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Luminox Advt
WMR - July 2017


WMR - July 2017

We are right in the midst of a momentous change in the economy. It is something that was very intensively discussed and debated, and one of the changes that people were looking forward to. A little over three years of the Narendra Modi government has seen some bold economic moves, such as the demonetization last year. However, right now the implementation of the GST is what is most talked about.

During the course of the year, in our meetings and interactions with watch brands and retailers, we could sense that people felt that things would improve and processes would get streamlined once the GST is implemented. As per what we gleaned, people on the whole felt that the GST holds promise. However, the GST of 28% on watches and 18% on clocks has left the industry disappointed. We are specially concerned about how this will play out for smaller and medium sized enterprises, since these rates are also applicable for clock and watch parts. This would affect the watch manufacturing sector as well. Moreover, luxury watches will definitely get more expensive.

We have entered the festive and the wedding season. Historically, these have always been times when the demand for watches goes up. This is for gifting as well as for personal use. Agreed, that these days there are a plethora of options when it comes to gifting, but watches are something that are evergreen.

This is the time when brands get active as well and there are many launches and events happening. It promises to be an exciting time ahead. Smartwatches have created a niche for themselves in the Indian market as well, and it is interesting to see the varied interpretations of smart technology on traditional watches. With new