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Tag: Luxury Watches

  • Luxury watch con ends with McLean man sentenced to nearly two years in federal prison – WTOP News

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    A McLean resident used multiple American Express accounts that bilked the credit card company and Harrods out of more than $1.2 million in luxury watches.

    A McLean, Virginia, resident was sentenced Thursday to a year and nine months in federal prison for mail fraud after prosecutors say he carried out a sprawling luxury watch scam.

    Jaivin Raj Karnani, 45, used multiple American Express accounts — including two cards under his mother’s name, according to court documents — that bilked the credit card company and a famed London retailer out of more than $1.2 million in luxury watches.

    “This case demonstrates how the abuse of consumer-protection systems inflicts widespread financial harm — driving up costs, eroding trust and burdening honest businesses,” Lindsey Halligan, U.S. Attorney for the Eastern District of Virginia, said in a statement.

    Prosecutors said Karnani used American Express cards to buy watches from Harrods Limited, the iconic London department store known for its upscale brands.

    But, once the watches were delivered to his McLean home, Karnani falsely reported to American Express that he never received them, all in order to trigger credit card disputes and erase the charges.

    Karnani placed orders under his own name, as well as under aliases like “Quinn Bash” and “Steve Johnson,” and then tried to resell the watches to luxury dealers in Michigan and New York, prosecutors said.

    How the scam unfolded

    Between late 2022 and mid-2024, federal authorities said Karnani falsely charged roughly $1,280,648 worth of luxury watches — including brands like Rolex, Gucci, Omega, Chanel, Tudor and Porsche Design.

    After disputing the charges with American Express, the disputes ultimately led to more than $850,000 in losses for the credit card company and more than $426,000 in losses for Harrods.

    The scheme also included an abuse of the charge-back process tied to legal fees, which prosecutors said later resulted in civil judgments against Karnani.

    In addition to his federal prison sentence, Karnani must forfeit the full amount of the fraudulent purchases — $1,280,647.99 — and 23 luxury watches seized from his McLean residence, officials said.

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    Diane Morris

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  • Arnold Schwarzenegger Detained in Customs, Fined Over Watch | Entrepreneur

    Arnold Schwarzenegger Detained in Customs, Fined Over Watch | Entrepreneur

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    He will most certainly not be back.

    Actor and former California governor Arnold Schwarzenegger was detained at Munich airport over the weekend due to an extremely expensive watch he neglected to declare at customs while traveling to the country.

    The watch, which was supposed to be auctioned off at a charity event in Kitzbuhel, Austria on Thursday, delayed the “Terminator” star by three hours. He said he was not given the proper form before entering to declare the possession.

    Schwarzenegger reportedly agreed to prepay over $10,000 in taxes on the watch but due to customs being unable to process his credit card, he was forced to withdraw money from an ATM, which then hit a withdrawal limit.

    Related: US Customs Closes Early, Travelers Pay Thousands to Get Home

    Authorities then tried to take the 76-year-old to a bank only to find that it was closed, so another officer brought in a new credit card machine, which eventually worked.

    And no, this was not the plot of a new Schwarzenegger movie.

    “He cooperated at every step even though it was an incompetent shakedown, a total comedy of errors that would make a very funny cop movie,” an unnamed source told PEOPLE.

    Schwarzenegger’s nonprofit, the Schwarzenegger Climate Initiative, plans to properly report the watch once it’s auctioned off on Thursday at the Dinner & Auction for Environmental Protection at the Stanglwirt.

    The Munich Main Customs Office, meanwhile, said that it has initiated criminal proceedings against the actor for tax evasion since he did not claim the item at customs, per TMZ.

    According to the German customs website, travelers must “declare funds of 10,000 euros or more” even though personal possessions brought with passengers are exempt if they are considered personal property.

    Related: The 10 Worst Airports in the U.S.

    However, the law states, that for “valuable objects such as jewelry, expensive digital cameras, and so on, you may be asked follow a special procedure.”

    Still, the actor seems to be in high spirits.

    “All is well and we look forward to a very successful charity event,” a rep for Schwarzenegger told PEOPLE.

