Watch Industry SITREP - December 2024

Espionage In Luxury, Trump Tariffs, Watch Crime, & The Watches Of Middle-Eastern Leaders

By Benjamin Lowry

It’s time for the December edition of our Watch Industry SITREP or Situation Report, a brief recap of the previous month’s watch-related news, and any other current events related to our community, paired with our commentary. Tomorrow, we’ll kick off 2025, but before we put a bow on the past year, let’s take a closer look at December’s watch-related happenings.

December didn’t disappoint, with espionage making the news at the highest echelons of luxury goods, the watches of Syrian leaders, and new tariffs on the horizon that will likely significantly impact watch brands. In addition, we take a closer look at yet another instance of watch crime targeting a comedian friend of none other than Joe Rogan before discussing the auction of a Rolex owned by Gamal Abdel Nasser, the former President of Egypt. Buckle up, it’s time for the SITREP.

Luxury’s Most Powerful Man Takes The Stand In Corporate Espionage Trial

(Photo Credit: AFP)

While espionage is often the work of state actors and the military, intelligence tradecraft works just as well, and is just as common, in the corporate world. Earlier this month, Bernard Arnault, chairman and CEO of LVMH and one of the world’s richest men, was called to testify in the French trial of Bernard Squarcini, a former head of France’s domestic security service—a spy in other words. Squarcini was hired as a consultant by LVMH to help monitor counterfeiting and more interestingly keep track of some of the group’s left-wing adversaries, allegedly breaking more than a few laws in the process.

(Photo Credit: Reuters)

Unsurprisingly, Arnault said he didn’t know anything about any illegal surveillance or other illicit activities. In any case, the trial is a rare glimpse into an often unseen world where huge corporations are willing to pay big bucks—and break the law—to protect their image and bottom line. Along with the Swatch and Richemont Groups and Rolex/Tudor, LVHM is among the largest conglomerates in watches, serving as the parent organization behind TAG Heuer, Hublot, Zenith, and Bulgari, among other brands.

Syrian Rebel Leader Changes Watches As He Seeks To Become Statesman

Al-Jolani made the change from a digital tool watch to a more refined Seiko as he molded himself into a statesman.

When “rebel leader” Abu Mohammed al-Jolani overthrew the Assad regime earlier this month, taking control of Syria in the process, he wore the de facto Middle Eastern rebel uniform: olive drab fatigues and a black plastic digital tool watch (D.T.W.). Since then, al-Jolani has made a noticeable shift in his appearance, from bad-guy-in-a-GWOT-movie to a bonafide Banana Republic head of state. Once again demonstrating the power of watches in sending a message, al-Jolani also swapped watches from his tactical digital model to a much more refined Seiko Kinetic SRN045P1.

The Seiko Kinetic SRN045P1 is Ahmed al-Sharaa’s watch of choice when in head-of-state mode.

The Seiko is not expensive by watch standards but is also not out of place in his new role as he seeks international legitimacy. Whether the watch plays a part or not, the changes seem to be working. Al-Jolani, who now prefers to be called by his real name, Ahmed al-Sharaa, has been busy entertaining throngs of diplomats from around the world in recent weeks, all with a Seiko on his wrist.

An Al-Assad-signed Rolex Submariner was auctioned by Antiquorum in November. (Photo Credit: Antiquorum)

Often in the news for the wrong reasons, Syria has always been an interesting historical footnote for watch enthusiasts, with the Al-Assad regime famously ordering numerous Rolex models including the Submariner, Explorer II, and Sea-Dweller, typically with Hafez Al-Assad’s signature on the dial. For more on Assad’s watches, see a previous Dispatch on Watches Of The Middle East.

Trump’s Promised Tariffs Could Make Already Expensive Watches A Lot More Costly

(Photo Credit: AP)

President-Elect Donald Trump has promised to invoke new tariffs targeting Mexico, Canada, and China as early as his first day in office. These tariffs, essentially a tax on goods coming from these countries, will amount to 25% for Mexico and Canada and a 10% increase to any existing tariffs for China. (He previously threatened 60% tariffs on goods from China). In China’s case, Trump specifically states the tariffs will continue until the country ceases its illegal import of fentanyl into the United States.

