The "Grey Market" - 20% off Rolex. Why not?
Discussion
I've heard the term grey market, and indeed have spoken to two German based watch retailers with UK "boutiques" who want to sell me a presumably pre-registered, therefore pre-owned, "brand new, unworn" Rolex watch. They also wanted me to ship my two Rolex part exchanges into the ether to Germany so as to be appraised. Not on your nelly to any of these suggestions.
But today I spoke to another two UK based firms, with Chrono24 credentials up to their eyeballs, both of whom offered exactly the same deal. 20% of Rolex RRP. Watch registered in my name (well, my wife's - it's for her). P/ex of my two watches in person at their UK premises. These are non-UK watches sourced from non-UK dealers. Come with international 5yr Rolex warranty.
What's the catch please?
The watch is:
DJMC, you do enjoy a good cogitate over a Rolex, don't you?! 
It may have been the case a few years back that Grey Dealers were able to offer small discounts on UK RRP for Stainless Steel Sports Rolex - because they, like a lot of Grey stock, were purchased from other, cheaper EU markets e.g. Italy or Spain where the price was lower than that offered in a bricks & mortar UK Authorised Dealer.
However, with the plunge in Sterling's value against the Euro, that is no-longer the case - the UK is still the cheapest place in the EU to buy Stainless Steel Sports Rolex.
What does all that have to do with your deal on a two-tone, diamond-set, ladies Datejust?
Simply that any precious metal Rolex does not carry the same premium as Stainless Steel Sports Rolex. Add the diamonds & ladies size in, and you have a watch that most UK AD's will already cut you a sizeable discount on, from new.
If it's pre-owned (even if 'new in box'), then even more savings can be had.
So, what I'm saying is that the reason the Grey Dealer is offering you such a good deal at 20% off is because two-tone & precious metal ladies Rolex are very different animals to Stainless Steel Sports Rolex - if you try a few UK ADs I'd be surprised if they couldn't discount it heavily as well, if pushed, if maybe not quite by 20%.
Add in the fact that they may be giving you a superb price for the Ladies Datejust, but poor exchange prices for your other two Rolex, and you can see where I'm coming from.
There's a reason why someone wanting a hens-teeth Daytona Ceramic or SS Skydweller suddenly leaps to the top of an AD's waiting list if they also agree to buy a hard-to-shift precious metal model as well (at full RRP).
Good luck with your purchase.
It may have been the case a few years back that Grey Dealers were able to offer small discounts on UK RRP for Stainless Steel Sports Rolex - because they, like a lot of Grey stock, were purchased from other, cheaper EU markets e.g. Italy or Spain where the price was lower than that offered in a bricks & mortar UK Authorised Dealer.
However, with the plunge in Sterling's value against the Euro, that is no-longer the case - the UK is still the cheapest place in the EU to buy Stainless Steel Sports Rolex.
What does all that have to do with your deal on a two-tone, diamond-set, ladies Datejust?
Simply that any precious metal Rolex does not carry the same premium as Stainless Steel Sports Rolex. Add the diamonds & ladies size in, and you have a watch that most UK AD's will already cut you a sizeable discount on, from new.
If it's pre-owned (even if 'new in box'), then even more savings can be had.
So, what I'm saying is that the reason the Grey Dealer is offering you such a good deal at 20% off is because two-tone & precious metal ladies Rolex are very different animals to Stainless Steel Sports Rolex - if you try a few UK ADs I'd be surprised if they couldn't discount it heavily as well, if pushed, if maybe not quite by 20%.
Add in the fact that they may be giving you a superb price for the Ladies Datejust, but poor exchange prices for your other two Rolex, and you can see where I'm coming from.
There's a reason why someone wanting a hens-teeth Daytona Ceramic or SS Skydweller suddenly leaps to the top of an AD's waiting list if they also agree to buy a hard-to-shift precious metal model as well (at full RRP).
Good luck with your purchase.
That's useful info, thanks.
I have indeed been putting all Rolex watches into the same hat when it comes to discounts, or lack of them. That's probably because I'd been chasing a Sub until recently and so I came across the "no chance of a discount" comments here and elsewhere.
Goldsmiths offered around 3% off the LadyDJ on Saturday when we visited.
Another AD we visited today offered a good p/ex on my wife's 26mm DJ but we didn't discuss the "deal" as a whole as she hadn't decided on which bracelet.
