Why is watchmaking so difficult? The business behind luxury
With Gaurav Mehta · Hosted by Raj Shamani
Episode summary
Gaurav Mehta, founder of Jaipur Watch Company, joins Raj Shamani on Figuring Out to explain why mechanical watchmaking is one of the hardest businesses in the world — and why India is only now beginning to claim a seat at the luxury table. Mehta walks through the engineering of hand-wound movements, the economics of limited editions, and the storytelling required to sell a Rs 5 lakh watch in a market trained to ask 'what does it do?' He also discusses how Swiss dominance is as much about narrative as mechanics, and what it takes to build an Indian luxury brand that collectors take seriously.
Key takeaways
- 1.A mechanical watch is not a timekeeping device — it is wearable engineering art, and the customer is buying provenance as much as precision.
- 2.Swiss watchmaking dominates because it spent two centuries building trust, not because it has a monopoly on skill.
- 3.Indian luxury buyers are global collectors; the opportunity is to sell them a story rooted in India without making it touristic.
- 4.Limited editions only work when the limitation is real — collectors can smell manufactured scarcity instantly.
- 5.Heritage craft like enamel, engraving and gem-setting is India's real competitive advantage in high watchmaking.
Full transcript
Transcript edited lightly for readability. Timestamps refer to the YouTube video above.
Gaurav, why is watchmaking considered one of the most difficult businesses to enter?
Because the product has to be perfect for decades, not just good on launch. A mechanical watch is expected to work for a generation. That changes every decision — materials, tolerances, after-sales, even how you train your watchmakers.
How do you convince an Indian buyer to spend several lakhs on a domestic watch brand?
You don't convince them with nationalism. You convince them with craft, design and a story they want to wear. The Indian collector already buys Swiss, German and Japanese. The question is whether your product earns a place in that rotation.
What is the hardest mechanical complication to master?
The tourbillon gets the glamour, but a perpetual calendar is brutally unforgiving. Every gear, every lever, every jump has to happen correctly for years. One micron out and the watch tells the wrong date forever.
Where does India have a real edge over Switzerland?
In craft traditions that are centuries old — enamel miniature painting, gemstone setting, engraving. The Swiss protect their movement making, but decoration and artisanship have always travelled. India has masters whose families have done this work for generations.
What would you tell a young founder trying to build a luxury brand from India?
Resist the temptation to be cheaper. Luxury is permission to be expensive because you are better. If you compete on price, you are not building luxury — you are building a discount business with nice packaging.