A Report on

LUXURY WATCHES
Swapnaja Bhosle- 162
Harshad Deshpande- 163 PGDBM-II
1
Acknowledgmen
We acknowledge with heartfelt gratitude, the invaluable guidance and assistance offered
by our faculty Pro!" Swapna Pradhan, under whose aegis mentoring we have achieved the
completion of this project. She has been assisting us, comprehend the various gamut of factors
that mould an industry, thus enabling us draw up a comprehensive analysis of the same.
We would like to thank Mr" #a$shad !anager" of %&'me wach makers(, which is a
forty year old multibrand retail store. #is inputs have aided the insight of the premium watch
market and is retailing, thus presenting a correct picture of the current scenario.
We got the help of !r.$eeraj $agpal, importer of watch brands like %issot,
Swatch,&iti'en,etc, (irector, ()signer Watches, *ndia, for the information regarding import
re+uirements.
,astly, we would also acknowledge the valuable time Mr" Aj' )hare*&'an +ranch'ser*
Ghakopar, gave us to understand the market analysis and factors that influence the sector.
-
,-&AI.I#G/
Retailing is defined as all activities involved in selling goods or services directly to final
consumers for their personal, non.business use via shops, market, door to door selling,
mail
order or over the internet where the buyer intend to consume the product through personal,
family or household dues.
0#1,GA#ISI-D ,-&AI.I#G/
/norgani'ed retailing is lacking of technical and accounting standardi'ation.
Supply chain and sourcing also done locally to meet local needs.
1,GA#IS-D ,-&AI.I#G/
Any retail outlet chain which is professionally managed has accounting
transparency and organi'ed supply chain management with centrali'ed +uality control and
sourcing, can be termed as organi'ed retailing.
THE ORGANISED RETAIL PIE 2006
(Market Size: Rs 55,000 Crre at !"rre#t $ri!es%
Catering
7%
Footwear
9%
Clothing & Accessories
39%
Watches
3%
Jewellery
3%
Health & Beauty
1%
Phrmaceuticals
%
Consumer !lectronics
9%
"o#ile$hone%Accessories & ser&ices
3%
Foo' & (rocery
11%
Furnishings Furniture
7%
Boo)s%"usic%(i*ts
3%
!ntertainment
3%
*$(*A R0%A*, R012R% -334
5
,u6ury Watches7
A lu6ury watch may be defined as a timepiece which not only has the functionality of
time.wear but is bought mainly for its brand value, precision, the legacy of the brand etc.
%he lu6ury watches have gold, platinum or diamond encrusted dials to be flaunted which
adds value to it in terms of looks and price.

8
&H- SI2- 1+ &H- S-3&1,/
%imewear is the smallest of all retail sectors, contributing just 59 to organi'ed
retail market. %he timewear retail market is estimated to be around Rs.5,:;3 crore and has
recorded a year on year growth of 13.-9 during the last years. %he organi'ed market is of
Rs 1<33 crore. As regards to the premium watch segment, the estimated market is around
;33 crore and it is growing at --9, year on year.
,ea'l Segmen
I#DIA# ,-&AI. MA,)-& 2446
*ndian Retail =alue
Rs &rore"
2rgani'ed
Retail
Rs &rore"
9 2rgani'ed
in -33>
&lothing ? Accessories 115;33 -1833 1<.:39
@ewellery >3-33 1><3 -.<39
5aches 3674 1844 97"64:
Aootwear 154;3 ;-33 54.<39
#ealth ? Beauty 5<33 833 13.>39
1harmaceuticals 8--33 1133 -.>39
&onsumer 0lectronics 8<133 ;333 13.839
!obilephone, Accessories ?
services -1>;3 1483 <.339
Aurnishings Aurniture 83>;3 5433 :.139
Aood ? Crocery 485:33 ;<33 3.<39
&atering ;4333 5:83 >.:39
Books,!usic,Cifts 15533 1><3 1-.>39
0ntertainment 5<333 1;>3 8.139
%2%A, 1-33333 ;;333 8.>39
;
*n terms of the total lu6ury market in *ndia , which is D8;3, the lu6ury watch sector comprises of
about <9 in terms of revenue generated.
