According to the article, it was a friend of Jay's who suggested that Jay had perhaps gone looking for the watch.
This speculation could have been prompted by the journalist asking leading questions of the 'friend', ie. 'D'you think Jay could've gone looking for the watch, maybe?' and the friend says 'yeah, perhaps'.
It makes little sense anyway.
If a watch gets stolen in or around a venue with hundreds of people milling around in various states of inebriation or whatever and it's dark, noisy and confusing, how on earth could someone have any hope whatsoever of finding a watch that has just been stolen?
To steal a watch requires forcing it off someone's wrist, surely?
That means the thief isn't exactly a reasonable person who'd just hand it back if someone asked them to.
And you'd have to have witnessed the theft in order to attempt to retrieve the watch from whoever stole it.
But if you knew the thief/thieves... well, I guess you might decide there's some hope of retrieving it for the poor owner.
But why would you get involved unless you're some kind of superhero who fears nothing and no-one, cares deeply about justice and morality and cannot just stand back and allow people to be subjected to crime and violence?