Luxury goods company Richemont has launched a digital platform called Enquirus, aimed at reducing the theft of watches and jewellery, as well as authenticating secondhand sales. The system allows consumers and brands to create an account, and then register their collection using the brand, serial numbers, and documentation uploaded to the digital vault. Enquirus’s database is pre-loaded with information on over 175 luxury watch brands and several jewellery brands — including Cartier, Piaget, Van Cleef & Arpels and all other Richemont maisons, in addition to other luxury players.
Watch and jewellery manufacturers, law enforcement agencies, insurance companies, the pre-owned market and clients were all involved in the development of the platform, which Richemont says will increase the chances of recovery of lost or stolen items by providing a central point of reference. In addition, customers will be able to search the database when shopping for a secondhand watch or item of jewellery to check whether it has been reported lost or stolen. The platform does not currently offer the option to transfer ownership in the event of resale or passing an item to a family member.
Luxury watch theft in particular has been on the rise, with the LA County Sheriff’s Department reporting an almost 50% increase in watch thefts in the first half of 2022 compared to the previous year. In London, police recorded a 60% increase in watch thefts in wealthy neighbourhoods between April and June 2022, and recently there have been reports of “Rolex ripper” gangs who use social media pages to find and rob watch wearers. A global platform like Enquirus that makes these goods traceable could deter future thefts.
Richemont CEO Jérôme Lambert said: “This reliable solution brings together multiple stakeholders to serve customers and the entire industry, by facilitating borderless cooperation between police forces and insurance partners. By providing free access for customers and industry partners, the opportunity to sell stolen watches becomes more prohibitive, with the ultimate objective of reducing the incentive to steal watches in the first place.”
Several police services in Europe, including in Paris and Geneva, have already registered with Enquirus, and the platform is accredited by Secured by Design, the UK’s official police security initiative. Richemont says more global police departments will be onboarded in the coming months. Insurance partners include the UK’s LMG Jewellery and Switzerland’s largest insurance company Zurich Insurance Group. International luxury auctioneer Bonhams is also joining.
Frank Vivier, Chief Transformation Officer of Richemont, said: “Our goal is to bring onboard as many industry players as possible, as well as the police departments of all the major cities in the world, to make Enquirus the largest international database of lost and stolen watches and jewellery.” Since the launch of Enquirus, thousands of Richemont’s customers have already uploaded their collections to the platform, and over 28,000 watches and jewellery pieces have been reported as lost or stolen.
