pakistan
Gold fever sends some vintage luxury watches to the melting furnace
Key takeaways
- Add ARY News on Google AAResize 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.
- Used models by the likes of Omega and LVMH’s TAG Heuer are most hit by the trend, according to Reuters interviews with over a dozen traders, industry experts, and investment advisers.
Why this matters: local context for readers following news across Pakistan and the region.
Add ARY News on Google AAResize 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.
Used models by the likes of Omega and LVMH’s TAG Heuer are most hit by the trend, according to Reuters interviews with over a dozen traders, industry experts, and investment advisers.
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