Though the more exclusive time pieces still remain out of reach of the masses, the market potential is immense. This can be gauged from the fact that there are almost a dozen Swiss brands fighting to wrest a place on Indian wrists with their snob appeal and passion for perfection.

Says Vispi Patel, managing director, Gazelle Trading Company Pvt Ltd, dealers of Piaget watches in India, ``Watches were a banned item for import till February 1996.The ban was lifted with the conditions that the price of an imported watch has to be a minimum of Rs 35,000 and it will carry an import duty of 65 per cent. So technically, we cannot sell anything less than Rs 70,000 in the Indian market.''

Adds Anil Madan, proprietor, Johnson & Company, which has been dealing in watches for over half a century, ``This condition was relaxed for imported watches assembled in India. Taking advantage of this clause, Raymond Weil sells watches in the range of Rs 10,000 to Rs 80,000 and is perhaps the cheapest imported brand in the Indian market.''

Interestingly, the most sought after imported watches in India are of Swiss make and these include names like Cartier, Christan Dior, Corum, Longines, Piaget, Olma, Rado, Raymond Weil, Tissot, Omega, Chopard. The most recent entrant is Vacheron Constantil. It also happens to be the oldest watchmaker in the world, keeping track of time since 1755. Rolex, the best known Swiss brand is expected to enter the market in 1999.

On thereasons for investing in an exclusive mechanical marvel, Patel reveals, ``It is snob appeal drawn from the fact that these are not timepieces which everyone can afford. Also, manufacturers promise exclusivity which is what the super-rich are looking for. Piaget makes 18,000 watches per year and for a specific design there are no more than 12 watches. In Asian markets the Dancer models are the best selling watches of Piaget.'' The company caters more to the jewellery segment and a good Piaget watch would be in the range of Rs 6 lakh. A heart shaped Piaget jewellery watch complete with diamonds and pearls will set you back by Rs 6.80 lakh.The USP of the Swiss watches is not only the exclusive designs, but how much the craftsmen from the Jura Mountains and the Swiss Alps can pack in a watch via breathtaking mechanical movements. For instance, Corum's best known model, the Golden Bridge, is designed to look like a real bridge. The bridge, which appears suspended in air is cut and engraved by hand from an 18-caratgold bar. Whereas Omega's Speedmaster range has been worn on the moon. It is claimed to be the most tested model in the history of watchmaking and is the official watch of astronauts during their walks in space. While a Rolex Seadweller is waterproof to 4,000 ft.

Utter refinement of proportion and finish gives the watches a timeless appeal. Vacheron Constantil's Complication range includes repeats of watches made 150-200 years back. Says Madan, ``These can take about 10,000 man-hours to make and cost a minimum of Rs 1 crore. The cost increase with each additional feature, but then you will be carrying the rare exclusivity of watches dating to the time of Napoleon Bonaparte.''

Swiss craftsmen have also contributed to the technical finesse and accuracy of the watches. By inventing the tourbillon devices around 1795, Breguet eliminated the influence of gravity on the accuracy of watches. Still there are many watches which do not offer a perpetual calendar -- which will account for 29-31 day variation in thelength of time.

Some of Breguet upper end models claim to offer not only 29-31 day compatibility but also have a small part that rotates once in four years, so the watch need not to be reset for a leap year. Such a mode will cost around Rs 14 lakh and if maintained well, your great grandson will be able to pass it under the gavel for a fortune.

The high-end imported watches are not just too much jewellery but reveal a prodigious feat of hand crafted engineering, unmatched by any other mechanical object. A good portion of what you shell out for all the mechanical excellence is for the skills of the craftsmen, which will only appreciate with time.