News » Life Style
Rolex will begin issuing certificates of authenticity to authorized dealers selling pre-owned watches, giving the Swiss company greater control over its products and shaking up the $20 billion pre-owned luxury watch market.
Swiss dealer Bucherer will be the first to sell pre-owned Rolex watches certified genuine by the company in stores across Europe, according to the Rolex website.
Other authorized Rolex dealers may begin participating in the program in spring 2023. Rolex has said it will only certify watches that are at least three years old to discourage so-called flippers that sell new watches at prices above retail.
The move to authenticate their own used watches marks a significant shift for Rolex , whose watches dominate pre-owned dealer and online sales. The luxury pre-owned watch market is expected to grow to $35 billion by 2030.
Previously, Rolex did not participate in the authentication or tracking of its products after they were sold to the dealer network. The program will also help protect against counterfeiting.
Unauthorized dealers who sell used watches in person and online, as well as auction houses, will not be able to to participate in the program.
Other Swiss watch manufacturers already certify pre-owned watches. Rolex watches account for the largest share of pre-owned watches sold.
In some cases under the program, authorized dealers are likely to sell certified pre-owned watches at higher prices than new ones offered at retail. Some models, including the Rolex Submariner, Daytona and GMT, typically sell at a premium to retail prices as demand outstrips supply.
Morgan Stanley estimates that Rolex — the largest Swiss watch brand, producing around 1 million watches a year with annual sales of around CHF 8 billion ($8.5 billion) and a market share of around 29%.
Follow us on Telegram