Watchfinder, a leading UK retailer of pre-owned watches, uses digital platform to prevent resale of stolen watches

According to British police data, more than 100,000 watches have been stolen in the UK since 2015. London is the hardest hit, with more than 6000 thefts per year and more than 500 per month. Watchfinder, a major UK retailer of second-hand watches, has partnered with Enquirus, a platform that can identify stolen watches, to prevent them from being resold.

The recent increase in watch thefts and the secondary market

　Watch thefts fell to an all-time low during the coronavirus pandemic, but UK police data obtained by Watchfinder shows that they peaked in 2022 once the pandemic subsided, reaching 15,058 reported thefts.

　This is the highest number of cases in the last two years, and the average value of a reported stolen watch is approximately 1345 pounds (approximately 243,266 yen, 1 pound = 180.84 yen, as of June 22, 2023). Of course, it goes without saying that victims suffer psychological damage and are sometimes subjected to violence by the perpetrators.

　London alone saw 6000 reported thefts in the past 12 months, accounting for more than half (55%) of all watch thefts in the UK. London, Paris and Barcelona are well known as the "worst cities" when it comes to this problem.

　The total loss caused by watch thefts in London over the past five years is estimated to be around 162 million pounds (approximately 29,296,161,000 yen).

Watch thefts on the rise in France

　According to a 2022 study by the major French newspaper JDD (Le Journal du Dimanche), there have been over 600 watch thefts in Paris and the surrounding area since 2019. The actual number is likely much higher, and the number of thefts is increasing every year.

　According to comments made by Superintendent Julian Herbaugh in a JDD study, many of the thieves appear to be known for other thefts, such as burglaries. While 60-70% of thefts are solved and the perpetrators are arrested, very few stolen watches are ever recovered.

According to Var Matin magazine, cities on the Côte d'Azur, which are popular with wealthy tourists, are also prone to watch thefts: 69 watch thefts occurred on public roads in the Alpes-Maritimes department in the Côte d'Azur region between January and June 2022.

　"Thefts are particularly prevalent in spring. From 2020 to 2021, the number of watch thefts increased by 46 percent," said prosecutor Damien Savarzais. In the first half of 2022, there has been a six-fold increase.

　Supporting these figures, a Watchfinder survey found that over 60% of people in France admitted that the rise in thefts has made them more cautious when wearing their watches, less expensive models and wearing longer sleeves, while over a quarter (28%) would like to see more measures taken to protect their watches from theft.

　And more than half would like to have access to tools that allow them to register their watches so that retailers and brands can check whether they have reported them stolen.

Introducing a digital platform to prevent the resale of stolen watches

　In response to these findings, Watchfinder has launched a campaign to combat watch crime, which is divided into two phases: first, watch owners can protect their timepieces from theft by registering them immediately after purchase;

　Another option is to encourage second-hand watch dealers to authenticate all their stock, making it more difficult for second-hand watch specialists to resell stolen timepieces and thereby reducing criminal profits.

　Pre-owned watch specialist Watchfinder has long implemented a process to ensure that every watch it sells is of the highest quality.

　Watchfinder is now part of the Richemont Group, which, in response to customer requests, has partnered with Enquirus, a free digital platform aimed at combating theft of watches.

　Developed in close cooperation with a wide range of partners, including watch manufacturers, police, insurance companies, the secondary market and customers, the platform enables watch owners and industry participants to register, report and investigate lost or stolen watches.

　The search function also allows customers considering purchasing a pre-owned watch from a third party to refer to the database before making a purchase to ensure it is not stolen.

　Watchfinder CEO Arjan Van de Wall urges all pre-owned watch retailers to thoroughly check their stock to combat the growing problem of watch crime, and that provenance checking and authentication of stock must become standard in the industry.

　More than two-thirds (68%) of people who have had their watch stolen believe it was resold.

　Through rigorous testing and certification, and the support of watch experts and over 19 watch brands, Watchfinder reports that it has prevented the resale of over 200 stolen watches brought to its company over the past 12 months.