Ethos Founder & Chairman Yashovardhan Saboo and GPHG Foundation President Raymond Loretan spotlight India’s rising importance in shaping the future of global watchmaking.

The prestigious Grand Prix d'Horlogerie de Genève awards (GPHG) opened the 2026 World Tour in India, reaffirming India as one of the key global markets for luxury watches. Hosted in partnership with Ethos Limited at The St. Regis Mumbai this week, the exhibition brought together 78 nominated watches (out of 84) competing across 14 categories, all vying for the Aiguille d’Or. The watches represented more than 50 brands showcasing contemporary watchmaking across craftsmanship, creativity and technical innovation. This year also marked another significant milestone for India, as Pranav Saboo, the Managing Director and CEO of Ethos Limited, joined the GPHG 2026 jury, comprising the global watch world's intelligentsia.

While the 2026 winners will be announced at the GPHG awards ceremony in Geneva on November 7, 2026, for GPHG President, Raymond Loretan, the Mumbai exhibition reflects the organisation’s expanding global mission. In his opening address, he described this direction in three words: openness, excellence and transmission. Since the creation of the GPHG Academy in 2020, the organisation has sought to make the competition more diverse, international and inclusive. In 2026, it took this further by expanding two distinctions beyond the traditional boundaries of the competition. One, the Iconic Watch Prize can now recognise an eligible watch even if it was not entered in the current competition, while the Special Jury Prize has been broadened to acknowledge significant contributions to watchmaking beyond the formal competition.

“The competition remains at the heart of the GPHG, but the mission is larger than the competition,” Loretan said. “If something truly remarkable happens in the world of watchmaking, we should have the possibility to recognise it.” Mumbai reflects the rising importance of India to the Swiss watch industry. While Swiss watch exports worldwide declined by 0.7% during the first half of 2026, exports to India rose by 31.6%. The India-EFTA Trade and Economic Partnership Agreement, which came into force last year, is also creating a more open framework for economic relations and progressively reducing trade barriers. Loretan believes these developments point to something deeper than commercial growth: the emergence of a genuine watch culture in India.

The Luxury Journal caught up with Raymond Loretan and Yashovardhan Saboo, Chairman of Ethos, during the Mumbai exhibition to learn more their plans.

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Loretan, what have been the biggest challenges and satisfactions since you have taken over as head of the GPHG?

RL: The challenge is working with different brands and CEOs while continuing to evolve the GPHG and ensuring that its purpose is clearly understood by everyone, particularly the brands. One of our major achievements was the creation of the Academy in 2020. It took time to explain how it would operate and to establish the principles we wanted to emphasise: universality, neutrality and solidarity. The GPHG is a competition in constant evolution, but education is becoming increasingly important, as is the Academy and our thinking about how to expand the GPHG beyond the competition itself. The most satisfying aspect is seeing how watch culture is developing in places such as India. Even without a watchmaking background, I can sense that something significant is happening here.

Yasho, you have been an integral part of the GPHG for many years. How have you seen it evolve?

YS: GPHG has become much more open, transparent and inclusive. More people have a voice in the process, whether through voting, selection or other aspects of the competition. Another major change is the diversity of entries. Today, we have established maisons, independent watchmakers and emerging brands participating alongside each other. I believe that the transformation of GPHG, going beyond the GPHG itself, is already happening.

How has the Indian market changed since the earlier GPHG exhibition in 2022?

RL: Since 2022, the clientele has become more demanding and knowledgeable. Collectors are beginning to see watches as objects of culture and craftsmanship rather than products. Instead of simply asking, “Can I buy this watch?”, buyers are increasingly asking key questions about who made it, how it was made, and the story behind the collection or product. The next step, in my view, is for the Indian narrative to become more prominent in watchmaking. India needs to develop and nurture its own stories. We have already seen six entries from four Indian companies, which is encouraging. When you speak to collectors here and listen to their questions, you realise that something different is happening. This watch culture will continue to grow, and it could eventually influence established watchmaking cultures, including Switzerland.

