In the realm of luxury watches, Rolex maintains its unenviable distinction as the favored brand among thieves, as the illicit industry of watch thefts reaches a staggering valuation surpassing $1.3 billion, according to recent data.
The comprehensive dataset provided by The Watch Register Index, meticulously documenting instances of pre-owned luxury timepiece thefts, has logged an astonishing tally of over 80,000 incidents since its inception.
The cumulative worth of wristwatches reported as either stolen or missing has now eclipsed $1.3 billion on a global scale, a figure that has witnessed an upsurge in light of the flourishing thefts in the second-hand luxury watch market amid the pandemic era.
A comparison of last year’s reports against those of 2021 reveals a striking 60% surge, as disclosed by the index to Bloomberg on Monday. This escalation translates to an additional 6,815 watches that have found their place within the database.
Of the various high-end watch brands, Rolex emerges as the prime target, accounting for a commanding 44% share of all thefts. Omega and Breitling, by comparison, comprise 7% and 6% of the index, respectively.
It is noteworthy that this surge in thefts has transpired in spite of a marked downturn in the legal secondary market for luxury watches over the preceding biennium. The WatchCharts Overall Market Index, meticulously monitoring the valuation trends of 60 select timepieces from preeminent brands including Rolex, Patek Philippe, and Audemars Piguet, has experienced a substantial 33% plummet from its zenith in March 2022. In a parallel trajectory, an independent index devoted solely to Rolex models registered a significant 28% decline over a commensurate period.
Katya Hills, the astute Managing Director at The Watch Register, voiced her concerns, stating, “Recent records underscore a disquieting surge in the incidence of stolen or lost luxury watches.” In an exclusive statement to Sky News, Hills continued, “The substantial value and cachet associated with these high-caliber timepieces consistently allure sophisticated and transnational criminal networks, rendering them exceptionally susceptible to theft.”
As the saga unfolds, Rolex’s enduring allure in the shadowy realm of luxury watch thefts persists, even in the face of a tumultuous market and heightened scrutiny from law enforcement agencies worldwide.
