Luxury watches have been experiencing a surge in thefts, with over $1.3 billion worth of timepieces reported missing or stolen, according to a new report by the Watch Register. This data suggests that robberies targeting luxury watches are on the rise, posing a significant concern for watch enthusiasts and the industry as a whole.
Last year alone, the Watch Register recorded 6,815 stolen watches, marking a 60 percent increase compared to the previous year. The database, which has been collecting statistics for over three decades, currently holds almost 80,000 timepieces listed as lost or stolen. These numbers highlight the serious issue of luxury watch theft and the need for increased efforts to combat this criminal activity.
Among the most stolen brands, Rolex takes the top spot, accounting for a staggering 44 percent of the Watch Register’s database. Omega follows closely behind at 7 percent, while Breitling, TAG Heuer, and Cartier trail at 6 percent, 5 percent, and 4 percent, respectively. Patek Philippe rounds out the group, representing just 3 percent of the stolen pieces reported last year.
Katya Hills, the managing director of the Watch Register, attributes the attraction of such high-end timepieces to their considerable value and prestige, which draws the attention of sophisticated criminal networks worldwide. These networks have made luxury watches a prime target for theft, further emphasizing the need for effective measures to tackle this issue.
Law enforcement agencies globally have reported an increase in luxury watch thefts, prompting them to take action. In the United States, the Los Angeles County Sheriff’s Department documented over 200 robberies involving watches worth $5,000 or more between January and mid-November of last year. Similarly, London’s Metropolitan Police Service launched a dedicated task force in response to 667 reported Rolex thefts within the city limits from January to September 2022. Paris authorities have also implemented a similar initiative.
The rise in luxury watch thefts is alarming and requires a multi-pronged approach to tackle the problem effectively. Increased vigilance from law enforcement, collaboration between international agencies, and public awareness campaigns about the risks associated with buying counterfeit timepieces are crucial steps in addressing this issue. The watch industry must also make continuous efforts to enhance security measures and deter thieves.
As authorities and industry stakeholders work together to combat luxury watch theft, watch enthusiasts and collectors must also take precautions to safeguard their prized possessions. This may involve investing in secure storage options, ensuring proper insurance coverage, and being cautious when purchasing watches from unauthorized sources.
The prevalence of luxury watch thefts not only poses financial losses to individuals and brands but also threatens the integrity of the watch market. By actively addressing this issue and implementing effective measures, the industry can strive to protect its heritage and ensure a secure environment for watch enthusiasts worldwide.