S&,03&0,- 1+ &H- S-3&1,-1,GA#IS-D;0#1,GA#IS-D/
*t all began in 1::>. *t was in this year that the *ndian government, according to an
agreement entered with the World %rade 2rgani'ation W%2" lifted the ban on import of
finished watches. *t is now possible to import watches above /S D 1333 &*A in the
country. Watches below /S D1333 were still banned. %he limit of /S D1333 was known
as ER Euantitative Restriction". ,ater in 1:::, the ER was also lifted and the import of
watches was allowed irrespective of the value limit. 1ost 1:::, the watch market has
witnessed the launch of many premium brands like Rado, 2mega, ,ongines, %issot,
&artier, 1iaget, Role6, Baume ? !ercier, etc.
1opular brands like Role6, 2mega, Rado, etc have always been available in the grey
market in limited +uantities and only in metros like !umbai or $ew (elhi. #owever, after
the liberali'ation of watch imports these brands have been available throughout *ndia at
authori'ed retail outlets.
%he main feature of this market is the genuineness of the products. %he service offered by
the watch makers and the pride it comes with association of the brand.
%hus, this sector is mostly organi'ed sector with the vendors directly importing the
watches from the watch makers. With respect to the *ndian players, mainly %itan, it is
done through franchising. %he other mode of sale is illegal, which is through smuggling.
But as it is illegal, the trade can)t be accounted for.
>
&H- #0MB-, 1+ P.A<-,S A#D &H- SI2- 1+ &H- P.A<-,S/
!ost of the players in this sector are foreign, mainly swiss players. %he only *ndian player
in this premium watches sector is %itan. %here are players like Breguet, &artier, @aeger.
,e&oultre, !aurice, ,acroi6, &orum, &arl A. Bucherer, 2mega,Baume ? !ercier, %ag
#euer, !ontblanc, Raymond, Weil Cen 0ve, ,ongines, Rado, Aredri+ue, &onstant, 1
Balmain, %issot, Cucci, 0do6, !ovado,(ior, Role6.
Aollowing is the compiled report of the performance of some top brands and also
projections for the future in *ndia.
&1P P.A<-,S I# &HIS S-3&1,
I#DIA# P.A<-,S/
Brand Retail 1resence Retail 2utlets Retail Sales *$R &rore"
3;.3> 3>.34
1rojection
for -313
3;.3> 3>.34
1rojection
for -313
3;.3> 3>.34
1rojection
for -313
%itan 13< 1-; 1>; 1<5 --5 551 ->5 5;3 4<3
Rado ; 4
$A
; 1-
$A $A $A $A
2mega 5 4
$A
; 13
$A $A $A $A
,ongines -3 --
$A
4; <3
$A $A $A $A
!ovado 1- 1<
$A
;3 133
$A $A $A $A
4
&I&A#/
%itan industries another %ata Croup company, is *ndia)s largest watch and
jewellery manufacturer and retailer. %he company was launched in 1:<8 as a joint venture
between %ata Croup and %amilnadu *ndustrial &orporation %*(&2". %itan watches are
sold through over 13,333 World of %itans showrooms in more than -,533 cities in over 53
countries primarily in the !iddle 0ast and the Asia 1acific.
%itan has entered the fashion sector through a tie.up with %ommy #ilfiger watches
in *ndia. *t launched its first Swiss.made watch brand, FG,GS, in -33>.
>3 present of domestic organi'ed watch market is dominated by %itan alone. %he company
has --5 e6clusive World of %itan Showrooms in 1-; cities with 1,>>,333 s+.ft. retail
space. in *ndia . By -313 the company wants to be present in1>; cities with 551 outlets
and 5,84,333 s+.ft. retail space.
*n terms of retail sales %itan has a turnover of Rs. ->5 crore in -33;.3>, Rs. 5;3 crore in
-33>.34 and has a target of Rs. 4<3 crore by -313.
+1,-IG# B,A#DS
*nternational brands in the super premium, lu6ury and prestige segments are
officially represented in *ndia either through subsidiary, distributor or authorised retailers.
By conservative estimates the market si'e of these segments is estimated at Rs ;33 crore.
%he Swiss watch industry is together shy of sharing numbers. #owever, globally the
following brands appear among the top five7
1. Role6 -. 2mega 5. &artier 8. %ag #euer ? ;. Rado
Role6 has occupied the top slot for several years. %he ranking of the remaining four varies
from year to year. *n this fragmented market Role6 occupies top of the mind recall in
*ndia and is the most aspired for brand. #owever, unlike ,=!# and Swatch group Role6
has not subsidi'ed its watches in *ndia.
