An old luxury watch is placed into a furnace to be melted down for gold at Hatton Garden Metals in London, on June 10, 2026. (Photo: Reuters)
LONDON - The Omega Constellation watch has been flashed in campaigns, movies and at the Met Gala by stars like George Clooney and Nicole Kidman, turning it into a symbol of luxury and glamour.But with gold prices near record highs struck in January, some such classic watches are being melted down as the value of their metal content outstrips their resale worth.
Used models by the likes of Omega and TAG Heuer are hardest hit by the trend, according to Reuters interviews with over a dozen traders, industry experts, and investment advisers.
British dealer Jon White of Gold Traders melted down an 18-carat late-1970s Constellation in excellent condition in May, one of dozens of mainstream luxury watches he has had scrapped this year as demand for investment gold has risen.
“Beautiful watch. But in reality, had the customer consigned that to auction, what would they have achieved?” said White, who also manages an auction house.
