Rolex to certify used watches in jump into pre-owned 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 secondhand 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 will only certify watches that are at least three years old in a move to dissuade so-called flippers of its watches 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 secondhand 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.

The programme only covers brick-and-mortar retail sales of pre-owned Rolex models. Dealers who sell second-hand watches online and auction houses won’t be able to participate in the new certification programme.

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Other Swiss watchmakers have already been certifying secondhand watches to have more control and oversight of the market. Rolex watches account for the largest share of pre-owned watches sold by dealers online and in stores.

Smaller rival brands including Vacheron Constantin and Zenith already sell certified pre-owned watches at their own boutiques, as do independent brands such as H. Moser & Cie and MB&F. Richemont, which owns Vacheron as well as a stable of brands including Jaeger-LeCoultre, IWC and A Lange & Sohne, bought online reseller Watchfinder in 2018.

The programme will likely see authorised dealers selling certified pre-owned watches at higher prices than new ones offered at retail in some cases. Models including the Rolex Submariner, Daytona and GMT typically sell at a premium to retail prices as retail demand outstrips supply. BLOOMBERG