,1.-=/
Role6 a name that has become a social phenomenonH originally a trade mark, it is
now a status symbol of the -3th century. As the name of a manIs watch, it is synonimous
<
with the modern world.sports, wealth, refinement and a dynamic lifestyle. %hree elements
are the key to the Role6 success7JprecisionJ, JpracticalityJ, and JreliabilityJ.
0ver since its creation, Role6 has consistently focused on establishing the renown
of the Role6 brand worldwide, ensuring that the 2yster is far more than a passing trend.
%o safeguard its reputation for +uality and reliability, Role6 has created a global network
of specialists who alone are +ualified to guarantee Role6 owners worldwide of the
authenticity of their watch and the dependability of the features which ensure its
longevity.
1M-GA/
Aounded in 1<8< by ,ouis Brandt in the Swiss town of ,a &hau6.de.Aonds,
2mega is synonymous with e6treme accuracy, e6+uisite designed watches, and is
considered to be one of the most popular Swiss watch brands. %he Creek symbol for
perfection, the 2mega logo, and all that it stands for, has been driving the company since
its founding days. 2mega is renowned for its accuracy and for the +uality of its
movements and has earned numerous awards for this attribute. *t is also known for its
ability to function under challenging conditions and is automatically associated with
historical happenings like landing on the moon, and a long association with the 2lympic
games.
%he brands *ndian retail presence involves 13 e6clusive stores across ; cities.
*t introduced world)s first industrially made wrist watch.
3A,&I-, /
Aounded in 1<84 by ,ouis.Aranois &artier, the #ouse of &artier was originally a
jewelry bouti+ue.Aor over 1;3 years &artier has enjoyed a reputation for selling the finest
+uality jewelry ? accessories and catering to the pleasure of royalty and movies stars. As
the concept of ,u6ury has evolved, so too has &artier, from a maker of priceless objects to
a creator of lu6uries resonant with such serene sensuality and sophistication that they are
timeless works of art.*t is sold in *ndia through 0tho)s stores.
:
&AG H-0-,/
Aounded by when 0douard #euer, %AC #euer has a long standing association
with timing high.level sports events such as the formula 2ne Crand 1ri6 races, a field
where reliability and precision are at a premium. Whether it is technical innovation,
precision, or endurance, %AC #euer sets for itself, incredibly high standards in every
aspect of watch.making. 1roviding sports timing instruments and watches nonpareil since
1<>3, %AC #euer is, undoubtedly, the world leader in the sphere of sports watches.
,AD1/
Rado, part of the elite S!# group, now known as the Swatch Croup and the
biggest watch conglomerate in the world, was founded in 1:14 in Swit'erland. *nnovative,
modern, stylish, Rado is known for its beautiful timepieces made from highly scratch.
resistant materials such as hard metal, high.tech ceramics, sapphire crystal, high.tech
lanthanum and high.tech diamonds. (esigned to last a lifetime, Rado combines the best of
modern design and timeless beauty.
Rado started in 1:>- with world)s first scratch.proof watch. Rado has international
network of more than -;3 official service centres and <,333 points of sale, in *ndia it plans
to have 1; outlets by mid -334 and also presence in 18; retail outlets.
SWA%&# CR2/17 %he Swatch Croup has si6 brands in *ndia namely, Rado, 2mega,
,ongines, %issot, Briguet and Swatch.
.1#GI#-S/
,ongines established in 1<5- is the oldest registered trademark in the world K and
has played a pioneering role in numerous technological breakthroughs, while being an
e6ample in elegance, around the world. All ,ongines watch lines offer a uni+ue
combination of precision and elegance, elegance which is, as stated in the company)s
advertising campaign, Jan attitudeJ. ,ongines made history in the world of sports by
introducing in 1:1-.*t has since been appointed official timekeeper for many international
sports events, including many winter and summer 2lympic Cames. ,ongines has also
been associated with the history of aviation and navigation.
13
,ongines was launched in *ndia in 1:::. *t had >; point of sales across -3 towns in
the year -338.3;. With addition of about 13 outlets in-33;.3> and plans to add more 1;
so there will be total <3 outlets across the country.
M1>AD1/
$ew.Gork Stock e6change listed !ovado group *nc. design, manufactures and
distributed a range of lu6ury watches.*t currently retails from ;3 outlets in *ndia.
