Is the seelling of Rolex replicas watches a crime?

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Each day the spam folder of my e-mail is overloaded with the advertisements of "Rolex replica watches". They are very cheap and produced not in Switzerland where the orginal "Rolex" comes from, but mostly in India, China etc. I just become interested in: isn't it permitted to produce and sell "Rolex" fake watches? If I produced and sold, for instance, fake "Nike", "Adidas" or "Gucci", I'd be a theft and would get punished for counterfeiting. Because you can't steal the brand of another producer to produce a fake - it's an illegal activity. But in this case it seems that nobody cares - the Internet is full of cheap Rolex "replicas" crap.