'Luxury' Rolex Watches, Certified Pre-Owned Sales

Starting from Booker Boutique in 6 countries including England, France, and Germany
Other official retailers can join from Spring 2023

[Asia Economy Reporter Kim Hyunjung] Swiss luxury watchmaker Rolex is selling certified pre-owned watches guaranteed authentic through official secondhand retailers.

On the 1st (local time), Rolex announced on its official website the launch of the Rolex Certified Pre-Owned program. Pre-owned watches sold by Rolex come with an international warranty valid for two years from the resale date.

Rolex certified pre-owned watches have been available since the 1st of this month at Bucherer boutiques in Switzerland, Austria, Germany, France, Denmark, and the United Kingdom. Bucherer is a Swiss company that manufactures and sells luxury watches and jewelry. Official Rolex retailers wishing to sell pre-owned Rolex watches can join the program starting spring 2023, while unofficial retailers are not eligible to participate.

Rolex stated, "The goal of the Certified Pre-Owned program is to add value to the existing supply of pre-owned Rolex watches," explaining, "When the owner of a watch changes, the official retailer must be able to guarantee its authenticity upon resale." Additionally, Rolex produces watches designed for maximum longevity, aiming to provide long-term reliable service to customers purchasing pre-owned timepieces.

However, watches sold under the Rolex Certified Pre-Owned program are limited to pre-owned pieces that have been sold as new products for at least three years. This policy is intended to prevent so-called 'resell' products, where new watches are immediately resold at higher prices for profit. Rolex provides a Certified Pre-Owned seal and warranty card with each watch, officially guaranteeing that the watch is authentic and functioning properly.

According to global accounting and consulting group Deloitte, the luxury pre-owned watch market is expected to grow to $35 billion (approximately 45.4475 trillion KRW) by 2030. Other Swiss luxury watchmakers such as Vacheron Constantin and Zenith already sell certified pre-owned watches through their own boutiques.

Bloomberg predicts that Rolex's Certified Pre-Owned program will have a significant impact on the luxury pre-owned watch market and anticipates that some pre-owned watches under the program may even sell for higher prices than new watches. Models like the Rolex Submariner, Daytona, and GMT often command premiums over their original retail prices due to demand exceeding supply.

According to estimates by Morgan Stanley, Rolex is a Swiss luxury watch brand producing approximately one million watches annually, with annual sales of about 8 billion Swiss francs (approximately 11.1233 trillion KRW) and a market share of 29%.