The UK remains a major target for watch thieves. Of the £150 million worth of luxury watches reported stolen worldwide in 2024, £60 million stemmed (opens a new window) from thefts within the UK – some 40% of all high-end watches stolen internationally.
Despite the intensified efforts of police and law enforcement to tackle watch-related crime, including undercover operations (opens a new window), the market for stolen timepieces continues to grow.
It is essential that you remain vigilant to help safeguard yourself and your assets. Beyond practical steps to improve safety, insurance can provide added protection for your watch.
Developments within watch thefts
In 2024, according to data from The Watch Register, 21 high-end watches (opens a new window) were reported missing every day on average – a significant rise and almost doubling of the 12 per day in 2021.
However, beyond the recent spike in thefts, the tactics and strategies of criminals are also evolving. Rolexes are no longer the primary target for increasingly sophisticated criminal gangs. Thieves are now concentrating on the most expensive pieces (opens a new window), such as ultra high-end brands like Patek Philippe, Richard Mille, Audemars Piguet, and Vacheron Constantin, with some ‘stolen to order (opens a new window)’.
Criminals will often work in gangs and use spotters for identification of potential victims wearing valuable watches. Spotters will follow targets and summon further people in their organisation to commit the crime at a more opportune time or location.
Additionally, a majority of watches stolen are quickly transported overseas – making them difficult to track. In 2024, 60% of reported (opens a new window) timepieces missing in the UK were moved overseas, underlining the international and organised nature of criminal gangs operating in the watch theft trade.
Steps to protect your assets
The considerable value of high-end timepieces ensures watches will remain a prime target for theft. Therefore, individuals should look to take practical measures to limit their vulnerability to criminals. While the majority of UK luxury watch thefts occur in high-end London boroughs, such as Chelsea, Fulham, Hammersmith, Kensington, and Westminster, you should remain vigilant and careful wherever you are.
The following precautions can help significantly reduce your risk of becoming a victim of watch theft:
Be mindful of your surroundings
Individuals should choose routes that are well-lit, avoid quiet backstreets, and try to remain in areas with greater surveillance and security presence. If you find yourself in a crowded area, be cautious as thieves may be able to get within close proximity to your watch undetected.Conceal your watch
Consider wearing long sleeves or similar clothing to help discreetly cover your watch. Similarly, when travelling to your destination, consider using a protective pouch to help conceal your watch until you arrive. These steps can help eliminate displays of wealth that reduces attracting unwanted attention.Travel securely
Where possible, have a secured driver or taxi drop you directly at the door when attending a special function or going out for the evening. This can reduce the opportunities for a spotter or criminal to identify your watch.Consider what you post on social media
Criminals are known to monitor social media to select targets. Avoiding being photographed with your watch can help reduce attention from thieves. Outside the home, avoid tagging your whereabouts on social media until after you have left the area.Invest in a home safe
As there have been instances of criminals following a victim to their home, it is prudent to store your watch in a secure safe when not in use, particularly if you have a collection of timepieces.Retain unique documentation
After purchasing a watch, note the timepiece’s unique serial number and keep the box, paperwork, and service records in a secure location to help facilitate its recovery in the event of it being lost or stolen.Register your watch
Consider registering your watch with a service like The Watch Register (opens a new window). Logging your timepiece with a database can help with crime prevention in the luxury watch market, as well as offering specialist watch recovery services to victims.
Watch insurance: a further layer of protection
A robust insurance policy can issue coverage for your prized possessions. Whether your watch is rare, of high-value, or great sentimental worth, it is prudent to consider the protection that a suitable insurance policy can offer. While insurance cannot directly prevent thefts, it can mitigate financial losses in case of the worst happening.
Watch insurance can provide coverage for the following incidents on a worldwide basis:
Theft
Accidental damage
Accidental loss
For further discussion on how watch insurance can help protect your timepiece, reach out to a member of the Lockton Private Clients Team (opens a new window).