Gold prices have nearly doubled, making luxury watches like "alchemy" materials.

Despite the recent decline in international gold prices, the average price in 2024 is still nearly double. Some classic luxury gold watches that have depreciated in value are being sent to the melting pot to extract the "precious" gold from them. Reuters reported on the 13th that due to the soaring gold prices, the value of the gold contained in some second-hand luxury watches has exceeded the price of the watches themselves in the market, leading to them being melted down to obtain the gold. A British precious metal trader said that he has already melted down dozens of mainstream luxury watches this year, including a well-preserved Omega Constellation gold watch from the 1970s. The value of the gold material in this watch is approximately $7,750, which is 35% higher than the estimated auction price of the watch.