For almost a century now, Rolex has been regarded as one of the prestigious and most desirable watch brands in the world. But when it comes to the surge of watch thefts worth over $1.3 billion, it also unfortunately earns the title of most targeted brand in the market. Unfortunately, it isn’t unheard of for organized criminal groups to target luxury watch stores and even private residences in search of such precious timepieces. Let’s delve deeper into the rise of watch theft and the substantial economic losses experienced.
1. The Blossoming Market of Targeted Watch Thefts
Today, watch thefts are becoming more and more targeted. It is no longer enough to venture into a dark alley to store up some pocket watches; luxury and vintage watches are now the currency of the criminal underworld. As a consequence, the market for watch theft has blossomed in the past decade.
So, what makes a watch so desired by thieves? For starters, they can be re-sold for a high price in an unregulated market. Since they are very small and easy to conceal, they are ideal items for fencing and smuggling. In addition, there is always a demand for luxury and vintage watches, due to their rarity, craftsmanship and iconic nature. To capture these sought-after items, thieves may even use the latest technology, such as 3D printing, to create specialized tools and unlock even the most secure safes.
2. How Rolex Became the Undisputed King of Watch Thefts
By the late 20th century, Rolex had established itself as a leader in the luxury watch industry. The iconic wristwatch had grown to become a symbol of success, wealth and status. However, a consequence of its success was that Rolex quickly became a target of theft.
From the slopes of Switzerland to the bustling streets of London, Rolex watches were increasingly becoming the prized item of thieves. Thanks to its unparalleled quality, its status in the market and increasing variety of models, Rolex was quickly becoming the watch of choice. The trend seemed only to be escalating as thefts of Rolex watches skyrocketed.
- Robbery – Due to its popularity and high-end value, Rolex watches were often targeted by robbers. The robbers frequently asked their victims to hand over their watches and jewelry, often at gunpoint, and the thieves realized that a Rolex watch would easily fetch them a good amount of money in no time.
- Burglary and Theft – Apart from robberies, Rolex watches had become so popular that they were increasingly becoming the target of burglars as well as general thieves. Cases of smart thieves casing out high-end watch stores and easily making away with the most sought-after luxury watches, Rolex first among them, were quite common.
- Counterfeits - Major counterfeit networks around the world were manufacturing Rolex watches and selling them at a fraction of their original prices, making them more accessible and leading to an increased demand for the timepieces, further boosting theft.
3. The Economic Impact of the $1.3 Billion Surge in Stolen Watches
In 2017, it was estimated that the watch theft industry was worth close to $1.3 billion. This staggering figure points to a complex problem with serious repercussions, both economically and socially.
The theft of watches affects all levels of the economy. Manufacturers take on the financial burden of replacing stolen goods, consumers are hit with higher prices when they purchase replacements, local and national governments lose revenue from the lack of taxes on stolen watches and retailers sustain losses as a result of the thefts. In some cases, those who have had their watches stolen are reluctant to purchase new ones in fear of something similar happening again.
- Manufacturers: have to bear the price of replacing stolen goods.
- Consumers: are hit with higher prices when they purchase replacements.
- Government: lack of taxes on stolen watches reduces their revenue.
- Retailers: incur losses as a result of the thefts.
These economic impacts are further compounded by the secondary implications of the watch theft industry. Consumers hesitate about making purchases from their local watch retailer and manufacturers go out of business, leading to the loss of jobs. It’s a cycle that perpetuates itself and continues to plague the watch industry.
4. How to Protect Yourself from the Growing Wave of Watch Thefts
Watch theft may not sound like a major crime, considering the size of the object being stolen. But it has serious implications – not only on the financial wellbeing of the person who lost the item, but also on the sense of security a person feels. With watch theft on the rise, it is ever more important to take precautions against this type of theft.
Here are some steps you can take to protect your watch from being stolen:
- Always Lock Your Valuables: Always store and secure your watch in a safe place such as a locker or a jewelry box. Consider investing in a safe if you keep multiple pricey items.
- Be Aware of Your Surroundings: Pay attention to your surroundings and people that seem to be acting suspiciously. Keeping your items in sight or within arm’s reach is an extra precaution.
- Invest in a Quality Security System: Secure your home with an alarm system that is connected to monitoring services. This is a great way to deter any potential thieves.
- Engrave Your Items: Engraving is a great way to deter thieves. Consider personalizing your watch with your name or initials, as it will be easier to identify and harder to resell.
It is important to take precautionary steps in order to protect your watch from being stolen. Taking the time to secure it can be the difference between keeping and losing your most valued items – so stay informed and take the necessary steps to prevent theft.
As the most targeted watch brand in the world, Rolex continues to stand out with its timeless look and feel, as well as its impressive durability. But these same qualities, that make it popular, could make it a target for criminals as long as the appetite for luxury items remains. Although the increase in thefts is of concern, only time will tell how the watch industry will react and move forward to protect their product and customers.
