Billionaire Sir Jim Ratcliffe has stopped wearing luxury watches in London, joining many wealthy individuals who fear becoming targets of a surge in watch robberies. Ratcliffe, who regularly works in the city, highlighted the rising danger, saying, “I can’t wear a watch in London, and I just need to be a bit wary, a bit careful.” He recounted a murder caught on Ineos’s CCTV in Knightsbridge, where a man was killed for resisting a Rolex theft.

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Various areas of London have been a popular spot for thieves looking to nab luxury items and smartphones.

London’s upscale areas, including Westminster and Kensington & Chelsea, have become hot spots for these crimes, with over 6,800 watches reported stolen in 2023, up from 6,000 in 2022. Since 2018, about 43,000 watches have been stolen in the capital. Thieves often lure victims with drugs or the promise of sex, then rob them in alleyways.

Ratcliffe criticized the police for their inability to effectively deter these criminals, citing overcrowded prisons as part of the problem. He’s not alone in his caution—many wealthy individuals now avoid displaying expensive watches in public due to the threat of violent theft.

The surge in thefts may also be contributing to a 20% drop in second-hand luxury watch valuations over the past two years, as fear deters buyers. The Met police have responded with sting operations, where undercover officers pose as potential victims to catch thieves in the act, leading to a reduction in watch thefts in Westminster.