Watch thefts soar as timepieces now ‘bigger lure than drugs’ to criminal gangs

When Aled Jones was robbed of his watch near his South West London home earlier this month, the teenage thug who brandished a machete at the singer and TV presenter knew he would soon own a £100 Rolex 17,000.

Jones, 52, is just one of many high-profile victims of the “Rolex Ripper Gang,” along with boxer Amir Khan, Olympic cyclist Mark Cavendish and Hollywood director Paul Feig.

They have joined more than 11,000 watch theft victims in the past year, according to data from watch specialist Watchfinder & Co. It is a figure almost double that of 2021.

More than 60 per cent of thefts take place in London, with the average watch stolen in the capital worth £9,000. And the chances of recovery are small – only one in five is returned to the owner.

Former watch dealer and expert Paul Thorpe is not surprised. He says stealing expensive watches to sell on the black market is more lucrative than selling drugs. He adds, “Watch theft is an industry in itself and has overtaken drugs as the crime of choice for some criminal gangs.”

Some smart brands are adapting. Luxury Swiss watchmaker Audemars Piguet offers a watch face to prevent opportunistic robberies. Owners can also register their watch on the website in case of theft. It offers free theft insurance for two years.

There are two reasons why this crime wave should make us all vigilant.

First, unlike cars, most luxury watches increase in value.

Ann Owen, managing director of Aviva Private Clients, says: “Wealthy high net worth clients have always bought and insured expensive watches.

“However, we see an increase in the value of these watches. For example, watches that have been owned for many years are revalued and often double or more than double in value.’

Other clients, she says, have actively invested in watches to build significant collections “which in some cases could be worth millions of pounds.”

How do you insure an expensive watch?

Most high street jewelers will appreciate a watch. You can then change the cover if necessary.

Second, in response to an exponential increase in claims, insurers are reviewing what they will agree to cover. Watches are usually covered as part of home insurance, but most policies require you to declare jewelery worth more than £1,000. And check whether the cover also applies when you are not at home, for example on holiday.

You may need specialized watch coverage if you already have other valuable items, as Angela Pilley, home insurance expert at product rating agency Defaqto, warns.

She says, “Insurers will have a general limit on all the valuables you own.”

There are also specialized policies that only cover watches. Take a £10,000 Rolex Submariner as an example – policy prices range from £245.36 to £327.50 per annum. These policies are tailored for high-value watches and include payouts for accidental loss and theft, with no deductible.

By contrast, the average home contents policy – ​​excluding very expensive items – is £300 a year, according to the Association of British Insurers.

“We are aware of this particular crime trend and it peaked last year,” said Andrew Cheney, chief risk and valuation advisor at high-net-worth insurer Hiscox. “It was a new modus operandi that became common throughout the country.

“The problem is that the good guys are trying to secure everything and secure everything around the house. So criminals have to come up with a new perspective on their activities.’

It is also important to check what is stated in your policy. For example, an Aviva high net worth policy covers watches against ‘all risks’, including loss or damage anywhere in the world.

By contrast, a standard home policy from Aviva only covers watches and jewelery in the home up to £10,000, and up to £2,000 for a single item. Items valued over £2,000 must be itemized.

Owen added: “As the value of watches can fluctuate, we encourage customers to take the time to review their policies and consider regular appraisals to ensure their coverage is adequate.”

Insurance broker Miller says on its website: ‘The well-known insurers will not touch a luxury watch and very few will cover a watch worth £2,000.’

Annabel Fell-Clark from the fine arts and specialists department explains: ‘With an increase in watch theft, some medium-sized insurers have pulled out of the market – they are unwilling to cover expensive watches while the person is wearing them. ‘

She adds, “What’s sad is that a lot of people who might own a valuable watch now find it hard to get cover for it.”

Hiscox’s Cheney agrees: “Insurers recognize that the price of everything is going up and we don’t want to penalize people for broader trends.

“But it’s fair to say that some are trying to protect themselves by adding provisions around ownership of certain expensive items.”

He adds: ‘The classic provision is that a watch is not insured against theft, unless it is worn by you or kept in a good safe.

And I would advise people to check when they last gave a replacement value to their insurer. If they haven’t in the past three years, chances are they’re underinsured.’