why are luxury watch thefts increasing in France?

A few seconds are enough for thieves to steal luxury watches worth several hundred thousand euros. Often, these thefts take place in the middle of the street, after locating the target. “The first strangled me and the other two, while the first was punching, the second was trying to slip his hands under my sleeve”says Alexandre Meyer, victim of a watch theft, who was attacked in his building hall.

In 2022, luxury watch thefts increased by 31% in one year. “The watch is dismantled like (…) luxury vehicles that are stolen for parts. We resell the parts on the right, on the left”, explains Yann Bastière, national delegate SGP FO unit. The coast of collector’s watches has exploded, a model has gone from 500 euros to 10,000 euros, when a Rolex which cost 6,000 euros is now worth 45,000. In order to avoid theft, a Parisian watchmaker advises his customers to not wear their watches.