India's relationship with luxury has been evolving, and nowhere is this shift more visible than on the wrists of the country's wealthiest.
What began as a niche passion among a select few has grown into one of the strongest expressions of identity, legacy and investment for ultra-HNIs (High Net-Worth Individuals).
India's Luxury Curve
Kotak has released a new report, Private Luxury Index 2025 (KPLI), the first of its kind in the country, to understand the spending patterns of India's ultra-rich.
Kotak Private notes that luxury today is not about owning expensive things for the sake of it, but about personalisation, exclusivity, craftsmanship and heritage that speak to the tastes of the ultra-HNI community. The report analyses a wide range of lifestyle and asset categories to benchmark what luxury really means in India today.
Among these, luxury watches stand out as a category where sentiment, status and financial motivation converge most clearly.
Data Shows The Same
- The report found a 17 percent decline in the luxury watch price component from 2022 to 2025.
- It also shows that top-tier watchmakers like Rolex, Omega and Patek Philippe continue to outperform and retain demand. The market remains polarised: while several brands still struggle with falling prices, Cartier has risen quietly, powered by the popularity of the Tank, Santos and Panthere collections.
- The report also notes that while China witnesses a sharp contraction in luxury watch consumption, India has become the fastest-growing market for Swiss brands.
- According to the Federation of the Swiss Watch Industry, exports to India surged 35.5 percent in the first ten months of 2025 compared to two years earlier, outpacing the top 30 global markets.
- India imported Swiss watches worth CHF 238.8 million (about Rs 26,40,92,97, 960) in the same period, recording a 9.1 percent jump over 2024.
Why India's Appetite For Luxury Watches Are Soaring
The rise in luxury watch demand in India is driven by a deeper shift in mindset. Ultra-HNIs increasingly view watches as markers of status, expressions of taste and emotional assets to commemorate milestones.
They also function as investments that can be handed down to future generations. Nearly half of ultra-HNIs interviewed for the KPLI had inherited luxury watches.
Campaigns like Patek Philippe's famous "You never actually own a Patek Philippe. You merely look after it for the next generation" perfectly capture this sentiment.
Favourable trade dynamics are adding fuel to this momentum. The free trade pact with the European Free Trade Association, introduced in October, is expected to reduce duties on luxury watches, making high-end brands even more accessible to India's ultra-rich.
Luxury watch culture has also been amplified socially. Public figures and business leaders have turned watches into conversation pieces.
A major business wedding went viral when the groom gifted his groomsmen limited edition Royal Oak Perpetual Calendar watches worth Rs 2 crore each. In May 2025, Salman Khan launched a limited edition watch with Jacob & Co priced at Rs 36.6 lakh.
This cultural visibility, layered with aspiration and heritage, is driving the trend further into India's luxury consciousness.