The number of sophisticated fake watches uncovered by pre-owned dealer Watchfinder is rising, with Rolex replicas accounting for about half.
As many as 10 per cent of the watches received from sellers last year were determined to be fakes, according to Watchfinder chief executive Arjen van de Vall.
“Rolex is the most aspirational luxury watch brand and the highest demand … hence … it’s the most replicated,” Mr van de Vall said.
Fakes are also becoming harder to spot. Watchfinder used to be able to identify about 80 per cent of bogus time pieces by sight alone but now that is 20 per cent, he said.
Employees at the company, owned by Swiss luxury conglomerate Richemont, now need to perform more detailed inspections including opening watch cashbacks and checking movements to identify the high-end counterfeits.
Fake or replica luxury watches are a growing problem in the €25 billion ($27.3 billion) per year secondary watch market with some fakes fooling the most knowledgeable experts.
Omega, part of Swatch Group, said last month that three former employees were part of a criminal plot to sell a Frankenstein Omega Speedmaster, that was an amalgam of mostly authentic parts from other vintage watches. The watch sold at auction in 2021 for more than $3 million, the highest price yet paid for an Omega timepiece. The company itself was the buyer and has said it was the victim of a criminal conspiracy.
Last year, Rolex began a certified pre-owned programme that authenticates used watches sold through authorised dealers.
It is not just Rolex watches that are being faked or altered with inauthentic parts and components.
“You see replica or clone watches – very, very high quality watches – of virtually all of the big luxury brands,” Mr van de Vall said. “The whole gamut.”
The rising fraud in pre-owned watches comes after prices for the most desirable models spiked to unprecedented levels during the pandemic before pulling back sharply.
Secondary market prices have declined by about 18 per cent in the past year, according to the Bloomberg subdial watch index, which tracks prices for the 50 most traded luxury watch models by value including Rolex, Patek Philippe and Audemars Piguet.
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
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- Upload the training certificate from a centre accredited by the GCAA
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What are the regulations?
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- Only fly the drone during the day, and never at night
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Uefa Champions League last-16, second leg:
Real Madrid 1 (Asensio 70'), Ajax 4 (Ziyech 7', Neres 18', Tadic 62', Schone 72')
Ajax win 5-3 on aggregate
Six things you need to know about UAE Women’s Special Olympics football team
Several girls started playing football at age four
They describe sport as their passion
The girls don’t dwell on their condition
They just say they may need to work a little harder than others
When not in training, they play football with their brothers and sisters
The girls want to inspire others to join the UAE Special Olympics teams
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The Emirates Charity Portal
You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.
The General Authority of Islamic Affairs & Endowments
The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.
Al Noor Special Needs Centre
You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.
Beit Al Khair Society
Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.
Dar Al Ber Society
Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.
Dubai Cares
Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.
Emirates Airline Foundation
Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.
Emirates Red Crescent
On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.
Gulf for Good
Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.
Noor Dubai Foundation
Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).
