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Italian authorities have busted a €103 million watch smuggling ring at Milan’s Malpensa Airport

Italian authorities have busted a €103 million watch smuggling ring at Milan’s Malpensa Airport

Jamie Weiss

An unfortunate aspect of the watch industry is that luxury watches are often a vehicle for money laundering and organised crime. Because watches are easier to transport than, say, artworks or bullion, they’re often used as currency for illegal transactions – but that’s not what we’re talking about today. Last month, Italy’s Guardia di Finanza in collaboration with the Public Prosecutor’s Office of Busto Arsizio and Malpensa Customs Office, launched a major operation against international smuggling, revealing that between 2020 and 2022, over €103 million worth of high-end timepieces were smuggled through northern Italy’s biggest airport.

MXP

According to Trasporto Europa, the investigation was initiated after a tip-off from an employee of a freight forwarding company and has revealed a sophisticated smuggling network. Three suspects from two different freight companies have been hit by a seizure order worth €23 million. They go on to explain that between 2020 and 2022, in at least 80 instances, 64,000 high-end watches worth over €103 million (including pieces from brands such as Bulgari, Chopard, Cartier, IWC, Panerai and Rolex) were illegally imported from Hong Kong.

Guardia Finanza contrabbando orologi settembre 2024
Image courtesy of the Guardia di Finanza

These watches were accompanied by fake invoices and falsely declared as destined for a US military base in Italy: because US military bases in Italy enjoy extraterritorial status, this meant that the criminals could dodge customs duties and VAT through the Community Transit system, a customs mechanism that exempts goods from taxes while awaiting further shipment to another destination. The investigation revealed that the base was uninvolved – instead, the watches were illegally introduced into the Italian market via unscrupulous (or unaware) dealers.

MXP baggage

It’s a strange state of affairs when watches made in Europe and originally destined for Hong Kong are then smuggled back into Europe… But as watch industry commentator @kingflum has speculated, “this operation may have been tacitly supported by certain brands or distributors as a way to offload excess inventory from the struggling Hong Kong market without officially recognising a downturn in sales.” It’s worth pointing out that this theory is unproven – but certainly justifies the trend towards internalisation of sales channels that many top watch brands have pursued in earnest in the wake of the COVID-19 pandemic. In any case, it’s a significant win for the Italian authorities.

The World of Panerai comes to Sydney

World of Panerai Sydney showcase

On a lighter note: Australians love a big watch, so Panerai has always enjoyed a dedicated following Down Under. In recognition of this – as well as to introduce more Aussies to the brand – Panerai held a sumptuous “World of Panerai” exhibition and society event in Sydney’s exclusive Walsh Bay earlier this week. With panoramic views of Sydney Harbour as his backdrop, Panerai CEO Jean-Marc Pontroué welcomed guests into an immersive 3D Panerai universe, combining audio-visual drama with a stunning display of thirty-three exclusive Panerai timepieces, including more than a few rarely-seen high complication models.

World of Panerai Sydney JMP
Jean-Marc Pontroué, CEO of Panerai

“We have long dreamt of bringing our World of Panerai to Australia, and inviting guests to immerse themselves in the Panerai story,” Pontroué explains. “Our timepieces are strongly aligned with the Australian lifestyle, and it is a thrill to share our exhibition with collectors and VIPs in your beautiful country.”

World of Panerai Sydney party

Hope you all have a wonderful weekend!

Jamie and the Time+Tide Team

Watch meme of the week: a slump in the polls

 

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Much has been said about the Trump Victory Tourbillon already – the brickiest brick since Dave Portnoy’s Brick Watch Company gambit. But a tourbillon for $10? Talk about The Art of the Deal…

Wristshot of the week: an electric visit

pontroue elux

Last night, off the back of Panerai’s Sydney bash mentioned above, Panerai CEO Jean-Marc Pontroué dropped into our Melbourne Discovery Studio to say g’day and came armed with arguably the highlight of the World of Panerai event: the innovative Submersible Elux LAB-ID. (For more detail about what makes this watch so innovative, read this article of mine.) Of course, we had to turn off all the lights and get this snap of the Elux’s impressive mechanical luminescence – photos don’t really do it justice, but take it from me, it’s exceptionally bright and very very cool.

Time+Tide Shop pick of the week: Fears Redcliff 39.5 Date – Pewter Grey

Fears Redcliff 39 5 Date Pewter Grey

Named after the Bristol street where Fears was founded in 1846, the Redcliff 39.5 Date is an elegant everyday wearer. Lots of love has been lavished on the Cherry Red version of this watch, but this Pewter Grey model is an even more versatile piece – and just as captivating, in its own understated way. Powered by a customised Swiss-made La Joux-Perret G100 automatic movement, the Redcliff 39.5 Date has a 68-hour power reserve and comes with both a 3D-woven textile strap and a 3-link stainless steel bracelet, which features Fears’ signature hand-painted clasp.

Discover the Fears Redcliff 39.5 Date Pewter Grey in the Time+Tide Shop, either online or in our Melbourne Discovery Studio. Price: A$5,800/US$4,052

Accessory of the month: Time+Tide Watch Tool

Time+Tide Watch Tool

The eagle-eyed among you might have spotted one of these watch tools in the background of one of our video reviews – it’s one of Marcus’ favourite props. But this nifty little gadget isn’t just good for misc en scene: it’s also a handy tool for any watch enthusiast. Made from stainless steel and featuring a vintage leather case debossed with the Time+Tide logo, it features unscrewable ends: one end is forked, which is perfect for releasing spring bars; and the other has a pointed tip, handy for changing straps on vintage watches or adjusting bracelet links.

Pick up a Time+Tide Watch Tool from the Time+Tide Shop, either online or in our Melbourne Discovery Studio. Price: A$70/US$49

Our favourite Time+Tide coverage of the week

We read the Submariner book so you don’t have to

rolex oyster perpetual submariner book review feature

The first official book authorised by Rolex to chronicle the most iconic watch from a brand immersed in iconography, Submariner has been a hot topic of discussion among watch enthusiasts since its release. But is it worth your hard-earned coin? Our contributor Bruce has penned an unvarnished review of this Rolex tome, which you can (and should) read here, especially before buying.

Is Tom Brady about to be in horological hot water with Audemars Piguet?

tom brady Sothebys

Earlier this week, Sotheby’s dropped the big news that it would be holding a prominent single-owner auction: “The GOAT Collection: Watches & Treasures from Tom Brady.” With Brady being arguably the greatest NFL quarterback of all time, there is, of course, a massive audience of hungry collectors who would be thrilled to take home something treasured, used, and worn by the man himself. Among the lots, however, is a watch that has already caused a stir amongst the watch community: a piece unique Royal Oak known as “The Roast” that we’re not sure AP will be thrilled to see is going under the hammer. Read Zach’s take on the matter here.

Seiko’s newest Astron GPS Solar 3X62s are the most conventional-looking, easy-to-operate GPS Astrons yet

Seiko revived the storied Astron name in 2012 for their groundbreaking range of GPS solar watches: the world’s first mass-produced watches with time synchronization by GPS satellite signals. Since then, Seiko’s been refining the GPS Astron formula, with each subsequent generation of Astron models getting smaller and more stylish – and the most recent additions to Seiko’s Astron GPS Solar 3X62 range might feature the most cohesive Astron designs yet. Jamie gets hands-on with these innovative timepieces here, and in the video above.