India’s Growing Appetite for Luxury Watches

Luxury watches are becoming an increasingly visible part of India’s wealth and lifestyle landscape. For several ultra-high-net-worth individuals (UHNIs), these timepieces represent more than personal style. They reflect heritage, craftsmanship and a growing interest in collecting.

This growing appetite is reflected in the market. In 2025, India imported Swiss luxury watches worth ₹2,640 crore ($278 million). The global luxury watch market, valued at approximately $56.8 billion, is projected to approach $68 billion by 2031. Swiss maisons such as Rolex, Omega and Patek Philippe continue to attract collectors with their history, precision and craftsmanship. Japanese watchmakers are also strengthening their presence among affluent Indian buyers.

Grand Seiko, for instance, recently opened its second Indian showroom in Bengaluru. The brand has closely followed the country’s growing potential. India, once its 14th-largest market before the pandemic, has become its third-largest market globally outside Japan and the United States.

A Market on the Rise

India’s luxury market is currently valued at around $17 billion and is projected to reach $85–90 billion by 2030. Within this expanding landscape, the premium watch segment is growing at an estimated 11–12 per cent annually. The overall Indian watch market, valued at $4.6 billion, could reach $7.5 billion over the next five years.

The definition of luxury watches in India typically begins at approximately ₹2.5 lakh. According to SOIC Research, high-end watches now account for 70 per cent of watch sales, compared with 48 per cent five to six years ago. Demand for watches priced above ₹2 lakh is also gaining momentum across established luxury brands.

Tatsuya Asami, Director and Senior Vice President of Grand Seiko’s global division, has observed rising demand for high-priced watches in India, with waiting lists becoming increasingly common. He believes the market still has considerable room to grow.