Rolex Authenticates Pre-Owned Watches
Rolex SA will begin issuing certificates of authenticity to authorized dealers selling its pre-owned watches in a move that will give the Swiss company more oversight of its products. 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. Other authorized Rolex dealers can begin participating in the program in the spring of 2023. Rolex said it will 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 $35 billion by 2030. The program will also help to guard against fakes.