The company is looking at several options which include the setting-up of a branch in the country or entering into a joint venture with a domestic partner.

Omega watches, which were launched last year in the country, are at present imported from Switzerland and sold through various retailers. The company has appointed two distributors in the country for importing the watches.

At a press conference in the capital, company regional general manager Ravi Thakran said, "The Government policy at present does not allow us to import watches priced below Rs 35,000. This has hampered our imports into India".

Omega signed a memorandum of understanding (MoU) with the RP Goenka group last year to market the Launco range of economy watches in the country. The Launco range is sold by Omega in China. The MoU with the Goenka grouphas not been followed-up by any concrete business agreement so far.

Omega watches are at present priced between Rs 90,000 and Rs 1.5 lakh in the country. "In the segment where we are permitted to be, Omega has done fabulous business. We are happy with the market" Thakran said. He was non-committal on the exact sales figures of the company.

To complement its range of watches, Omega plans to launch its 22-carat gold jewellery line in the country in November this year. The designer jewellery collection will be priced for the upper-end of the market, competing with jewellery lines such as Cartier's.

The jewellery will be retailed at the 20 retail stores selling Omega watches in the country. "All over the world, watches and jewellery are sold together," Omega director (international marketing) Venanzio Ciampa said. The company plans to open two exclusive shops for Omega in Delhi and Mumbai.

Omega will unveil its jewellery along with Rohit Bal's fall-winter fashion line in Mumbai's Oberoi Hotel in November.The international launch of its jewellery collection was held in Switzerland at the end of August.

The Swiss company has appointed model and former Miss India Manpreet Brar, as its ambassador in the country.

Unveiling the company's agenda for the year 1999, Ciampa said that Omega will sponsor events which are close to its heart. The company sponsored a playwrights workshop conducted by Mahesh Dattani, one of India's leading playwrights and organised by the Theatre Action Group.