+1SSI./
/S based Aossil and Banglore based Rajesh 06ports formed a ;37;3 joint venture.
%he lu6ury merchandise would be retailed through 2y'terbay stores. Aossil includes
brands like Aossil, Relic, (L$G, (iesel etc.
11
3,I&I3A. S033-SS +A3&1,S
1"? Brand #ame/ %he most important factor in the lu6ury watches is the brand name. %he
brand like Role6 is known for its legacy, its class, and its flawless craftsmanship. *t has a
different aura around its name. %hese brands have been created because of their origin, the
tradition they carry, their association with events, for e6ample Rado for its association
with Wimbledon and 2mega with the 2lympic Cames.
2"? Prem'$m pr'ce/ %he price associated with these timepieces is the premium. %hey are
priced at a premium for their brand value they carry, the uni+ueness of the design and the
precision of the functionality. %he retailer can)t sell the watch at a price under the +uoted
price.
3"? Des'gn/ %he design has to be uni+ue. *t should give the feel of e6clusiveness to the buyer.
%he buyer wouldn)t like to see the same model on the wrists of too many people. %he
buyer would not pay if he sees the same design of the watch in other cheaper brand.
9"? 3ho'ce o! he rea'ler/ %he retail store where these premium watches are displayed ought
to be fitting to the standards. %he retail store can)t be beside a kirana store. %he ambience,
the environment around the store is very important.
1-
M-&H1D 1+ ,-&AI.I#G
As far as the *ndian manufacturer, that is %itan is considered, it is done through
franchised outlets. *nternational brands in the super premium, lu6ury and prestige
segments are officially represented in *ndia either through subsidiary, distributor or
authori'ed retailers. %hese retailers import the watches either individually, or through an
appointed authori'ed distributor.
Watches in *ndia are retailed through the following formats7
1. Branded chain outlets
-. !ultibrand outlets
5. (epartment stores
8. 06clusive brand shops
S&A&- 1+ &-3H#1.1G</
!ost of the retailers use the traditional form of retailing. %his involves displaying
the products in the shelves
0tho)s is a retailer of top brands. *t has a website on which a prospective buyer can
surf the timepieces available at the particular outlet of 0tho)s. #e can choose the brand,
the price.range suitable to him and he will be displayed images and the details of the
watch he desires. *f he likes, then he can just go down to the store and ask for the model
number, he desires. %his saves his time as well is very convenient on the part of the
customer. %he website also provides the information as regards the service of the watches.
.->-. 1+ I#&-G,A&I1# +1,5A,DS A#D BA3)5A,D I# &H- S-3&1,/
%he level of integration is different in different cases. %atas which own the %itan,
have full forward integration. As they started with manufacturing and now are getting into
retailing through their franchised out stores.
Similarly, the foreign brands also have forward integration. %hey have the dealers
authori'ed, and do not allow anybody to sell their brand. %hey have very strict +uality
guidelines for maintaining their brand value. %hey are very choosy when it comes to
selecting their authori'ed retailers, also the location of the shop, the ambience, etc.
15
.-GA. ,-@0I,-M-#&S +1, &HIS S-3&1,/
%here are no special licenses re+uired to open and sell a store of premium watches.
%he brands themselves are very selective when it comes to giving their dealership.
%he only legal document re+uired specially is the authori'ed dealership license. %he
dealer who imports individually needs to have import permission.
,egal (ocuments re+uired for *mport are7
Airport %ransfer
Railway bill
*nvoices

2ther licenses re+uired are7
Shop and establishment licenses issued by B!&
,icenses for $eon signs
,icenses for show windows
,icenses for illuminated sky sign board
,icenses for music paid in store known as public performance licenses
1honographic performance ,td licenses
,icenses for sales ta6
,icenses for =A%
,icenses for contract labors.
,icenses from fire dept
,icenses from B0S%
18
&A=A&I1# +1, &H- S-3&1,/
%he ta6es on the sector are as follows7
Sales ta6 K 1-.;9
06cise duty. 1>9
(uty for *mports
&ustom duty. 139
&=(.1>9
0(/ . -9
&ess on &=( . -9
&ess on &ustoms . -9
&ess for higher education . 19
Additional duty . 89
%he effective customs duty comes down to 5;9
%he above includes the implications of the budget )34.
1;
IMP.I3A&I1#S 1+ &H- B0DG-& 244A
Impor d$B/
%he import duty after the budget has gone down by ;9 effectively.