I guess I should get back in touch and see what they'd do. As for which other ADs to try, I guess that's just down to speaking to a lot of them and seeing who'll do what.
But... what IS wrong with buying one from a non-AD at 20% off? Is it the future p/ex value if it's taken to a UK AD and they turn their nose up? A little like they do when trying to stop traders buying the latest ceramic Daytona - it's just not on?
If not this, then what? They're UK watch retailers, selling me a Rolex with papers in my wife's name, international Rolex g'tee. P/ex price for both DJs is £100 less than offered by AD for one (p/ex) and indy for the other (cash sale). What's not to like?
I have indeed been putting all Rolex watches into the same hat when it comes to discounts, or lack of them. That's probably because I'd been chasing a Sub until recently and so I came across the "no chance of a discount" comments here and elsewhere.
Goldsmiths offered around 3% off the LadyDJ on Saturday when we visited.
Another AD we visited today offered a good p/ex on my wife's 26mm DJ but we didn't discuss the "deal" as a whole as she hadn't decided on which bracelet.
I guess I should get back in touch and see what they'd do. As for which other ADs to try, I guess that's just down to speaking to a lot of them and seeing who'll do what.
But... what IS wrong with buying one from a non-AD at 20% off? Is it the future p/ex value if it's taken to a UK AD and they turn their nose up? A little like they do when trying to stop traders buying the latest ceramic Daytona - it's just not on?
If not this, then what? They're UK watch retailers, selling me a Rolex with papers in my wife's name, international Rolex g'tee. P/ex price for both DJs is £100 less than offered by AD for one (p/ex) and indy for the other (cash sale). What's not to like?
Edited by DJMC on Monday 31st July 18:46
Best I got off Mrs rose gold/steel was 6% from uk AD - tried a few London ones and bought from Rolex boutique in bond street
I was happy with that as I wanted to join waiting list for anything interesting from Basel. The the ceramic Daytona was released and I was told I couldn't join list - ok it was a week after release date - but thought that was poor so I won't be back - plenty of other dealers in the world
I have bought from ancient and modern otherwise known as iconic watches in the past - got around 20% off and watch was supplied to them from ad in Europe. Top service
Watches are global anyhow with international warranty - personally I would rather have uk duty paid rather than non eu from an AD
Another option is Heathrow duty free which gives you almost 20% off and most likely has the watch you are looking at. Note you are supposed to declare on return to uk
I was happy with that as I wanted to join waiting list for anything interesting from Basel. The the ceramic Daytona was released and I was told I couldn't join list - ok it was a week after release date - but thought that was poor so I won't be back - plenty of other dealers in the world
I have bought from ancient and modern otherwise known as iconic watches in the past - got around 20% off and watch was supplied to them from ad in Europe. Top service
Watches are global anyhow with international warranty - personally I would rather have uk duty paid rather than non eu from an AD
Another option is Heathrow duty free which gives you almost 20% off and most likely has the watch you are looking at. Note you are supposed to declare on return to uk
andy355 said:
Best I got off Mrs rose gold/steel was 6% from uk AD - tried a few London ones and bought from Rolex boutique in bond street
I was happy with that as I wanted to join waiting list for anything interesting from Basel. The the ceramic Daytona was released and I was told I couldn't join list - ok it was a week after release date - but thought that was poor so I won't be back - plenty of other dealers in the world
I have bought from ancient and modern otherwise known as iconic watches in the past - got around 20% off and watch was supplied to them from ad in Europe. Top service
Watches are global anyhow with international warranty - personally I would rather have uk duty paid rather than non eu from an AD
Another option is Heathrow duty free which gives you almost 20% off and most likely has the watch you are looking at. Note you are supposed to declare on return to uk
I've been in touch with Iconic today. They're seeing what they can do on a "deal". I guess they're the same type of operation as the other two I spoke to?I was happy with that as I wanted to join waiting list for anything interesting from Basel. The the ceramic Daytona was released and I was told I couldn't join list - ok it was a week after release date - but thought that was poor so I won't be back - plenty of other dealers in the world
I have bought from ancient and modern otherwise known as iconic watches in the past - got around 20% off and watch was supplied to them from ad in Europe. Top service
Watches are global anyhow with international warranty - personally I would rather have uk duty paid rather than non eu from an AD
Another option is Heathrow duty free which gives you almost 20% off and most likely has the watch you are looking at. Note you are supposed to declare on return to uk
What do you mean by "personally I would rather have uk duty paid rather than non eu from an AD."
