New Delhi, June 6 -- A few months ago, I'd written about the concept of value when it comes to wristwatches. In that piece, I'd considered the question from the point of view of the "first watch" buyer's first watch, and the considerations that would play a role in their decision. This time around, I'll take a look at what constitutes value a little more broadly, especially in a dampened economic situation where extravagant spending for the sake of brand recognition isn't a very smart idea.

Now, value doesn't necessarily mean going cheap. In the case of wristwatches, it is knowing exactly what you're getting for the money you spend. So great value can reside at the Rs.10,000 price point, or at the Rs.20,000 or Rs.50,000, or, for that mat...