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    Emily Rella

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  • The 87-year-old billionaire behind Bucherer is selling his dynasty to Rolex—and the deal will reset the luxury watch business

    The 87-year-old billionaire behind Bucherer is selling his dynasty to Rolex—and the deal will reset the luxury watch business

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    Over more than a century, three generations of Bucherers built one of the most exclusive watch and jewelry retailers in the world, selling expensive time pieces and glittering gems to the global rich and famous.

    Now, the secretive 87-year-old Swiss billionaire behind the eponymous luxury boutiques — Chairman Jörg G. Bucherer — has agreed to sell Bucherer AG to Rolex in a move that has stunned the world of high-end watch retailing.

    The companies didn’t disclose the terms of their deal and arriving at an estimate isn’t easy since neither Switzerland-based firm publishes financial results.

    Jean-Philippe Bertschy, an analyst with Vontobel Holding AG, put annual sales at Bucherer’s more than 100 stores at about 2 billion Swiss francs ($2.3 billion), giving the firm an enterprise value of as much as 4 billion Swiss francs. He estimated Bucherer accounts for about 5% of Rolex’s sales.

    The octogenarian Bucherer’s decision to dispose of the closely held family business took the industry by surprise partly because of the intense secrecy surrounding himself and the two watchmakers, whose histories have been closely entwined for decades. In a statement about the agreement, Rolex said his choice was made “in the absence of direct descendants.”

    By buying Bucherer, Rolex is giving itself a major presence in consumer sales for the first time, a strategic shift from reliance on external distributors. The only store in the world currently owned and operated by Rolex is in its home city of Geneva.

    Read More: Rolex Upends Luxury Watch Retail With Purchase of Bucherer

    The deal, which still requires approval from authorities, comes amid what UBS Group AG has dubbed the greatest transfer of wealth in history over the next two decades as business founders and investors grow older. Yet it’s unclear where Bucherer plans to direct the proceeds from the sale. A spokesperson for the firm declined to provide any details beyond the Rolex statement, adding that Bucherer “has always been a very discreet company.”

    What’s clear is that the move will put an end to dynastic control over the purveyor of pricey jewelry and watch brands including Rolex, its own Carl F. Bucherer, Chopard and Blancpain. The business traces its roots to 1888 when entrepreneur Carl-Friedrich Bucherer and his wife Luise opened a shop in Lucerne, according to the company’s website.

    Their sons Ernst and Carl Eduard joined the business in the early 1920s, with Ernst reaching an agreement with Rolex founder Hans Wilsdorf in 1924 to add the brand to its product line. Third-generation Jörg took over management in 1977, expanding into Austria in the 1980s and then Germany a decade later. Bucherer opened a flagship store in Paris in 2013 and has also moved into London, Copenhagen and the US.

    Jörg Bucherer has never been known to give a media interview and is mentioned only briefly on the company’s website. A French corporate filing lists him as a Swiss national.

    German-born Rolex founder Wilsdorf created a Geneva-based foundation in his name in 1945 that took over the firm’s ownership, according to the company’s website. He died in 1960 and also didn’t have any direct descendants.

    “Jörg Bucherer is the last person still in activity to have known and worked with Hans Wilsdorf,” Rolex said Thursday in its statement announcing the deal, adding that Bucherer will remain the retailer’s honorary president.

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    Tara Patel, Andy Hoffman, Bloomberg

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  • Check Out This DIY Watch Kit That Lets You Design Your Own Timepiece | Entrepreneur

    Check Out This DIY Watch Kit That Lets You Design Your Own Timepiece | Entrepreneur

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    Disclosure: Our goal is to feature products and services that we think you’ll find interesting and useful. If you purchase them, Entrepreneur may get a small share of the revenue from the sale from our commerce partners.

    A recent study found that more than than 50% of employees said they would remain at a company longer if they felt they were appreciated more by their boss. If you work in a mechanical field and want to give your employees a gift that they can enjoy every small detail of, take a second and look at the Rotate® DIY Watchmaking Kit. This unique gift gives your employee the chance to craft their own timepiece, giving them a unique experience and a traditional sign of professional appreciation. Plus, one of these watchmaking kits only costs $149.99 while it’s on sale.

    Build your own watch.

