Business
Why Is A Rolex Watch So Expensive? The Hidden Story Will Surprise You
In the rarefied world of luxury goods, few objects trigger as much awe, and as much sticker shock, as a Rolex. Starting at around Rs 4-5 lakh and often requiring a waiting period of several years, the watch has become a symbol of precision, status and engineering excellence. Yet, behind its global appeal lies a history that 99% of people have never heard, one that explains not only its high price, but also the extraordinary trust it commands. (News18 Hindi)
The Rolex story begins quietly in London in 1905, where Hans Wilsdorf and Alfred Davis founded a modest company called Wilsdorf & Davis. They were not selling watches under their own name. Instead, they manufactured finely crafted wristwatches and supplied them to jewellers, who stamped their own branding on the dials before selling them to customers. (News18 Hindi)
Wristwatches, at that time, were not considered accurate enough to replace pocket watches, which dominated the market despite their own vulnerabilities. A pocket watch could stop working if exposed to water or even slight shifts in altitude, but it remained the only reliable tool for timekeeping. (News18 Hindi)
Wilsdorf, however, sensed a shift long before the world did. He realised that a wristwatch, more convenient, more wearable, and more discreet, had the potential to become the preferred timekeeping device if only its precision could match that of a pocket watch. Determined to improve accuracy, he and Davis immersed themselves in experimentation and refinement until they finally succeeded in building what was soon hailed as one of the world’s most precise wristwatches. (News18 Hindi)
As demand for these watches grew, the two founders recognised an irony; jewellers, not the makers, were receiving the credit. The time had come to establish a brand identity of their own. In 1908, they chose a new name, short, crisp, and suitable for the dial, Rolex. Alongside the rebranding came a strategic relocation. Switzerland, already celebrated for its exacting horological standards, became Rolex’s new headquarters. After closing the London office in 1919 due to wartime taxation, the shift to Geneva proved to be a turning point. A “Swiss Made” Rolex did not need much persuasion; the name itself inspired trust, and customers bought the watches readily. (News18 Hindi)
By now, Rolex was not content with precision alone. Wilsdorf envisioned a watch that could defy not only time but the elements. After years of experimentation, the company unveiled the world’s first waterproof wristwatch, the Oyster, in 1926. It was an engineering triumph, but one that needed public proof. Traditional advertising would not be enough to convince sceptics. Wilsdorf responded with a visionary marketing idea. He placed the watch on the wrists of athletes and adventurers. When a young swimmer crossed the English Channel wearing a Rolex that survived the journey unscathed, the company showcased the feat in shop windows across Europe. Confidence in the brand soared. (News18 Hindi)
Through such dramatic demonstrations, Rolex cultivated an identity that blended craftsmanship with adventure. Its watches were not merely accessories; they were instruments of endurance, capable of accompanying human beings to the deepest oceans, the highest mountains and the harshest terrains. (News18 Hindi)
This long heritage of innovation explains, in part, why Rolex watches are costly even today. The materials themselves set them apart. The company uses 904L steel, a metal significantly more expensive and more resistant to corrosion than the 316L steel used by most luxury watchmakers. (News18 Hindi)
Many models incorporate solid gold or platinum, demanding an extraordinary level of craftsmanship and finishing. Every watch undergoes rigorous testing, often surpassing official chronometer certifications. Production remains deliberately limited not because of marketing strategy, but because the manufacturing process is slow, meticulous and resistant to shortcuts. (News18 Hindi)
Over more than a century, Rolex has built not just watches, but a narrative of reliability and endurance that no rival has fully replicated. The true reason behind its high price is not merely the steel, the gold or the platinum. It is the unwavering promise set forth by Hans Wilsdorf; a Rolex must keep accurate time, anywhere on the planet, under any possible condition. That promise has defined the company’s engineering philosophy for generations, and continues to justify the extraordinary value placed on every watch that bears its name. (News18 Hindi)
Paul SeddonPolitical reporter
Getty ImagesThe government will commit to bringing in enhanced protections against unfair dismissal from the start of 2027, after watering down its plans last week.
Labour ministers agreed to introduce the right to make a claim after six months in a job instead of on day one, after a backlash from business groups.
This new qualifying period would still be shorter than the current two years.
