New Delhi, Oct. 22 -- The Swiss luxury watch industry is gaining momentum in India, with Franck Muller counting the country among its top five markets by volume. Rising purchasing power and changing buying habits are driving demand for high-end timepieces, and the company expects India to close the gap with established markets such as Singapore and the UAE, Erol Baliyan, CEO for the Middle East, Africa and India at Franck Muller, told Mint.

The opportunity comes as global demand for Swiss watches remains uneven, with sales under pressure in some established markets. India, meanwhile, is growing strongly. Swiss watch exports to the country rose 28.5% year-on-year to 266.4 million Swiss francs (about Rs.3,050 crore) in January-September 20...