    This all-in-one kit comes with all the tools, supplies, and guidance to build your own watch. That also includes suede leather straps, a sapphire glass case, and a hand-wound battery. No need to replace it with external batteries.

    Use this gift as a gift to motivate your employees or as a challenge to show you believe in their analytical skills. The Rotate® DIY Watchmaking Kit originally got its start on Kickstarter where it earned over $90,000. It has since been featured in the New York Times and Geeky Gadgets, among other publications.

    Once the watch is complete, you have a stylish mechanical watch with a sleek, professional appearance. Models come in different colors and band styles. Each watch has a Manufacturer’s lifetime warranty, so your employee can keep enjoying their watch long into their career.

    A DIY watch that makes a great gift.

    Show your employees that you appreciate them and see what it does for the morale and motivation of your team.

    For a limited time, get the Rotate® DIY Watchmaking Kit on sale for $149.99 (reg. $195).

    Prices subject to change.

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    Entrepreneur Store

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  • Patek Philippe Is Introducing First New Watch Model Since 1999 | Entrepreneur

    Patek Philippe Is Introducing First New Watch Model Since 1999 | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Patek Philippe, the ultra-luxury watch brand, hasn’t introduced a new watch model since 1999. But that all could be set to change, according to Bloomberg.

    At the Watches and Wonders fair in Geneva, Switzerland, last week, the President of Patek Philippe & Co., Thierry Stern, said a new watch is in the works. It is set to be unveiled later this year.

    “The design is done, and the prototype is ready and, really, I like it,” he said.

    RELATED: Patek Philippe Stopped Selling Its Most Popular Product. It’s A Brilliant Move

    Patek Philippe is a Swiss watchmaker founded in 1839. The family-owned company’s luxury watches can cost upwards of $40,000 — to start. Patek Philippe is also known to be “one of the last and most coveted independent Swiss watchmaking brands” in the world, per Bloomberg.

    Despite not releasing a new model line in almost 25 years (and worldwide economic uncertainty), demand for Patek Philippe timepieces has been surging, according to the Evening Standard.

    Patek Philippe makes 70,000 watches a year. And Stern said the company can’t produce more while maintaining quality — perhaps why there hasn’t been a new release in almost a quarter century.

    “As I couldn’t increase the production, my only other choice was to reduce the point of sales so that everybody could get a little bit more watches,” he said to Bloomberg.

    “I’m a watchmaker, I’m selling new watches,” he added. “That’s what I’m good at.”

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    Gabrielle Bienasz

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  • La Patiala’s Kristen Shirley Shares Her Favorite Luxury Watches

    La Patiala’s Kristen Shirley Shares Her Favorite Luxury Watches

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    Diamonds are definitely a girl’s best friend, but a watch may be her best investment. Kristen Shirley recognizes that the world of watches is one shrouded in mystery and filled with machismo that makes buying a watch daunting if you’re new to the game. Shirley, an ELLE alum and industry veteran, set out to lift the curtain on watches and their storied past with the Watch Encyclopedia on her new digital platform, La Patiala.

    For the uninitiated, La Patiala is a go-to resource and encyclopedia of all things luxury, from how to shuck an oyster, which bottle of champagne to give as a gift, where to travel in Napa Valley, and, yes, how to buy a watch. The Watch Encyclopedia is a collection of 50 articles debunking every watch brand myth out there, with instructions for where to spend your money, what mistakes to avoid when making your first big purchase, and everything in between.

    With over 15 years of experience in the industry, Shirley is indeed a trusted source of knowledge for the complicated world of watches, which are not only a utilitarian purchase—they’re investment pieces that stand the test of trends and time (no pun intended). Ahead of the holiday season, we spoke with Shirley about the Watch Encyclopedia, her dream timepiece, and the styles she thinks you should gift (or ask for) this year.

     

    Why do watches make the best gift?

    Watches have been a traditional gift for special occasions and memorable moments for decades—and for good reason. Watch design hasn’t changed significantly—a classic dress watch from the 1950s has a similar look to a contemporary dress watch. So even though watches can be expensive, you know you’re giving them a gift that will last a long time and will remain stylish, no matter what the fashion trends are. People also wear their watches a lot and look at them frequently throughout the day, so they will be reminded of you every time they check the time.

