Rolex Thefts Surge, With Watches Worth $1.3 Billion USD Reported Missing
Reports for stolen luxury timepieces were up 60% last year.
High-end watch theft is on the rise. According to The Watch Register, a firm that identifies stolen timepieces for owners and dealers, approximately 6,815 watches worth more than $1.3 billion USD were reported missing last year, marking a 60% increase from figures reported in the 12 months prior.
The Watch Register, which has been accumulating reports for more than 30 years, counts roughly 80,000 missing watches in its database. Rolex is the most sought-after brand on the company’s list, making up 44% of the reportedly stolen watches. Behind the Swiss watchmaker, the list includes Omega and Breitling.
“The considerable value and prestige of these high-end timepieces continues to attract the attention of sophisticated and international criminal networks, making them a prime target for theft,” Katya Hills, managing director at The Watch Register, said in a statement.
Per Bloomberg, while prices increased for top-shelf watches in the pre-owned market during the pandemic, watch theft also saw a surge. To combat this, Paris’ police task force focused solely on halting high-end watch theft grew significantly with 30 new agents, and in London, the Metropolitan Police Service began an operation on the issue, following a stark 60% increase in knife-point robberies between May and June.
Brands, too, are trying to tackle the matter. Audemars Piguet, for example, unveiled a new program in April that serves to replace customers’ stolen timepieces over a two-year period.
Elsewhere, Zenith unveiled two colorful Defy 21 Chroma II watches.
