The Herald: March 2026

A monthly roundup of what’s happening in the watch world, filtered through the lens of someone who cares about the margins more than the mainstream.

HMT Revival Rumors Resurface

The Indian government has been making noise about reviving Hindustan Machine Tools’ watch division. We’ve heard this before — in 2020, in 2023, and now again. But this time there are actual tender documents floating around. Whether a revived HMT would produce anything worth wearing remains to be seen. The original brand earned its reputation through accessible, honest mechanical watches. A revival that slaps the logo on imported quartz movements would miss the point entirely.

Geneva Auction Season

The spring auction season in Geneva produced a few surprises. A previously unknown Patek Philippe reference sold for an amount I won’t bother repeating because it has nothing to do with the kind of watches most of us actually wear. More interesting was a lot of Soviet military watches that went for three times its estimate. The market for documented Soviet military-issue pieces is genuinely heating up.

Microbrands Under Pressure

Several well-known microbrands have quietly shuttered or paused operations this year. Rising component costs, shipping complications, and a saturated market are all contributing factors. The microbrands that seem to be surviving are the ones with genuine points of view rather than those chasing whatever dial color is trending on social media.