Whether they say “Swiss Made” on the dial or not, many watch components come from China. (Photo Credit: European Press Photo Agency)

The rising tariffs for goods manufactured in China will likely mean higher prices for the watch industry as many raw materials and finished components are Chinese, including parts of watches that claim to be “Swiss-made”. This could have a particular impact on microbrands, which rely on China for cost-effective manufacturing. At the moment, it’s unclear how it will shake down if these tariffs come to pass, but with around 20% of Swiss watchmaking being imported to the United States through the US arms of Swiss watch brands, one would imagine these higher costs will eventually be passed on to US consumers.

Comedian Hans Kim Drugged & Robbed Of Rolex & $25k In Cash

Hans Kim wearing his (now-stolen) Rolex Submariner. (Photo Credit: Time & Tide)

If you’ve read the SITREP before, you know we like to catch our monthly dose of watch-related crime. This month, the growing luxury watch robbery trend touched the fringes of celebrity when Hans Kim, a comedian and friend of Joe Rogan, was robbed of his Rolex by a woman he brought back to his place. This story comes from episode 2238 of The Joe Rogan Experience, where Rogan describes Kim losing his Rolex and “25,000 dollars in cash” after waking up alone the morning after meeting what he thought was a nice young lady.

According to Rogan, testing later revealed Kim had a lot of Xanax in his system. Apparently, Kim’s lady friend put crushed-up Xannies in his drink the night before to put him to sleep, making him an easy target. Also, who on Earth (besides Diddy) has $25k lying around their house? Luckily, though out 25 grand a Rolex, Kim appears to be unharmed. We’ve said this before, but if you’re a solid six and a ten walks up to you in a bar anxious to take you home, be suspicious. It’s possible they’re not only interested in your sense of humor.

James Stacey, Hodinkee’s New Editor-In-Chief

While we normally don’t cover industry news as such, we’d like to take a moment to congratulate our friend James Stacey who recently took the reins as Editor-In-Chief over at Hodinkee. James is a good dude, half of the team at TGN along with Jason Heaton, a gifted writer/photographer, and a longtime believer in the Use Your Tools ethos, at least when it comes to GMTs. James is a friend of both W.O.E. and myself and has been a great resource as we have grown our platform.

While we admit Hodinkee has faced its share of challenges in recent years, we’re excited and hopeful to see where the platform goes with Stacey at the editorial helm.

Rolex Purchases A 1963 President Day-Date Belonging To President Gamal Abdel Nasser of Egypt

(Photo Credit: Sotheby’s)

On December 6th, a 1963 gold President Day-Date sold at a Sotheby’s auction for an astonishing $840,000, well over the auction house’s $60k estimate. Far from the average mid-century Rolex, this watch was owned by late Egyptian President Gamal Nasser and given to him by Anwar El Sadat, his successor, in 1963. Dripping with provenance, the case back offers an inscription from Sadat, and the watch has been in family hands since Nasser’s passing in 1970, right up until his grandson elected to put it up for auction.

Presidents Eisenhower and Nasser, photographed in New York in 1960. Nasser’s Rolex is just visible.

Nasser was responsible for the 1952 revolution that destroyed Egypt’s British-controlled monarchy. His influence on the country’s political landscape and the broader Arab world’s relationship with the West are difficult to overstate. Intriguingly, the watch was purchased by the Rolex organization, marking another example of the Crown curating its history by buying important watches at auction, including a GMT-Master worn by Apollo 17 Command Module Pilot Ron Evans.

We’ve written at length about watches and world leaders, but suffice it to say that especially for heads of state, a watch is never just a watch. We have asked our friend Tony Traina what this really means and he has pledged to write a more in-depth Dispatch in the near future, stay tuned.

Final Thoughts

With only a few days left in 2024, we hope you’ve enjoyed this holiday-sized portion of watch industry news and our pedantic commentary. Whether it’s Bernard Arnault catchin’ smoke over corporate espionage, new Trump tariffs that might make your next Seamaster more expensive than ever, a Syrian rebel leader’s watch transformation, a comedian being drugged and robbed of his Rolex, or the Crown itself buying yet another historically-important watch, December provided a ho-ho-whole lot of watch goodies to capture our attention.

Before we close out the year, thanks again for your support. We’ve been amazed to see W.O.E. grow from the Instagram page that started it all to the website to our collection of purpose-built tools to the W.O.E. YouTube Channel. We have a lot more in store for 2025. Stay tuned. Happy New Year from all of us at W.O.E.

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