Sign of the times as stolen luxury watches are replaced by makers

IF you decide to spend upwards of £50,000 on a watch you would probably hope, at the very least, for it to come with a guarantee against minor damage such as scuffs and scratches.

Now, following a rise in targeted violent robberies across Europe, watchmaker Audemars Piguet has become the first luxury brand in the world to also offer to replace stolen watches.

Last year in London, more than 6,000 expensive timepieces were stolen while criminals have made £139million selling them on since 2018.

Victims have been attacked in their homes, run over by thieves on mopeds, and threatened with knives and machetes. Attacks are increasingly unfolding in broad daylight in busy areas such as Mayfair and Westminster. Audemars Piguet, the Swiss luxury watch brand, has responded to the rise with the offer.

“We listen to our clients and we have to look also at what’s going on in the world right now. We have important cities in Europe and in the US that are not as safe anymore,” François-Henry Bennahmias,

the chief executive officer, said. The initiative marks the first time a luxury watch brand has offered a warranty and guarantee service to replace or refund the watch stolen.“That’s a big, big move because no one has ever done that,” Mr Bennahmias added.

Any customer who bought a watch in 2022 or 2023 will be eligible to register with the programme. They will have to prove that they bought and still own the watch, providing a photograph of the timepiece and the serial number.

Other luxury watch brands are also making moves to address the surge in watch crime. Enquirus, an online platform being developed, will allow owners to register collections. They can also report theft or a loss and check if a piece they are planning to buy is stolen. The rise in the number of watch thefts in London is so dramatic that live facial recognition technology is being deployed by the Metropolitan Police.

Watch thefts in the capital accounted for 41 per cent of cases nationwide last year. Data from 23 British police forces revealed that 15,058 watches were reported as stolen across the UK in 2022.