Global Crime Prevention Agency reveals Watch Theft is on The Rise
The new BBC documentary ‘Rolex Rippers,’ which is on air this week, reveals the rise of watch theft. The Watch Register states that they now have around 80,000 watches registered as stolen or missing on their database and the total value amounts to over £1 billion. The number of luxury watches registered with them has been increasing year on year. In 2022, they saw 6,815 watches newly recorded on their database as being missing or stolen, which was a 60% increase on 2021.
Katya Hills, Managing Director at The Watch Register said: “This documentary shines an important light on a crime that is dramatically increasing in its frequency, and where violence is being used more. Given that trading in stolen luxury watches is lucrative and safer for criminals than dealing in drugs, we expect the level of luxury watch thefts to increase”.
She also states that around 90% of watches on The Watch Register’s databases are men’s models, whose higher retail value makes them an attractive target for thieves. From the models of watches that are commonly targeted in street robberies and smash-and-grabs, it is clear that thieves are increasingly sophisticated and knowledgeable about the watches that will re-sell for the highest values.
In terms of the most popular brand of high-end watches registered on The Watch Register’s database, Rolex accounts for 44% of all stolen or lost watches. This is followed by Omega (7%), Breitling (6%) and Tag Heuer (5%).
Owners can register their stolen or lost watch on the database, which is used by dealers, jewellers, pawnbrokers and auction houses to identify stolen watches. The company actively searches for watches on the global pre-owned watch market until they are recovered. The Watch Register finds three to four lost and stolen watches per day for victims of theft and insurers. 50% of watches found by the company are located within a year of the theft and 35% within six months.
The Watch Register advises owners to always insure luxury watches and keep pictures of watches, paperwork and serial numbers in case owners need to report a theft and prove their ownership.
Owners need to stay alert and have their wits about them – many thieves use distraction techniques and work in pairs. Keep car windows shut when wearing a luxury watch and keep sleeves rolled down with the watch under the cuff. Owners need their unique serial number and proof of loss such as a crime reference number in order to register their watch on The Watch Register. It charges a non-refundable fee of £15 +VAT per watch to review the registration and if it is recovered a 5% location fee.
Visit: Thewatchregister.com
