Tag: Rolex

  • Nawaz gets a Mercedes, Zardari BMWs: New list of Toshakhana gifts reveals what previous govts kept for themselves

    On Sunday, the government officially released long-awaited records regarding the gifts received by public office holders from foreign governments and dignitaries since 2002.

    The Toshakhana, established in 1974, is a department under the administrative control of the Cabinet Division and is responsible for the storage of precious gifts given to rulers, parliamentarians, bureaucrats, and officials by heads of other governments and states, as well as foreign dignitaries.

    As per the Toshakhana rules, gifts, presents, and other such materials received by persons to whom these rules apply must be reported to the Cabinet Division.

    The department has been in the news in recent months due to the proceedings against former Prime Minister Imran Khan for “not sharing details” of Toshakhana gifts. The Prime Minister of Pakistan, Shehbaz Sharif, announced last month the government’s plan to release the entire record to the public. In addition, officials have been barred from retaining gifts worth more than $300.

    Below are some of the noteworthy gifts kept by political leaders over the years from the Toshakhana:

    Nawaz Sharif

    Nawaz Sharif, the three-time former Prime Minister and PML-N chief, has retained several expensive items over the years. In April 2008, he kept a Mercedes Benz worth Rs4.2 million after paying Rs636,888 for it. In November 2013, he retained a Rolex wristwatch valued at Rs1.18 million after paying a total of Rs243,000 for it and some other items.

    In January 2015, he kept a Piaget wristwatch worth Rs1 million after paying Rs240,000 for it and a box of perfumes. In January 2016, he retained a Christopher Claret watch (Rs2 million), a ring (Rs19.5 million), and a pair of cufflinks (Rs16 million) after paying a total of Rs7.6 million for them and some other items.

    In February 2016, he kept a Dela Cour watch (Rs3.2 million), a ring (Rs8 million), and a pair of cufflinks (Rs5 million) after paying Rs3.2 million for them.

    In October 2016, he retained two Rolex watches, one worth Rs1.2 million and the other Rs850,000, after paying Rs469,000 for them and some other items. In March 2017, his son Hussain Nawaz retained a Rolex watch worth Rs940,000 after paying Rs186,000 for it.

    In May 2017, Nawaz retained a Rolex wristwatch worth Rs4 million after paying Rs808,000 for it.

    Additionally, in January 2016, Nawaz’s wife Kulsoom Nawaz retained a bracelet worth Rs12.7 million and a necklace and earring valued at Rs41.6 million after paying Rs10.8 million for them. In March 2017, Nawaz retained a diamond necklace worth Rs1 million after paying Rs207,560 for it and a table watch.

    Imran Khan

    In September 2018, Imran Khan, the former Prime Minister and Chairman of Pakistan Tehreek-e-Insaf (PTI), retained several items from the Toshakhana including a Graff wristwatch (Rs85 million), a pair of cufflinks (Rs5.6 million), a pen (Rs1.5 million), and a ring (Rs8.75 million) by paying Rs20 million for them.

    In the following month of October 2018, he retained a Rolex watch, valued at Rs3.8 million, by paying Rs754,000 for it. He then retained another Rolex watch (Rs1.5m) in the same month by paying Rs294,000 for it. In November 2018, Imran retained another Rolex wristwatch (Rs900,000) by paying a total of Rs338,600 for it along with other items. In October 2019, he retained a boxed watch, assessed at Rs1.9m, by paying Rs935,000 for it.

    In September 2020, Imran retained another Rolex watch, assessed at Rs4.4 million, along with other gifts by paying Rs2.4 million for them. In the same month, his wife Bushra Bibi retained a necklace (Rs10m), bracelet (Rs2.4m), ring (Rs2.8m), and a pair of earrings (Rs1.85 million) by paying Rs9 million for them.

