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4 minute read

Updated 2nd July 2024

If you’re the proud owner of one or more luxury watches, then you need to be on your guard. Luxury watches are becoming increasingly coveted by thieves, resulting in the number of lost or stolen watches tripling within the last year. Over 100,000 luxury watches have been listed as stolen or lost, worth a combined £1.5bn, according to The Watch Register, leading to higher insurance premiums.

While the rise in watch theft is happening all over the world, some cities have become infamous for this crime, with residents and tourists falling prey to skilled pickpockets and robbers. Let’s explore some of the world’s most notorious cities for watch theft and how to prevent your luxury watch from falling into the wrong hands.

Paris

Paris might be best known for its iconic landmarks, such as the Eiffel Tower, but the millions of tourists who visit each year sadly make it a hotspot for watch thieves. Thefts of luxury watches in the city rose by 31% between January and July 2022. Thieves in Paris use increasingly sophisticated and often violent methods to get their hands on luxury watches, including working in groups to distract and steal from unsuspecting victims.

London

London has become a hotspot for luxury watch theft, with over 6,000 luxury watches stolen in the city in 2022. Tourist hotspots such as Covent Garden, Oxford Street and the South Bank are popular areas for thieves and organised crime gangs such as the ‘Rolex Rippers’.

While unsuspecting tourists are often the main target, celebrities, often photographed sporting an expensive timepiece on their wrist, aren’t immune to watch theft either. Boxer Amir Khan had his £70,000 watch stolen at gunpoint in 2022, while footballer Raheem Sterling was the victim of an armed robbery at his home that saw burglars make off with £300,000 worth of watches and jewellery.

Barcelona

You may associate Barcelona with beautiful scenery, stunning architecture and vibrant nightlife, but unfortunately, it’s also becoming increasingly linked to watch theft, particularly pickpocketing and snatch theft. Tourists are often the primary targets, especially in busy areas such as Las Ramblas, Sagrada Família and the Gothic Quarter.

Watches represent over 4% of violent robberies in Barcelona, with many of the thieves just teenagers, recruited by larger networks and gangs who later sell the stolen watches on the Asian market. The problem has become so severe that police in Catalonia have formed a special unit dedicated to tackling watch theft and recovering stolen property.

New York City

New York City, a global hub of finance and culture, also faces a significant watch theft problem. In November 2023, two armed thieves stole a pair of Rolex watches worth around £22,725 from two men standing on the street.

Meanwhile, police are searching for a group of thieves targeting people wearing Rolex watches, which saw one man forced to hand over his watch at gunpoint. Sadly, these incidents are not unusual. The city’s fast-paced environment and dense population create opportunities for thieves, particularly in Times Square, Central Park and the subway system.

Rome

Steeped in history and home to countless treasures, Rome attracts millions of visitors yearly. Unfortunately, famous sites such as the Colosseum, Vatican City and Trevi Fountain are popular areas for pickpockets.

Watch thieves have become increasingly skilled at going undetected, employing techniques such as jostling and misdirection to steal from unsuspecting tourists. However, it’s not just tourists who are a target for watch thieves in Rome. Formula One driver Charles Leclerc was a victim when robbers snatched his Richard Mille watch from his wrist. Visitors to Rome are now urged to wear cheap plastic replicas instead when visiting tourist hotspots.

Preventative measures that watch owners should take

If you own an expensive luxury watch, there are several things you can do to protect yourself and your precious timepiece. For example:

Be discreet: If you wear your watch in public, keep it concealed under clothing. Even better, consider wearing a replica when out in public.
Be vigilant: Always be aware of your surroundings, especially in new or busy areas.
Don’t ‘advertise’ your watch: Avoid sharing photos or information on social media.
Sign up to The Watch Register: This is an online database that can be used to track stolen watches.
Invest in a safe: A sturdy, cash rated locked safe is a good place to store your watches when you’re not wearing them. Securely fix it to the floor or wall so that thieves cannot remove it. Perhaps consider keeping your watches at home when travelling.
Maintain records: Keep all your receipts, appraisals, serial numbers and photographs of your watches to help with identification and potential insurance claims.

Verify service providers: Only use approved distributors of your watch brand to service your watch.

Does luxury watch insurance cover theft?

While most standard home insurance policies cover a watch when it’s inside the home, this cover might not necessarily extend to outside the home. For your watch to be covered outside the home, you’ll typically need to add personal possessions cover to your policy, which could increase the premium. It’s best to check your policy for exact terms and conditions.

Fortunately, our high value watch insurance and stand alone luxury watch insurance products provide worldwide coverage for your watch when under close personal custody and control, so wherever you wear it, your timepiece will be covered. At Stanhope, not only do we understand how important your luxury timepiece is to you, but we also understand the complexities of the luxury watch market.

Furthermore, with Stanhope, you may not have to pay any excess should you have to make a claim, and you can cover a single watch or an entire collection. We could also cover the replacement of your safe should it be damaged during a robbery.

Our knowledgeable and friendly team offers tailored advice to help you choose the most suitable solution, so you can have peace of mind that your watch collection is in safe hands with us. Get a quote today.

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