A new digital service aimed at streamlining the validation and ownership verification of watches has been launched: Wrist Authority.
The service is provided free of charge to watch retailers, with a focus on the secure registration of watches at the point of sale.
Enabling Proof of Ownership
The service includes a feature that allows for free ownership enquiries, providing retailers a reliable way to verify the authenticity of a watch’s ownership. A registered retailer can use the online system to perform a six-point check to confirm if an individual is the rightful owner of the watch.
Protection Against Loss and Theft
Owners can mark their watches as lost or stolen within the system, which adds an important layer of protection and aids in mitigating risks associated with ownership transfers.
Service Mechanics for Retailers and Consumers
Registration and Verification
Upon purchase, the retailer records the buyer’s details and any financial interest associated with the watch into Wrist Authority’s digital system. This process ensures that every watch’s provenance is accurately logged and safeguarded.
Issuing of Digital Certificates
Customers are issued a digital certificate after their purchase, which serves as a record of ownership. This certificate is sent to their registered email along with account log-in details, ensuring that the ownership record is securely linked to the owner until the time of sale.
Simplified Ownership Confirmation
The Wrist Authority imposes a one-time registration fee for the issuance of the digital certificate. This certificate consolidates necessary information for the validation of watch ownership, enabling secure transactions between parties.
Implications for the Jewellery Industry
The launch of Wrist Authority’s service is a response to the growing need for secure and transparent verification methods in the luxury watch market. It provides jewellers and retailers with a digital alternative to traditional paper trails, which have long been susceptible to fraud. With the ability to confirm ownership details quickly and efficiently, the system is poised to enhance the security of transactions and consumer trust in the marketplace.
By leveraging this new technology, the watch industry can expect a reduction in fraudulent activities and an improvement in the ease of validating watch ownership. For retailers, this means a more reliable way to authenticate products, and for consumers, it signifies an additional guarantee of their investment’s legitimacy. As the industry continues to evolve, such digital solutions are set to become an integral part of the trade, marking a significant step forward in the digital transformation of luxury goods verification.
