The rise in luxury watch thefts is getting so serious that both Audemars Piguet and Richemont have both launched initiatives in the same week designed to solve it.
Along with an increase in raids of bricks and mortar stores there has also been a rise in customers being targeted after leaving the properties.
Between January and July 2021 there were 377 reported watch thefts in London, alone, according to the Metropolitan Police.
This shot up to 621 in the same period during 2022.
A recent attack in London includes a couple who were targeted after leaving a store by a moped rider who threatened them with a machete before being forced to hand over their Audemars Piguet and Patek Philippe watches.
Another attack saw a man knocked down by two people on a scooter, who then produced a knife a took his £20,000 Rolex and a Bulgari wedding ring.
Tragically one man was fatally injured in 2021 in what Is believed to have been a robbery gone wrong involving the victim’s £37,000 Patek Philippe watch, according to a report by UK Protection, a specialist security firm.
Richemont and Audemars Piguet are taking different approaches.
For AP, the intention appears to be focused on helping victims of crime after the incident by guaranteeing to replace, refund or repair any stolen or damaged watch bought in 2022 or 2023 for two years after the purchase.
The brand is a particular target for thieves because of the desirability of its Royal Oak watches, which can sell for up to £60,000.
Richemont is aiming to make it harder to offload illicit watches by creating a database of stolen watches and jewellery so that they can be identified if they appear for sale.
The group has announced the launch of Enquirus, an open, global digital platform where information about luxury goods can be securely uploaded, searched and shared by multiple parties, while protecting customers’ identities.
The aim is to help owners log the goods they have at the point of purchase, so that if they are ever stolen, it can be immediately reported to the same platform, making it harder for criminals to sell their swag.
Open to all luxury brands, Enquirus was designed in close collaboration with watch and jewellery manufacturers, law enforcement agencies, insurance companies, the pre-owned market and clients.
“This reliable solution brings together multiple stakeholders to serve customers and the entire industry, by facilitating borderless cooperation between police forces and insurance partners,” said Jérôme Lambert, CEO of Richemont.
“By providing free access for customers and industry partners, the opportunity to sell stolen watches becomes more prohibitive, with the ultimate objective of reducing the incentive to steal watches in the first place.”
“We have listened to our customers and developed Enquirus, as part of our suite of customer services, to help them protect their watches and jewellery,” said Frank Vivier, Chief Transformation Officer, Richemont.
“Our goal is to bring onboard as many industry players as possible, as well as the Police Departments of all the major cities in the world, to make Enquirus the largest international database of lost and stolen watches and jewellery.”
Enquirus works by encouraging watch owners and industry partners to register, declare and search for lost and stolen watches and jewellery through individual or business accounts.
The process is to:
- Create an account and register your collection using the brand and serial numbers
2. Upload documentation in the secure digital vault
3. Report lost or stolen pieces
By simply registering a piece on Enquirus, customers are quickly connected to their pieces anywhere in the world in case of loss or theft.
The more individuals and businesses that participate from across the world, the more likely it is that stolen goods will be traced and reunited with their owners.
With one central point of reference, police forces, insurance companies, Maisons and the second-hand market can easily collaborate to increase the chances of recovery, Richemont says.
Even before buying on a secondary market site, people considering the purchase of pre-owned watch or piece of jewellery can check the database and ensure that it is not stolen.
Enquirus has more than 175 luxury watch brands and several top jewellery brands already pre-loaded, to make registration easier for clients.
These include all the Richemont Maisons, as well as other major players in the watch industry.
Thousands of customers have uploaded their collections to date, and there are 28,000 watches and jewellery items registered as lost or stolen.
The Département de Sûreté Territoriale in Paris, as well as the Geneva Police Service des Bijoux department and other European police forces are registered with Enquirus and using the platform to help break the cycle of theft and resale of stolen watches and jewellery.
Current insurance partners include, LMG Jewellery, the UK’s largest organisation specialising in the professional management of insurance claims for jewellery, watches and other valuable items, as well as Zurich Insurance Group, the largest insurance company in Switzerland.
Bonhams, the renowned international auctioneer of luxury pieces is also a partner of Enquirus.
