Omega’s 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.

Value of a watch's gold content can outstrip its resale price

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…