3S& /
%he &S% rate has been reduced from 8 per cent to 5 per cent in the latest budget, and this
will help to reduce the cost of transferring goods across states for consumer industries and
the retail sector
+DI reg$la'ons !or rea'l/
*ndian regulations do not allow for foreign.owned and controlled retail chains. &urrently,
foreign retailers operating department stores or multiple brands can only operate in *ndia
through a local franchise partner or a subsidy.
%he government needs to ease restrictions and draw a roadmap for opening the sector to
A(*. *t has already stated its intention to permit foreign investment in Jsingle.brandJ retail
up to ;1 per cent in a few segments like electronics, sports goods, building e+uipment,
stationery and furniture.
,eal esae reg$la'ons/
Aor construction.development projects, a minimum built.up area of ;3,333 s+uare meters is
mandated. 0scalating real estate costs further hinder the feasibility of organi'ed retail.
%he finance minister has instituted a service ta6 levy of 1-.-8 per cent on all commercial
renting of immovable property in Budget -334. %his does not work out well for the retail
sector, where real estate availability was already a major hindrance.
Ind$srB sa$s !or he organ'Ced rea'l secor/
%he retail sector has not been granted industry status as yet. %he advantages of granting
industry status to the retail sector would be greater focus on retail development, fiscal
incentives for the retail industry, availability of organi'ed financing, and single.window
clearance for retail.related issues. %his issue has not been addressed in the -334 budget.
1>
MAD1, P,1B.-MS A++.I3&I#G &H- I#D0S&,-</
%he backbone of the premium watch industry is the genuineness of the products. With
the opening up of watch imports, the menace of fake watches in *ndia has increased.
Another problem faced by brands is look.alikes.
+akes as !akes/
%hese are available at a fraction of the price that one would pay for an original. Aor
e6ample, genuine Rado 2val (iastar watches are available at Rs -8,333. %he fakes on
the other hand are available at Rs 5,333. %he buyer of the fake watch knows that he is
buying a fake product.
+akes as or'g'nals/
%he +uality of fakes in the market has improved considerably. !ost of these fakes are
made in &hina or Lorea. *t is very difficult for a lay consumer to make out the difference
between a fake and genuine watch. %hese products are available at -3 per cent discount
and are passed off as originals. %he consumer is cheated as he feels he is getting a
discount on the genuine product. *t is, therefore, advisable to buy Swiss watches only from
authori'ed dealers.
1opularity of watches is directly proportional to the percentage of fakes in the market.
Role6 is one e6ample. *mitation is the best form of flattery. #owever, the brands can do
without such flattery as it affects their credibility, reputation and revenue. Sometimes
second hand watches are reconditioned and sold in the market. *n such cases also the
customer is taken for a ride.
.ook-al'kes/
1roduct and design patents are not prevalent in the watch industry. #ence the fast moving
designs and styles are copied by lesser known brands. #!% copied Rado (iastar 2val
designs in the *ndian market. Cuess has introduced watches that look like Audemars
1iguetIs Royal 2ak. While a Royal 2ak costs a couple of lakhs, Cuess watches are
available at Rs 13,333.
14
,epl'cas/
%hese watches are available on the internet. Aor e6ample, on www.baa'ee.com, one can
get Role6 and other Swiss watches. *t is declared that the watches are replicas and there is
no attempt to cheat watch collectors. *tIs the fau6 crowd that loves to flaunt such watches
and it is the eye of a connoisseur that can differentiate the replica from an original.
Sm$ggl'ng/
%he high import duties put by the government on the imported watches, encourages the
smugglers to indulge in watches segment. Smuggling is a big menace in this industry, as
people tend to buy the products as they get it for a good deal.
1<
P1,&-,(S +I>- +1,3-S M1D-.
%he 1orter ; forces model is developed by !ichael 1orter in 1:4:. *t contains ;
forces that determine the attractiveness of a market.
Aor forces as bargaining power of customers, the bargaining power of suppliers, the
threat of new entrants, and the threat of substitute products influence the fifth and most
important force as the level of competition in an industry.
%hreat of $ew 0ntrants7
%he threat of new entrants is very low as the products in this category especially the Swiss
watches are known for their legacy carried over centuries.%hese brands have their own aura
created through their perfection in design and service.