At the time of last week’s climbdown, the business department did not specify when the amended six-month right would come into force.
However, ministers are now expected to make a commitment to implement the new protection from 1 January 2027, when the legislation to deliver the change returns to the House of Commons on Monday.
Such assurances, made from the dispatch box, are not legally binding but are seen as carrying additional political weight by MPs and peers.
The move, which was first reported by The Guardian, followed talks this week between ministers and former deputy PM Angela Rayner and ex-employment minister Justin Madders, two key architects of the original proposals.
Following the talks, Rayner agreed to withdraw an amendment she had planned to table, which would have made the start date 2026.
Writing on social media, Rayner appeared to welcome the government’s decision, saying a January 2027 start date would introduce protection for those hired after July 2026, bringing “real change for workers”.
Probation period shelved
Currently, after two continuous years in a job workers gain additional legal protections against so-called “ordinary” unfair dismissal.
It means employers must identify a fair reason for dismissal – such as conduct or capability – and show that they acted reasonably and followed a fair process.
Until last week, Labour was planning to scrap this qualifying period completely at an unspecified point during 2027, with a new legal probation period, likely to have been nine months, introduced as a safeguard for companies.
But following talks with unions and business groups last week, the qualifying period will instead be set at six months’ service, and the legal probation period shelved.
The U-turn has been widely welcomed by business groups, which had warned the original proposals would discourage companies from hiring.
It has been condemned by some MPs on the left of the Labour Party, as well as the Unite union, a major donor through the affiliation fees its members pay to the party.
The government still plans to bring in new day-one rights to sick pay and paternity leave rights from April 2026.
Compensation cap
Separately, the government is also expected to abolish the current limits on compensation for financial loss in ordinary unfair dismissal cases.
Currently, awards to former employees who successfully bring a claim are limited to either their annual salary or £118,223, whichever is lower.
But the government plans to amend its employment rights bill to abolish both these caps, as the bill goes through its final stages in Parliament.
This would bring the process more into line with “automatic” unfair dismissal cases – where workers have been sacked for reasons such as discrimination and whistleblowing – where financial loss awards are uncapped.
Abolishing the caps did not feature in the original version of the bill unveiled in October last year, or in Labour’s general election manifesto.
But ministers committed to do so last week during talks to reach an agreed route forward between some unions and industry groups.
Business
IndiGo Flight Cancellations Highlights: Over 550 Flights Cancelled, DGCA Seeks Detailed Roadmap To Fix Disruption
Indigo Flights Cancelled, Delayed Today Highlights: IndiGo is grappling with one of its most severe operational meltdowns in recent years, throwing air travel into chaos and leaving thousands of passengers stranded nationwide. From mass cancellations to hours-long delays, the disruption has spiralled across major airports, prompting regulatory intervention and mounting frustration among flyers.
With over 100 flights expected to be cancelled today alone and nearly 300 already scrapped in the past 48 hours, the crisis has triggered urgent meetings with the DGCA, a public apology from the airline and a scramble to stabilise its crippled network.
IndiGo cited a convergence of “unexpected operational issues”- from technical glitches and winter schedule shifts to weather and congestion- but for travellers stuck in queues and terminals, the impact has been immediate and deeply disruptive.
NEW DELHI: In one of the first confiscations through the Fugitive Economic Offenders Act mechanism in Uttar Pradesh, the Enforcement Directorate (ED) has received approval to confiscate movable and immovable assets worth Rs 127 crore belonging to fugitive Rashid Naseem and the Shine City Group of Companies. The confiscation move comes after the agency designated Naseem as a Fugitive Economic Offender (FEO) for allegedly orchestrating large-scale financial fraud and cheating thousands of investors through Shine City’s real estate and investment schemes. With Naseem absconding abroad to evade legal proceedings, the ED invoked FEOA provisions, enabling attachment and now full confiscation of his identified assets.
A special court in Uttar Pradesh’s Lucknow issued the order on Wednesday, allowing ED to confiscate the properties in the case the agency initiated investigation against Naseem and Shine City Group of Companies on the basis of approximately 554 First Information Reports (FIRs) registered by Uttar Pradesh Police alleging large-scale fraud, cheating, and wrongful gain through ponzi-cum-pyramid schemes. As per the agency, Naseem absconded from India to evade criminal investigation and prosecution and he escaped illegally via the Nepal border.
