Value of stolen and lost luxury watches soars to £1.5bn

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 a recent surge in crime activity has driven a 236% increase in the number of watches registered across its platform.

New figures from the business showed that the value of registered stolen and lost luxury watches has risen to £1.5 billion.

The company’s latest report, which marks the 10th anniversary of the firm, showed that more than 100,000 watches have been registered due to potential thefts.

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 front page 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 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.

“Some of the watches that we recover have travelled thousands of miles across continents from the location of theft.

“The solution to effectively tackling watch crime is therefore to have one central, international database used by traders, police and insurers alike to identify stolen goods and enable people to buy and sell with confidence.”