%hreat of Substitute products7
1:
%he threat of substitute, as far as the functionality is concern mobile phones have eroded
this aspect of premium watches. %hese watches are more of a status symbol. * this regard the
MAakes as 2riginals) are a threat. Also in *ndia we have a threat of look.alikes as the law
enforcement for design patents are not stringent.
Bargaining 1ower of &ustomers7
Bargaining power of customers is very low, because these premium watches are bought
for their brand name and not really as a commodity. %hey are meant to be e6pensive. With more
and more players entering *ndia, what the customers will get is the large range to choose from and
not any cost advantage.
Bargaining 1ower of Suppliers7
*n the premium watch segment, they are sold at e6clusive outlets through franchisees or
the companies are directly contacted for the supply. %here is no role of a supplier in this segment.
&ompetitive Rivalry within an *ndustry7
&ompetitive Rivalry is very high. #ere price is not a factor at all. =alue of the bran you
choose is the sole factor determining the choice of the customer. %o enhance their brand value the
Brands like %ag #euer associate themselves with the icons like Shahrukh Lhan. Also they
associate themselves with big events like Wimbledon to enhance their brand value.
#igh !edium ,ow
%hreat of $ew 0ntrants

%hreat of Substitute products7

Bargaining 1ower of &ustomers7

Bargaining 1ower of Suppliers7

-3
&ompetitive Rivalry within an
*ndustry7

S51& A#A.<SIS
SW2% Analysis is a strategic planning tool used to evaluate the Strengths,
Weaknesses,2pportunities, and %hreats involved in the industry.
SW2% analysis help us to identify the key internal and e6ternal factors that are important
to achieving the success, Strength and weaknesses are internal factors. 2pportunities and
%hreats are e6ternal factors.
S&,-#G&HS/
Strong C(1 growth7 %he strong C(1 growth in *ndia, which looks even more spectacular
in 111 terms. %his will set free an unprecedented increase in the demand of products,
especially IlifestyleI items like lu6ury watches.
5-A)#-SS/
%he market is still very limited. %he lu6ury watches are bought by only very rich people
and who have a penchant for lu6ury products.
%he high import duty by the government on the premium products hikes the price of
products, dampening the sale and also encourages smuggling.
$on.availability of all the varieties and the range available in the *nternational market.
*ndia is still considered a small market when it comes to lu6ury and high end products.
#ence, a limited range is on offer to the *ndians as compared to their counterparts in the
other parts of the world.
1PP1,&0#I&I-S/
%he sustained C(1 growth through years is opportunity. As mention in the strength it
helps to increase the disposable income of the customers.
Goung &ountry by -3-37 %he average age of *ndian by -3-3 will be 51 yrs. At this young
age there is huge fashion consciousness. Also the disposable income and readiness spend
on premium products
Westerni'ation of *ndian culture. *nclination of the young population towards lu6ury
products.
&H,-A&S /
-1
As far as functionality is considered, the functions like world time, chronograph and high
accuracy of the Swiss watches are eroded by the mobile phones.
Also, the fakes which are available rampantly in the market are a major threat to the
segment.
S&A&0S 1+ &H- S-3&1, I# I#DIA >IS A >IS
&H- I#&-,#A&I1#A. MA,)-&S/
*ndia is still a very tiny market for the premium watch market. 2ut of 433 million
adults in *ndia, 1:3 million own only one watch. Coing by the numbers, it is Rs.;33 crore.
But in the *nternational market, this is not the case. &hinese consumers now buy
more than D> billion worth of lu6ury items a year, making them the third largest segment
in the world after their counterparts in the /nited States and @apan.

--
IMPA3& 1+ -#>I,1#M-#&A. E P1.I&I3A. S3-#A,I1
*n 1::>, the *ndian government, according to an agreement entered with the World
%rade 2rgani'ation W%2" lifted the ban on import of finished watches.
%he increases in the purchasing power, westerni'ation of culture are the environmental
factors which are working in favor of this sector. %he reduction of the import duty will
have a huge impact on this sector. *f the dip in the import duty is significantly large, it will
discourage smuggling and give a push to the sales in a big way.
-5
IMPA3& 1+ &HIS S-3&1, 1# BP1
%his being a lu6ury market sector, which is a niche market, the effect on other
industries is not significant.
As the import duty in *ndia is high as compared to other markets, it will not have
any effect on tourism.
As far as the B12 industry is concerned, the sector is likely to have little impact.
-8

-;
->
-4