    Asif Ali Zardari

    In January 2009, former President and co-chairperson of the Pakistan People’s Party (PPP), Asif Ali Zardari, retained a BMW car (Rs57.8 million) and a Toyota Lexus (Rs50 million) after paying a total of Rs16.1 million for them. Additionally, he retained another BMW car (Rs27.3 million) after paying Rs4 million.

    In March 2011, Zardari retained a wristwatch (Rs1 million) after paying Rs158,250 for it and other items. Later, in June 2011, he retained a Corum wristwatch (Rs1.25 million) after paying Rs189,219 for it and other items. In October 2011, Zardari retained another Cartier wristwatch (Rs1m) after paying Rs321,000 for it and a gun.

    Arif Alvi

    In October 2019, Samina Alvi, the wife of President Dr Arif Alvi, retained a necklace valued at Rs1.19 million after making a payment of Rs865,000 for it, along with other items in a jewellery box.

    In February 2022, President Dr Arif Alvi retained a Rolex wristwatch valued at Rs2.5 million, after making a payment of Rs1.2 million for it.

    Raja Pervaiz

    In November 2012, former prime minister and National Assembly Speaker Raja Pervaiz Ashraf retained a Graff wristwatch, which was assessed at Rs890,000. He paid a total of Rs218,000 for the wristwatch and other items.

    Shahid Khaqan Abbasi

    In October 2017, ex-premier Shahid Khaqan Abbasi retained a Hublot wristwatch (Rs15 million), a pair of cufflinks (Rs1.2 million), a pen (Rs1.5 million), a ring (Rs3 million), and prayer beads (Rs1.85 million) after paying Rs4.5 million for them. His wife, Sameena Shahid, also retained a jewellery set (Rs99 million) after paying Rs19.99 million for it.

    In November 2017, Abbasi retained a Rolex watch boxset (Rs23 million) after paying Rs4.59 million for it. In April 2018, he retained a Rolex wristwatch (Rs25 million) after paying a total of Rs5.27 million for it and other items.

    Pervez Musharraf

    As per the official record, it was revealed that the total value of the gifts presented to the former military ruler, Gen (retd) Pervez Musharraf, in 2004 amounted to more than Rs6.5 million. Among these gifts, a watch gifted to Musharraf in 2005 was worth Rs500,000. Numerous other precious items such as watches, jewelry boxes, and various other gifts were also presented to the former president, who retained them after paying the required amount.

    In 2003, Musharraf’s wife, Sehba Musharraf, received a jewelry box worth over Rs2.6 million. Additionally, on April 6, 2006, she received gifts worth Rs1.65 million, while on August 1, 2007, the value of her received gifts stood at Rs3.4 million. On April 3, 2007, she was presented with gifts worth over Rs10 million, and on January 31, 2007, Musharraf himself received gifts valued at Rs1.4 million.

    Shaukat Aziz

    In 2005, former Prime Minister Shaukat Aziz received a watch worth Rs850,000, which was later auctioned off for Rs355,000. Aziz had kept several other gifts by claiming their value to be below Rs10,000. On September 27, 2007, he received another watch worth Rs1.35 million.

    On December 20, 2006, Aziz received gifts worth Rs3.7 million, which he chose to retain. However, during 2006, he returned several other gifts to the Toshakhana. On June 2, 2006, he received a watch worth Rs1.35 million. On January 7, 2007, the former premier received gifts valued at Rs1.8 million. On February 24, 2010, he received a watch worth Rs1.2 million but returned it to the Toshakhana.

    Yousuf Raza Gillani

    In December 2009, former prime minister Yousuf Raza Gillani’s wife, Fauzia Gillani, retained a jewellery set (Rs2 million) after paying Rs326,043 for it.

  • Rolex to begin certifying used watches as original

    Rolex to begin certifying used watches as original

    Luxury watchmaker Rolex SA will start issuing certificates of authenticity to authorised dealers selling pre-owned Rolex watches.

