A thought occurred to me while reading Hillary's account of reaching the summit and his use of the word "carried" ("I carried your watch") rather than the more common "wore" or even "took".

Here's the chapter he wrote in Hunt's book:

"I had carried [sic] my camera, loaded with colour film, inside my shirt to keep it warm, so I now produced it and got Tenzing to pose on top for me, waving his axe on which was string of flags -- United Nations, British, Nepalese and Indian [....] I had a lot of difficulty in holding the camera steady in my clumsy gloves."

I wonder if he "carried" the watch in a shirt or pocket or even attached to the camera. This would keep it warm and be more accessible than looking under thick gloves or mittens.

P.S. even if Norgay was wearing a Rolex we know that Hillary was first on to the summit.

How? Because in his 1955 autobiography ('Tiger of the Snows') Norgay said so:

"A little below the summit Hillary and I stopped. We looked up. Then we went on. The rope that joined us was thirty feet long, but I held most of it in loops in my hand, there was only six feet between us. I was not thinking of “first” and “second”. I did not say to myself, “There is a golden apple up there. I will push Hillary aside and run for it.” We went on slowly, steadily. And then we were there. Hillary stepped on top first. And I stepped up after him.”

And this:

"In an interview with Scotland on Sunday for the 50th anniversary in 2003, Hillary explained what had happened: “We set off at 6.30am, first light, me in the lead, Tenzing behind on a tight rope. We never discussed who would be first up. It really did not matter to me, as the entire expedition was very much a team affair, but I suspect Tenzing was quite deferential to what he saw as the Sahib. So I got to the top first, with him just 10ft or so behind.”

Lots have watches have been to the top but Smiths was the first. Maybe Rolex was second by a few seconds. Maybe not. But Smiths was first.