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I seem to recall high end watches being a way to avoid carrying large amounts of cash across borders. Maybe even for money laundering (although that seems cumbersome).
People can carry tens or hundreds of thousands across borders in their luggage as personal wardrobe accessories. Once they arrive at their destination, find a dealer who will buy a watch for cash and they have loads of local currency without paying bank transaction fees or getting government haircuts.
Not that I think that's what's going on here, but it may be the media shining a spotlight on it for some reason.
It’s better to wear the watch and jewelry if you’re having that intent.