Yahoo Finance Rolex remains the favorite of robbers as luxury watch thefts top $1.3 billion, defying a plunge in secondary-market prices
Rolex is the luxury watch brand most likely to be stolen – comprising almost half of total thefts.
The Watch Register Index, which tracks missing pre-owned luxury timepieces, has seen a surge in thefts since 2021.
The total value of wristwatches reported to the index has topped $1.3 billion worldwide, per the data.
Rolex is the most likely luxury watch brand to be stolen as part of an illicit industry worth over $1.3 billion, data shows.
The Watch Register Index, which tracks theft of pre-owned luxury timepieces, has logged over 80,000 thefts since its inception.
The total value of wristwatches reported as either stolen or missing has topped $1.3 billion worldwide, with a surge in thefts since the second-hand luxury market boomed during the pandemic period.
Reports increased by 60% last year compared to 2021, the index told Bloomberg on Monday. This amounted to an extra 6,815 watches on the database.
Rolexes were by far the most targeted brand, comprising 44% of all thefts, while Omega and Breitling made up 7% and 6% of the index respectively.
Thefts have surged despite a sharp slump in the legal secondary market for luxury watches over the past two years. The WatchCharts Overall Market Index — which tracks the prices of 60 timepieces from top brands including Rolex, Patek Philippe, and Audemars Piguet — has plunged 33% from a March 2022 peak. A separate index for just Rolex models fell 28% over a similar period.
"Recent records show a concerning surge in the registration of luxury watches that have been stolen or lost," Katya Hills, managing director at The Watch Register, told Sky News.
"The considerable value and prestige of these high-end timepieces continues to attract the attention of sophisticated and international criminal networks, making them a prime target for theft."
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