11/02/2024
The luxury watch market, especially high-end models like Rolex steel sports watches, is facing scarcity due to supply chain disruptions and increased demand.
This scarcity has given rise to inflated prices on the second-hand market. For instance, a new Rolex Oyster Perpetual GMT-Master II, valued at approximately R191,200, commands a second-hand price of up to R400,000—more than double the official retail price.
“Unfortunately, the heightened demand for these sought-after timepieces has led to an alarming increase in theft cases," says our MD Tarina Vlok
Rolex stands out as the most frequently stolen brand, contributing to a global surge in luxury watch theft—up by 60% in 2022, amounting to over £1 billion (nearly R23 billion).t is important for individuals who wear these watches to ensure that they remain safe when wearing them in public; below are Tarina’s top tips:
•Never tag the location or show photographs of the watch on social media.
•Wear long sleeves to cover the watch while travelling.
•Be aware of the environment. Look out for strangers who pay too much attention to the watch.
•Keep to areas that are more likely to have CCTV coverage.
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