Luxury watch crime is ticking time-bomb

THE number of watches recorded as lost or stolen has more than tripled over the last 12 months, according to the world’s largest watch database.

The Watch Register said that a recent surge in crime activity has driven a global 236 per cent increase in the number of watches registered across its platform.

Its figures showed that the value of registered stolen and lost luxury watches has risen to £1.5 billion. The company’s latest report showed that more than 100,000 watches have been registered because of potential thefts.

Information previously obtained by The Watch Register shows there have been a total of 49,854 watches reported as stolen since 2019 in the UK, around one in eight, or 13 per cent, of which involved some sort of violence. The data came from 21 police forces across the UK following a Freedom of Information request.

Last year, the Metropolitan Police used undercover “victim” officers to catch robbers attempting to steal luxury watches in central London.

Katya Hills, managing director of The Watch Register, said watches have “become a currency for criminals”.

She added: “Luxury watch crime is rampant and habitually making frontpage news.

“The incidence of violent street robberies is escalating, with owners afraid to wear their timepieces in public.

“The strength of the pre-owned market means that thieves and fences can easily resell stolen goods for large sums of cash.”

The report calls for “increased collaboration from all stakeholders, including insurers, auction houses, watch dealers, manufacturers and law enforcement agencies” in order to address the escalation of luxury watch crime.

Ms Hills added: “A prime focus for the industry therefore has to be to make stolen watches harder to sell, so that consumer confidence can be restored and watches becomes less lucrative for criminals.”