth in both value and volume.
Pushpa Bector, Group Executive Director and Business Head of DLF Retail, said watches have been growing resiliently as people view them as appreciating assets with a robust second-hand market.
Retail expansion
Expansion of international brands in India
Over the last three years, India's luxury retail landscape has grown rapidly with international brands opening mono-brand boutiques and retailers entering new cities.
Ethos, one of India's largest luxury watch retailers, crossed the 100-store mark in FY26 and plans to double its network in the next three to four years.
TAG Heuer expects India to become its largest market across MEIAT region within five years.