What do you see as India’s contribution to the global watch industry?

YS: There are two important developments. At the top end, there are highly sophisticated collectors looking for rare, exclusive and complicated watches. At the same time, there are thousands of first-time buyers and aspirational consumers entering the category. I believe India’s biggest contribution could be volume. The global watch industry cannot grow through value alone; it also needs volume. India has the potential to provide that, particularly in the CHF 1,000 to CHF 5,000 segment. What excites me is the possibility of producing beautifully made, distinctive and story-driven watches at accessible price points. That is essential for the long-term development of the industry.

Without naming individual favourites, are there categories that particularly stand out this year?

RL: What matters to me is that we continue discussing how the categories should evolve. Categories are not simply organisational structures; they also communicate where watchmaking is heading. For example, the decision to discontinue separate men’s and women’s categories was extensively debated before the Essential category was introduced. We do not necessarily know whether every decision will prove correct, but evolution requires discussion and experimentation. This year we have a strong mix of established maisons, independents and collaborations, and having this diversity is important.

How does the new jury selection process work?

RL: We have an excellent jury and a strong collaboration with Wei Koh, our new jury chair. Half of the jury is selected by draw, while the other half is selected by the chair. This allows us to maintain a balance and ensure broad representation. We recognise that not enough women are represented, and that is an area where we still need to improve.

How can Swiss watchmaking remain competitive? Does the gain from EFTA deal get nullified by the Swiss franc escalation?

RL: At the very high end, pricing is less of a problem. The pressure is greater in the middle and lower segments. The answer is creativity, better production and better value. The Swiss franc has been strong before. Swiss watchmaking has traditionally compensated through quality and innovation, and that remains the way forward.

YS: I agree, although I would separate the Swiss franc issue from the EFTA agreement. The exchange rate would have moved regardless of the agreement.

The strength of the Swiss franc reflects fundamental factors in the Swiss economy. Swiss watches continue to command their position because of technology, craftsmanship and quality.

The industry has faced many crises over the past 30 years. Each requires a different response, but the resilience of Swiss watchmaking has been demonstrated repeatedly. I believe the industry has a strong future.

Finally, how has the partnership between GPHG and Ethos developed?

RL: Yasho and I have been friends for many years, and that personal relationship certainly helps. Ethos provides us with a unique platform through which we can bring the GPHG collection to India and communicate the broader message behind the organisation.

The exhibition is not simply about displaying watches. It is about education, dialogue and exchange. Ethos is an exceptionally professional partner and has shown a genuine willingness to invest in the initiative.

Ultimately, it has to be a win-win relationship. Both partners must benefit, and that is what makes this partnership so valuable.

What are the categories that stand out this year?

RL: What matters to me is that we continue discussing how the categories should evolve. Categories are not simply organisational structures; they also communicate where watchmaking is heading. For example, the decision to discontinue separate men’s and women’s categories was extensively debated before the Essential category was introduced. This year we have a strong mix of established maisons, independents and collaborations, and this diversity is important.

How can Swiss watchmaking remain competitive? Is the gain from the EFTA deal nullified by the strong Swiss franc?

RL: At the very high end, pricing is less of a problem. The pressure is greater in the middle and lower segments. The answer is creativity, better production and better value. The Swiss franc has been strong before and Swiss watchmaking has traditionally compensated through quality and innovation, and that remains the way forward.

YS: I agree, although I would separate the Swiss franc issue from the EFTA agreement. The exchange rate would have moved regardless of the agreement. The strength of the Swiss franc reflects fundamental factors in the Swiss economy. Swiss watches continue to command their position because of technology, craftsmanship and quality. The industry has faced many crises over the past 30 years. Each required a different response, but the resilience of Swiss watchmaking has been demonstrated repeatedly. I believe the industry has a strong future.

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