ED’s investigation reveals that Naseem is residing in Dubai, UAE, and continues operating several aspects of the scheme from abroad. A special court had declared Naseem a FEO under Section 12(1) of the Fugitive Economic Offenders Act (FEOA), 2018, on April 30, 2025, based on digital evidence proving that he had willfully evaded Indian authorities and was residing in the UAE and continuing his operations from abroad.
ED investigation mentions that Shine City Group had floated numerous companies and collected vast amounts of public deposits by falsely projecting investment opportunities in real estate projects and other lucrative schemes. “Initial scrutiny revealed that the collected funds were neither utilized for legitimate business activities nor backed by genuine real-estate development but were siphoned off through a network of shell companies controlled by the promoters and their associates.”
In the course of the investigation, ED conducted search operations at 18 different premises, leading to the recovery of significant digital evidence, incriminating documents relating to money laundering, and extensive details of movable and immovable assets acquired from illicit proceeds. Based on the evidence, ED has so far provisionally attached assets worth Rs 264.10 crore and arrested eight persons connected with the fraud.
Further, ED has filed six Prosecution Complaints (PCs) against 38 individuals and entities, all of which have been duly taken cognizance of by the special court in Lucknow. The principal accused, Naseem, repeatedly refused to return to India to face the criminal process despite the issuance of summons, a Non-Bailable Warrant, a Look Out Circular (LOC), and an Interpol Red Notice. Simultaneously, ED said, Naseem was found to be influencing victims from abroad to withdraw their FIRs by making fraudulent assurances through virtual meetings.
A crucial breakthrough occurred when ED obtained through intelligence sources, access to a Zoom meeting link circulated by Naseem via WhatsApp to victims. “The virtual meetings were recorded, and his user ID, meeting ID, and login credentials were identified,” said the federal agency. ED thereafter issued a summons to Zoom Communications, Inc., seeking all login details and IP addresses associated with the user account “Rashid Naseem” used during the Zoom sessions.
Based on Zoom’s cooperation and technical reports, ED said, the IP addresses used during the meetings were geo-located to the United Arab Emirates, conclusively establishing his presence in Dubai. “This digital evidence proved that he had willfully evaded Indian authorities and was residing in the UAE and continuing his operations from abroad. Given the deliberate evasion, ED Lucknow Zone moved an application under the Fugitive
Economic Offenders Act (FEOA), 2018, seeking his declaration as a Fugitive Economic Offender,” mentioned the ED.
After examining the evidence, the Special Court (PMLA), Lucknow found that all statutory conditions under Section 4(2) of FEOA and Rule 3 of the FEOA Rules, 2018 were satisfied. The court held that Naseem left India to avoid arrest and criminal prosecution, and he refused to return despite the issuance of NBW, LOC, and Interpol alerts. Accordingly, the court declared Naseem a FEO. Following the declaration, the court proceeded to consider ED’s application under Section 12(2) of FEOA for confiscation of properties belonging to Naseem, his associates, and the companies controlled by them.
Parallel to these proceedings, ED’s Lucknow zone had approached the Allahabad High Court and the special PMLA court Lucknow, seeking exercise of powers under Section 8(8), second proviso of PMLA, for restoration of attached properties to victims who had invested their hard-earned money in Shine City Group schemes.
Pursuant to ED’s request, the special court issued a public proclamation inviting all legitimate victims to file claims with supporting documents. To date, over 6,500 victims have submitted claims, and the ED is currently engaged in verification of these claims in a structured and time-bound manner. Although Shine City Group had challenged the restitution mechanism before the Supreme Court through a Special Leave Petition, the recent confiscation under FEOA significantly strengthens the restitution process. The property confiscated under FEOA now stands vested in the Central Government and thus provides a direct route for compensating victims through the realisation of the confiscated properties.
The recognition of legitimate claimants marks a significant step in ED Lucknow Zone’s ongoing efforts to ensure that the Proceeds of Crime are eventually returned to thousands of affected investors, many of whom have suffered severe financial and emotional distress due to the fraudulent operations of Shine City Group. ED said its Lucknow zone continues to uphold its commitment to combating financial crimes and ensuring justice for victims.
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