Wednesday, April 11, 2012

Stolen Watches

Newsletter archive | 11th April 2012 
Mail from one of my subscribers: 
Hi Nick, I am a customer and have purchased a couple of cheaper 
watches from you and appreciated the value and the service.

Can you tell me how dealers  protect yourself and customers from the 

reselling of stolen watches?

I ask because over Easter thieves entered my home and stole my prized 

IWC Portuguese Chrono Rose Gold watch...I am devastated to know that 
this beautiful watch will be in a dealers or pawn shop or even worse 
on E-Bay shortly and a buyer will take the sellers word that it's 
their property...



Hi David,
Sorry to hear about your loss.
If the watch ends up with honest second hand dealer then this would be your best chance for recovery.

All second hand dealers are required to submit watch serial numbers and sellers details to the police within 24 hours. The Police will then keep details on file and match the watch details with their database of stolen watches.
When a dealer buys a watch from a member of the public, it is considered to be at the dealer's own risk, and this system works well. Plus a dealer would never buy a watch from someone who refuses to disclose his details and sign a declaration of ownership.

Unfortunately most stolen watches are 'exported' overseas
or sold online. Private buyers and sellers are not required to
report or register deals to police.
However, dealing in stolen goods is a criminal offense, even when
the purchase is made 'in good faith'.
In your particular case: you should contact the police as soon as possible,
in writing, and provide watch details -
full description, any unique properties and serial / model reference numbers.
Here are couple of tips
- Always keep all the receipts
- Have the watch valued for insurance purpose
- Have the watch insured
- Store it in a safe place.
- Be smart! Don't leave the watch unattended or on sight; even if you are     leaving the house for just short period of time.
In the case of burglary, the first things that will be stolen are watches, jewellery and cash.

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