KEEPING IT REAL

Technology proves to be a solid tool for luxury watch brands in their fight against mounting cases of fake timepieces and watch thefts.

- NAGMANI

The luxury watch industry has never resolved the issue of high-quality fakes taking big bites out of its margins and, perhaps more importantly, damaging its reputation. 

No doubt the people in this shady business are determined to make easy money since the volume of fake watches being produced is (presumably) larger than that of the real ones, thus promising billions of dollars (thanks to lower costs, again presumably) for the guys at the top. That said, another distressing issue is watch theft, which reached never-seen heights in 2022 even as the resale value of some models skyrocketed. The issues come together when a fake is so realistic that it gets its unsuspecting owner robbed, which it makes twice the misfortune and a bit of a tragic-comedy.

So, on the issue of theft, the question that surfaces is where these crooks are selling their loot. In an interview with the New York Times, Frank Vivier, Richemont's chief transformation officer recently said, "The proliferation of too many online resale platforms with no proper legitimacy to count on has simply exacerbated the crisis of watch thefts. These resale websites have become a haven for selling stolen goods such as luxury timepieces and jewellery.”

Hence, reputed pre-owned retailers such as Richemont’s own Watchfinder & Co. have an important role to play as gatekeepers, thereby “giving zero value” to counterfeit and stolen watches. 

“The issue of high-quality fake timepieces is a highly significant one because many people are wearing fake modern watches that they think are absolutely real. Unfortunately, they are not,”  said noted watch expert and vintage watch dealer Eric Wind.