A special unit of the French police, know as the Banditry Repression Brigade (BRB) says it has cracked an organized crime ring responsible for the theft and resale of high value watches in Europe.
200 police officers were mobilized as the investigation grew, and 35 people have been arrested in Nice, Paris, Andorra and Antwerp.
So far, 153 watches have been seized.
A police press conference last month in Nice, south of France, heard how thefts of watches from Patek Philippe, Rolex, Audemars Piguet and Richard Mille, with values in excess of €400,000 in some cases, have been soaring by up to 600%.
The millionaire Mediterranean stretch of the Côte d’Azur saw 70 watches stolen in just four months, police said. But similar crime waves have been seen in Paris and a number of other European cities including Antwerp, home to the diamond industry in Belgium.
Assistant prosecutor Patrice Ollivier-Maurel described one of the king pins as a high-flying crook whose stated job was as a waiter but was living a lavish lifestyle, frequently sharing photographs of wads of banknotes.
He is said to have performed the role of fence for the watches and is also suspected of ordering armed robberies to steel certain rare models.
Authorities said that the crime was far more profitable than usual. A commissioner described how stolen goods, which are typically traded at around 10% of their retail price, have been changing hands at 100% or even more of their official value, particularly when sold with original box and papers.