Watches worth R244m go missing

Tokyo – Around 900 luxury watches worth almost $13 million (about R244 million) are missing in Japan after a site renting them out folded and its owner fled to Dubai, local media reported.

The owners of the Rolexes and other pricey timepieces earned monthly deposit fees by loaning them to Osaka-based Toke Match, which would then rent them out.

Neo Reverse, the company that operated Toke Match, announced on 31 January the termination of its service and promised it would return all watches.

But the owners of around 900 watches worth 1.9 billion yen have not been reunited with their property, the Asahi Shimbun daily and other media reported, citing a group of about 190 owners.

Some of the watches have even been spotted on an online auction site, prompting owners to file dozens of complaints to police around Japan.

The auction site’s operator Valuence Japan told AFP that at least 20 watches it handled had serial numbers matching those loaned to Toke Match. “We immediately stopped circulation of these watches to prevent further damages from happening” through reselling, a spokesperson said last week.

Half of the watches were already on the auction site before the Toke Match service was terminated, she said.

The Sharing Economy Association, Japan, said in a statement it had received reports that some of the watches were circulated in second-hand stores, too.

The size of Japan’s “sharing economy” market is rapidly growing, reaching 2.6 trillion yen in the past fiscal year, the association says. –