    What’s your favorite watch that you own? You must own a lot of them.

    My favorite is my Bulgari Serpenti Tubogas watch. As a former fashion editor, I am drawn to its distinctive design. It really does look like a snake wrapping around your wrist, and it’s so fabulous. It stops people in their tracks when they see it, and you don’t see a lot of people wearing one, so you stand out from the crowd. I have the double wrap, which makes a really strong statement.

    What’s the number one watch on your wish list?

    Honestly, there are too many to count! I’ve always loved Dior’s Grand Bal watches. Automatic watches usually have a rotor (a semi-circular weight) on the back of the watch movement that winds the watch as you wear it. Dior took the unusual approach of putting the rotor on the front of the watch and decorating it using different métiers d’art, including feathers, diamonds, and engraved gold. I love how it twirls above the dial as you move. My favorite is the Dior Grand Bal Plume with brilliantly covered feathers. It’s the perfect combination of style and high horology.

    What prompted you to launch La Patiala and the Watch Encyclopedia?

    I started my career as a fashion assistant at ELLE, and by the time I left, I had an encyclopedic knowledge of fashion designers. In my next job, I started to cover more categories, and I was astounded by how difficult it was to earn about watches. They were so technical, and there wasn’t a resource that could teach me everything I needed to know. Most of the websites focused on watch news and were geared towards enthusiasts and collectors who already knew a lot about watches. I had to learn the hard way—asking a million questions and doing copious amounts of research.

    After close to a decade covering watches, I wanted to share the knowledge I had accumulated and make watches accessible to those who appreciate craftsmanship and design. After all, watches can be extremely stylish. The Watch Encyclopedia includes everything from a glossary of watch terms to movement basics and a breakdown of the main types of watches and complications.

    I know women who collect jewelry and handbags, but are scared of timepieces. I wanted to strip away all the fear and intimidation surrounding learning about watches and make it approachable to everyone. And even if you’re not interested in watches but spend a lot of time with someone who is, you can quickly learn the basics and know what they’re talking about.

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  • Kirk Rich Dial Co. Reveals New Dial Refinishing Lab is Now Fully Operational

    Kirk Rich Dial Co. Reveals New Dial Refinishing Lab is Now Fully Operational

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    With the Support of My Jewelry Repair’s Facility Design Expertise, Upgraded Lab Will Refine Dial Services

    Press Release
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    Nov 1, 2022 07:00 PDT


    RANCHO CUCAMONGA, Calif., November 1, 2022 (Newswire.com)
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    As the leading name in the dial industry, Kirk Rich Dial Co. has revealed that its new Dial Refinishing Lab is now fully operational, following the announcement of its formal partnership with My Jewelry Repair. With the support of My Jewelry Repair’s facility design expertise, this Lab has been upgraded to the premier standards of the renowned Watch Repair Service Center. These improvements to the new Dial Refinishing Lab will uphold the mission of elevating the craft of dial refinishing and continue the company’s history of providing the best restorations in the industry.

    Since 1926, Kirk Rich Dial Co. has been servicing the dial refinishing trade for customers in the United States. The company has been the leading name in dial restoration services and is respected globally due to its exquisite handcrafted designs and highest of standards. This attention to detail of watch manufacturing is parallel to prestigious watch brands such as Rolex, Omega, Richemont Group, and more. 

    Dial refinishing is a rare art form that only the elite can perform, and Kirk Rich Dial Co. wants to be able to provide only the best for the best. Clients can continue to be assured that their watch dial will be handled by the company’s skillful dial refinishers in a premier environment. 

    This facility was specifically designed for dial refinishing with equipment such as top-of-the-line workbenches, state-of-the-art refinishing tools, an extensive collection of dies, and lighting technology to provide the most optimal conditions to work with. Possibly the best example of the specialization in this lab is the incorporation of equipment up to a century in age, to authentically replicate vintage finishes such as the popular sunray dial pattern. 

    Today, Kirk Rich Dial Co. customers can visit the company’s website and create an order with My Jewelry Repair to receive authorized dial restoration services in the fully operational Dial Refinishing Lab.

    Source: Kirk Rich Dial Co.

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