Wrist watches consigned to oblivion

Believe it or not, a watch can now be purchased by Tk 70 only (less than one US dollar) thanks to the cheap Chinese raw materials and local entrepreneurs' untiring efforts that enable the limited-income group of people to wear different kinds of wrist watches at affordable prices.  
Watches became redundant due to proliferation of so many gadgets like smartphone, tab, personal computer, laptop, smart glass. People have a lot of options to know the time. Yet, why need a wrist watch?
People use watches not only to see the time but also to express their personal attitude, status and passion. If you go to retail stores or makeshift shops on the footpaths, you will find wrist watches and wall clocks of different models. Some are expensive while some are modest in terms of price.
Patuatuli, situated at the old part of city, is a hub of all kinds of watches.
There is a vast scope of the watch market to flourish if necessary policy supports are given to the local entrepreneurs, traders said.
Bangladesh mainly imports all kinds of spare parts of watch from China due to the competitive price, compared to Japan and Singapore-made spare parts.
Despite high duty on import of spare parts of watch the local traders try their best to sell watches at affordable prices.      
"We have to pay 39 per cent import duty on raw materials. We want single digit loan and government patronisaiton and simplification of customs procedure," President of Bangladesh Watch Merchants Association A S M Ashraful Alam Khan Noboraj told the FE.
Asked how they can sell watches at cheap rates, he said: "Chinese spare parts of watches are very cheap compared to those of Japan for which customers can purchase watches at affordable prices".
He, however, said some local entrepreneurs have started manufacturing wall clocks. He said the local entrepreneurs import plastic powder and then produce body of the watches. But they have to import vital spare parts for giving those a complete shape.
He also said the local wall clock producers have been facing multifarious problems that include high import duty and lack of advanced technology and absence of state patronisation. He said only a few entrepreneurs are now sticking to the sector despite the adverse situation.
Mr Noboraj said there has been an investment of over Tk 15 billion in the sector that involves over one million people directly. It contributes Tk 3.0 billion in taxes to the government exchequer annually.  
He said only two to four per cent people of the country use wrist watches.
"We want simplification of customs duty, single digit bank loan interest rate and government patronisation. If we can get all those, then the investment of the sector will be double and government will get almost double tax," Mr Noboraj said.
Watches of different renowned brands are available in the market. Rolex is one of the best watch brands in the world. Rolex was established in England in 1919 by Hans Wilsdrof. Casio Watches is a Japanese production entity. Casio was established in 1974. Omega was founded in 1884 by Louis Brandt. Titan is a joint venture of Tata Group and Tamil Nadu Development Group.  Their prices range between Tk 5,000 and Tk 50,000.
Chinese Omega wrist watches are priced between Tk 1,000 and Tk 20,000, while Posit sells at Tk 300 to 1500, Halei at Tk 400 to Tk 2,500, Ceimen at Tk 1,200 to Tk 12,000, Citizen at Tk 1,500 to Tk 8,500, Rado at Tk 2,500 to Tk 35,000, Ceiko at Tk 4,000 to Tk 45,000,  Fastrack at Tk 1,700 to Tk 13,000, Gucci at Tk 2,000 to Tk 40,000, Omax at Tk 500 to Tk 10,000, Koushi at Tk 400 to Tk 1,000 and Titan (Indian) at Tk 17,500 to Tk 32,000.  
On the other hand makeshift shops on the footpaths sell different kinds of 'eye-startling' wrist watches. Prices of Omega brand watch range between Tk 150 and Tk 200 while Tissot sells at Tk 180 to Tk 200, Seiko at Tk 120 to Tk 150, LRS at 150 to Tk 170, Adidas between Tk 120 and Tk 140, Love at Tk 130 to Tk 140 and bracelet watches range from 70 to Tk 80.
Local (Bangladesh-made) Citisun wall clocks sell between Tk 250 and Tk 1,800 while Seiko digital sells at Tk 200 to Tk 250, Citizen at 250 to Tk 280 and Samsung at Tk 450 to Tk 500. Chinese made wall clocks of Seiko brand sell between Tk 700 and Tk 1500, Star between Tk 1,000 and Tk 2,500, and Ajanta of Indian brand at Tk 300 and Tk 3,000.   
"I sell watches worth Tk 2,500 to Tk 3,000 on an average per day. I can make a profit of Tk 20 to Tk 40 by selling each watch that supplements my father's income," Swapan, a teenage boy selling watches in front of Sadarghat area told the FE.    
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