Ranjana Fatema is deep in thought as she ponders over what to give her cousin as a wedding gift. She realises that gold ornaments would be too expensive for her, especially after a spike in world gold prices.
Fatema unexpectedly stumbles upon the idea of presenting the newlyweds with a fine pair of Titan wristwatches, which she can easily obtain at a price tag of around Tk 20,000.
“The watch set will certainly be a trendy and useful gift, without squeezing my pocket,” she squeals in delight.
Although wristwatches have always been popular as gift items, they have recently won the heart of the middle class -- all within budget.
The market has further grown, as the wristwatch is a necessary accessory for the day-to-day lives of many.
According to industry people, imported wristwatches drive the market and the total market size stands around Tk 300 crore.
Kallol Group is the biggest importer of branded wristwatches, including 16 world famous brands such as Credence, Titan, Tissot, RADO, Wester, Guy Laroche, Colber and Longines, in the country.
Sheik Shahid Ali, assistant general manager of Kallol Group, says demand for branded wristwatches has been increasing in the past 10 years, as people are now more aware of branded products.
“The wristwatch is a popular daily wear accessory among all age groups, both young and old. It is also a big fashion statement these days, as it directly reflects a person's tastes,” he says.
Kallol has established Time Zone, a retail chain to showcase and sell wristwatches all over the country. It has 32 outlets with nine in the capital.
“We set up these boutique stores mainly to introduce ourselves as an authentic source of genuine products at fixed prices. This helps our consumers obtain branded watches without any harassment and distress over the authenticity of their purchase,” he says.
Credence, a UK brand, is the market leader among all the branded watches that are available in the market. A pair could range anywhere between Tk 1,500 to Tk 20,000. A pair of Titan watches, a close competitor of Credence, would range from Tk 2,000 to Tk 12,000.
“These two brands of watches are very popular among the middle income groups for their reasonable price tags and designs that match our culture,” says Shahid.
He says the sale of designer wristwatches are fast growing in the city. Other popular brands include Pierre Cardin and Charles Jourdan that costs anywhere between Tk 6,000 and Tk 20,000. Tissot, Longines and RADO are the most expensive watches available that start at a hefty Tk 50,000.
Apart from the plush branded products there exists a huge market for wristwatches that are not so extravagant, mainly imported from China.
Azizul Haque, president of Bangladesh Ghory Baboshayee Samity (wristwatch merchants association of Bangladesh), says the local market for watches has been growing steady for a long time as traditionally, people of this region love to wear wristwatches.
He says earlier in the British period, people thought only educated people wear watches, and thus it became a symbol of grace and honor.
“But gradually, watches have become the most important piece of accessory of daily life, now that more and more people are pursuing higher education and entering the job market,” he says.
“However, the watch market has hit a slight bump with the growing popularity of the mobile phone, as people tend to check the time on their handheld devices,” he admits.
He reveals they import watches mainly from China and a few from Japan and Switzerland, and distribute to the whole country.
Brands such as Citizen and Labor are available in a more economical price range for customers all over the country. The watches not only promise longevity but also are affordable at prices ranging from Tk 200 to Tk 1200.
The wholesale prices of wristwatches are much cheaper than retail. The biggest wholesale market for watches is at Patuatuly, where the average price ranges from Tk 120 to Tk 800.
Rabiul Alam, a wholesaler at Patuatuly, says the business of watches is less profitable but steady.
He says some watches are imported as parts and assembled locally, such as Casio and some other sports watches with fancy dials and belts.
“Such assembles cost less, but the longevity is not guaranteed,” he says. “These products are especially popular among teenagers.”
However the sector faces some difficulties.
Haque says the main problems of the industry are counterfeits. These have wiped out original watches from the market.
“Many sellers cheat unsuspecting buyers by selling counterfeits,” he says.
“A RADO watch is also available in the market for Tk 1,000, where an original would start at Tk 40,000.”
Shahid says consumers lose faith when cheated and requests them to go to authorised distributors for an authentic purchase.
Another problem that this industry faces is termed as 'luggage party', where watches enter and flood the markets via illegal channels.
Rabiul says dishonest businessmen bring watches into the country by dodging taxes to make extra profits. This proves to be a problem for small importers of the product.
He urges the government to take strong action against these people.

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