    According to the report, Bucherer, a Swiss retailer, will be the first to start offering pre-owned Rolex watches that have been certified as authentic by the brand at its retail locations across Europe.

    The report also stated that other authorised Rolex dealers can start taking part in the initiative in the spring of 2023.

    In an effort to deter market flippers who sell recently released watches above retail, Rolex stated that it will only certify timepieces that have been purchased at least three years prior.

    Rolex, a luxury brand whose timepieces predominate in secondhand sales through dealers and online, is making a dramatic turn by authenticating its own used watches. Deloitte predicts that the market for high-end used watches would reach $35 billion by 2030.

    Prior to this, Rolex did not play a part in authenticating or monitoring the products it supplied to its dealer network. Additionally, the action will help to strengthen its brand and weed out fakes.

    Auction houses and unlicensed sellers of used watches both offline and online will not be permitted to take part in the programme.

    Secondhand watches have already been certified by other Swiss watchmakers. The majority of pre-owned timepieces sold are Rolex watches.

    Independent brands like H. Moser & Cie and MB&F, as well as smaller rival brands like Vacheron Constantin and Zenith, sell pre-owned watches in their own boutiques. Richemont, which owns Vacheron as well as a stable of brands like Jaeger-LeCoultre, IWC, and A. Lange & Sohne, purchased online retailer Watchfinder in 2018.

    Authorized dealers may occasionally sell certified pre-owned timepieces through the programme at a premium to those offered at retail rates for new watches in rare circumstances. These models include enduringly well-liked categories like the Rolex Submariner, Daytona, and GMT that frequently sell above retail pricing because retail demand outpaces supply.

    It was previously believed that the demand for luxury watches increased as a result of many wealthy customers learning about Swiss brands like Rolex, Omega, Audemars Piguet, and Patek Philippe while confined to their houses during the pandemic.

    According to estimates from Morgan Stanley, Rolex is the largest Swiss watch brand, producing over 1 million watches annually, with annual sales of roughly 8 billion Swiss francs ($8.5 billion) and a market share of close to 29 per cent.

    As demand for Rolex, Omega, and Vacheron Constantin timepieces continued to soar, Swiss watch exports hit record highs in July, with prices rising to their highest levels in eight years, according to a report from Bloomberg in August.

  • IK sold three watches to local dealer gifted to him as PM for Rs37 million

    IK sold three watches to local dealer gifted to him as PM for Rs37 million

    Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan reportedly sold three luxury watches worth more than Rs154 million to a local watch dealer in Islamabad. The watches were gifted to him by visiting dignitaries from Gulf countries when he was Prime Minister (PM), reports The News.

    By selling these watches, Khan earned a whopping amount of Rs37million. According to the news report, instead of buying these watches from Toshakhana with his own money, Khan first sold the watches and then deposited 20 per cent of each in the government treasury.

    It has been revealed that these gifts were never deposited in Toshakhana. These watches were supposed to be submitted to Toshakhana as per the laws that restrict any head of the state to possess the gifts they receive from officials of other countries.

    The most expensive watch among these three was assessed at Rs101 million. However, Khan had declared he sold it for Rs51 million and deposited the 20 per cent of its sales money, which is Rs20 million, in the government treasury, thus earning a whopping Rs31 million. The watch was sold on January 22, 2019.

    By selling a Rolex Platinum watch gifted by a member of a royal family from a Gulf island, Khan almost earned Rs4.5 million profit in November 2018, two months after it was gifted to him.

    Another Rolex watch gifted by a dignitary from the same Gulf island was sold by the former PM. This time Khan made Rs1.5 million profit from this deal.

    It is pertinent to mention that these watches are in addition to the ones reported earlier in the media.

    In April, PM Shehbaz Sharif revealed that Khan took gifts worth Rs140 million from Toshakhana and sold them in Dubai.

    Earlier, responding to the Toshakana controversy, Khan had said they were his gifts, so it was his choice whether to keep them or not.