Originally Posted by
Haywood_Milton
A few comments have been made about Rolex UK's withdrawal of public access to the Lost / Stolen Register, to which it may be pertinent that I add :
1). I wrote a two-page article in the UK trade magazine "The Jeweller" about the subject, giving every reason why it should be restored. Specifically, I argued with the backing of a number of other big players that we would all be happy to pay £10-£20 per watch for the privilege of making enquiries. I know that this article was retained at Rolex UK and the matter was revisited a number of times. At the most promising point there was talk of them meeting with the head of the UK's NAG Institute of Registered Valuers and me, but ultimately the mooted invitation never came.
2). I have tried to apply pressure through underwriters and insurers ( Rolex UK has been enjoying cover from the same providers as those which many jewellers including my own three companies use ). These insurers are suffering significant domestic and retail losses as a result of the ready movement of stolen watches. Still my efforts have been frustrated.
3). If Rolex's intention was to curtail the secondhand trade in their watches, it has been worse than a failure. The removal of general access to the Register has actually allowed illicit trade to flourish undetected along with honest trade, which has of course continued, unaffected.
4). For buyers of secondhand Rolex, I would say that the situation remains very much as it was before. The best protection of all comes from dealing with a seller from whom you KNOW as far as possible that you will be able to get recourse if things go wrong later, even years later. For many people, this will mean buying secondhand Rolex only from companies with significant assets and a long trading history.
Yes, watches are often identified as stolen long after a transaction has taken place. I bought 50% of two companies back in 2007 and 2008, where a little watch business was done but without the necessary knowledge to do it properly. A few years later, a client who had bought a 14060 non-date Submariner from one of them prior to my involvement returned, as his watch had gone to Rolex and been flagged as stolen from another shop (one which many members will know, in fact). It was all very civil and friendly, and in a matter of days we had established the truth of the matter; I agreed a very happy deal with the shop that had suffered the loss, Rolex and the police had the details of the person who had sold the watch to my company and, most happily of all, the original shop were able to supply me with the original papers that had been lacking from the watch. My company's client was very happy now to have a watch with papers (given to him for free, of course), and I think we even paid half of his Rolex service costs as a little extra gesture.
Now, while I have enjoyed the honest friendship of many here on tz-UK, what confidence might I have that SillyPseudonym256 would similarly look after me if a watch he sold turned out to be stolen a few years later?
With kind regards,
Haywood Milton
