Want a pre-owned Rolex? It will now come certified as genuine by the Swiss watchmaker when you buy from an authorised dealer
- Authorised dealers selling second-hand Rolex watches will have them certified by the watchmaker, a move that gives the company more oversight of its products
- Bucherer is the first dealer to sell the certified Rolexes. The move, covering watches 3 or more years old, will shake up the US$20 billion watch resale market
Rolex will begin issuing certificates of authenticity to authorised dealers selling its pre-owned watches, in a move that will give the Swiss company more oversight of its products and shake up the US$20 billion market for second-hand luxury timepieces.
Swiss dealer Bucherer will be the first to begin selling pre-owned Rolex watches that are certified as authentic by the company at stores across Europe, Rolex said on its website.
Other authorised Rolex dealers can begin participating in the programme in the spring of 2023. Rolex said it would only certify watches that are at least three years old in an effort to dissuade so-called flippers who sell new watches at prices above retail.
The move to authenticate its own pre-owned watches marks a significant shift for Rolex, whose timepieces dominate second-hand sales at dealers and online. The luxury pre-owned watch market is expected to grow to US$35 billion by 2030, according to Deloitte.
Rolex previously had no role in authenticating or tracking its products once they had been sold to its dealer network. The programme will also help to guard against fakes.
Non-authorised dealers who sell second-hand watches in person and online as well as auction houses won’t be able to take part.