Why luxury watch theft surged in the past year: around 80,000 timepieces worth US$1.3 billion are stolen or missing overall, with Rolex the most targeted brand followed by Omega and Breitling

Luxury watches worth more than US$1.3 billion have been reported as stolen or missing, with a surge in the number of thefts last year.

Around 80,000 watches have been registered as stolen or missing with The Watch Register, a company that helps owners, auction houses and dealers identify stolen timepieces for a fee.

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London’s Metropolitan Police Service launched an operation last year to address the problem after the number of knifepoint robberies jumped 60 per cent between May and June. In Paris, a police task force dedicated to stopping luxury watch theft grew to 30 agents, Bloomberg News reported last year.

Rolex is the most targeted brand on The Watch Register’s database, accounting for 44 per cent of timepieces, followed by Omega and Breitling. The company has been compiling data for over 30 years.