Time is that eternal enigma, which draws on many fractal planes and parallels. Vedas and Puranas break down time into highly intricate, recursive units, ranging from sub-atomic durations to macro-cosmic cycles of yugas, with Srimad Bhagavatam defining truti – the smallest measurable unit as the time it takes a needle to pierce a single lotus petal. Keeping time was documented dating back to 2 BCE.
Fast forward to 21st-century India. Buoyed by the landmark trade deal between India and the European Free Trade Agreement that cascaded into falling import duties on luxury watches, the demand and consumption of global brands like Rado, Omega, Breitling, Rolex, Hublot, TAG Heuer, Tiffany, Chanel, LVMH and Cartier have seen steady upward market expansion.
With consumer psyche strongly embedded in brand-driven statements, be it cars, apparel, handbags, jewellery, perfumes, mobile devices and accessories, watches still command premium attention and high-octane ‘eye-gasm’. After the initial functional clamour for smartwatches, the fervour has settled and somewhat negated them as a faux-pas to high-end celebrity cocktail circuits, where wrists must sport limited edition time machines crafted to the cravings of the chosen few. The adornment speaks an unspoken language endorsed by the brand, be it exploration, resilience, speed, passion or even the venom of being bitten by temptation in Eden. From skeleton precision dive watches to precision mastery over materials incorporating titanium, diamonds, sapphire crystal, gold, platinum, rubies and emeralds, these works of art are as timeless as the timekeepers they are morphed into.
While Swiss watch imports have crossed $350 million, the luxury branded watch market is projected to climb upwards of $7 billion by 2030, doubling its current demand with a growth rate of 10.23 per cent. While high-end watch-makers brand their products aligned to a mission endorsed by those who have attained a stature aligned with the core values of the brand that could range from race car drivers, tennis and other sporting champions, ocean explorers, mountain climbers, Olympians, movie stars, music maestros to movie stars, to name a few. So powerful and sanctimonious are the brand identities that they are carefully coiffed and curated for both pedigree and the legacy trends that continue to propagate consumer appetite.
The early Indian watch manufacturer, Hindustan Machine Tools, in collaboration with Citizen of Japan, made watches affordable in the 1960s and largely remained unchallenged till the Tatas entered the market with their Titan brand in the 1980s, veering talent from HMT. The designs gravitated for over two decades with western trends with much of the history documented in a dedicated HMT Heritage Museum in Bengaluru. Then began an interesting phenomenon of ethnic elements on dials and wrist clasps, from miniature paintings to heritage induced collectors time-pieces. Titan today generates 17 million watches a year, making it the fifth largest in the world.
There is a new market that is surfacing in India that is weaving high-end finishes with compelling stories to capture and micro-target niche demand. The unique aesthetic incorporates old coins, gold and diamond flourishes, sustainability, symbols that embody a sense of history and nationalistic pride – ranging from classical lions and tiger motifs from medieval and ancient India to lesser-known celestial and common avatars. Recycled metal from naval ships, iron bridges, laminated stamps and vintage memorabilia are increasingly being sought to make a statement on the wrist, as is the transition from a time machine to an heirloom drawing on the erstwhile and timeless aesthetic of India through the millennia.
The appeal of the smart watch and its minimalist design and functional prowess are certainly here to stay as it gains a spot in tech-ware as a ‘must-have’. There are strong indicators of purchases offered by limited edition boutique watchmakers fetching astronomical prices upwards of $1 million and even higher for custom-made automatics and those making rare appearances on auction blocks. Closed-door sales, qualifier demands and scarcity are often a heady combination of driving up the human psyche to possess the rarest of the rare with ultra-premium prices seldom disclosed in the open.
In addition to high standards of technological precision aiding horology, the market catalysts are realising the need for a proactive ecosystem that elevates the manufacturing supply chain, vocational skills, seamless connectivity, regulatory compliance, and access to offshore production outsourcing and two-way resource pooling.
From ancient Vedic times of telling time using celestial markers to the famous Sun Dials of Maharaja Sawai Jai Singh’s Jantar Mantar in the 1720s, time-keeping has come a long way.