India’s Swiss Watch Imports Soar Amid Global Dip

India’s imports of Swiss watches experienced a substantial surge in the first half of 2026, elevating the nation into the top 15 global export destinations. This significant growth unfolded even as overall global Swiss watch exports registered a slight downturn.

Key Import Figures for H1 2026

• Volume of imports rose by 37%, reaching 200,000 units.
• Import value increased by over 31%, totaling 168.7 million Swiss francs, equivalent to approximately ₹1,991 crore.
• Globally, Swiss watch exports saw a marginal decline of 0.7% during the same period.

A pivotal factor driving this upward trajectory is the India-Switzerland Trade and Economic Partnership Agreement (TEPA), which became operational in October 2025. This bilateral trade pact has directly contributed to tariff reductions on Swiss imports, making high-end luxury timepieces more accessible to Indian consumers.

The agreement’s impact has been a clear benefit for global watch brands and their local retail partners, fostering a conducive environment for market expansion. While currency fluctuations and rising precious metal costs had some influence, the increased unit sales confirm a genuine expansion in underlying market demand.

Evolving Consumer Demand and Retail Expansion

The heightened demand is fueled by a growing demographic of first-time luxury buyers, complementing the purchases of established collectors. Market analysts attribute this trend to increasing personal wealth and the rising purchasing power observed within India’s middle class.

In parallel, retail networks are actively expanding their footprint across India to meet this burgeoning demand. A notable example is luxury watch retailer Ethos, which has broadened its operations to encompass over 100 stores, signaling strong brand confidence in the Indian market’s potential.

Luxury Segments and Investment Appeal

While the luxury segment as a whole is experiencing robust growth, the most rapid gains are specifically concentrated in watches priced above ₹10 lakh. This top-tier category is closely followed by the segment ranging from ₹5 lakh to ₹10 lakh.

Many Indian consumers are increasingly perceiving premium watches not just as status symbols but as tangible investment assets, a perspective that has further bolstered sales, particularly at higher price points. Global brands such as TAG Heuer, Tissot, and Rado are reportedly responding by allocating a greater proportion of their more expensive models to cater to this strong domestic appetite.

Outlook for Sustained Growth

The continued sustainability of this impressive growth trajectory will largely depend on two key factors. Firstly, consistent consumer demand must be maintained, reflecting ongoing economic confidence and purchasing power.

Secondly, the positive impact of TEPA’s tariff reductions on the profit margins for both distributors and retailers will be crucial. These elements combined will determine the long-term viability of India’s position as a key market for Swiss luxury watches.