Sorry, didn't quite understand? Which is my non-AD scenario, if any?
One of the non-ADs said his AD watches come from Greece. That's (just) in the EU I think!
Talking to a well known watch dealer today, he advises that Rolex UK had a new MD three years ago who swept many trading, discounting, ADs away and now Rolex UK inspect individual invoices to see whether more than a few % points have been given in discount. Big discounts are a no no since then.
What appears to be happening is Rolex buyers in the EU and rest of the world are now coming to the UK to buy watches retail.
This means EU dealers have stockpiles of unsold Rolexes and will therefore discount to get a sale, hence the grey market.
UK dealers "cheap" retail prices may well still be making them more profit than the poor soul in the EU who now has to rely on grey sales at discounted prices to earn a crust. Sob.
What appears to be happening is Rolex buyers in the EU and rest of the world are now coming to the UK to buy watches retail.
This means EU dealers have stockpiles of unsold Rolexes and will therefore discount to get a sale, hence the grey market.
UK dealers "cheap" retail prices may well still be making them more profit than the poor soul in the EU who now has to rely on grey sales at discounted prices to earn a crust. Sob.
Zoon said:
Richard De Leyser has been there 6 and a half years, sounds like your well known watch dealer doesn't know as much as he makes out.
I think it's what the new MD has done, not how long he's done it for, which is important. Is that wrong also, or does it ring true to those with their ear to the Rolex wall?
DJMC said:
I think it's what the new MD has done, not how long he's done it for, which is important.
Is that wrong also, or does it ring true to those with their ear to the Rolex wall?
I don't think much has changed to be honest, things are still happening now that were happening ten years ago.Is that wrong also, or does it ring true to those with their ear to the Rolex wall?
Although that's not to say they aren't trying to tighten up on the grey market.
The grey market will always be there in some capacity.
I've found a physical UK watch now, new unworn, at 21.5% off RRP. It originated from Italy. Carries balance of 5 year warranty (4 years). Retailer has reserved it for me and offered a reasonable p/ex on both our DJs too, from photos/description.
Going on Saturday to do the deal. Fingers crossed there won't be any last minute drop in their offer for ours. I'm expecting that's the usual MO. Get my wife all gooey eyed and then hit us with the "Ah..."
Going on Saturday to do the deal. Fingers crossed there won't be any last minute drop in their offer for ours. I'm expecting that's the usual MO. Get my wife all gooey eyed and then hit us with the "Ah..."
Change of tack again!
Went back to Rolex AD to give them a bite of the cherry.
They offered significantly more on the two p/ex watches and also gave an "imaginary" discount so that the final figure was less than £1,000 off the Italian grey import. The latter is a Jan 2016 watch, pre-registered but unworn.
My thoughts were:
The AD watch is 20 months younger.
Full 5 year Rolex warranty.
No issues with warranty or future service if the Italian watch has been messed with internally.
No issue with not quite being "unworn" when we get there, or missing links etc.
AD watch registered in my wife's name as first owner.
No need to spend six hours tomorrow, plus fuel, on a round trip to see the non-AD watch.
No worry over other Jeweller knocking 26mm DJ down from offered amount due to a fair bit of bracelet stretch. This alone might knock £1,000 off their £2,600 offer.
No need spend four hours on round trip travel to London next week to sell at previous best, but lower than AD, offer on my old 36mm DJ.
Local AD so easy to get to if any issue/adjustment needed.
Gives future local AD relationship if we want another Rolex.
To me, all of the above is worth the £966.00 notional extra cost of buying from the AD.
Seems to me the secret to getting a "discount" from an AD is to have one of more Rolex p/ex's, allowing them to offer high on them whilst not attracting the wrath of Mr Rolex by discounting the new watch?
Collect tomorrow.
Went back to Rolex AD to give them a bite of the cherry.
They offered significantly more on the two p/ex watches and also gave an "imaginary" discount so that the final figure was less than £1,000 off the Italian grey import. The latter is a Jan 2016 watch, pre-registered but unworn.
My thoughts were:
The AD watch is 20 months younger.
Full 5 year Rolex warranty.
No issues with warranty or future service if the Italian watch has been messed with internally.
No issue with not quite being "unworn" when we get there, or missing links etc.
AD watch registered in my wife's name as first owner.
No need to spend six hours tomorrow, plus fuel, on a round trip to see the non-AD watch.
No worry over other Jeweller knocking 26mm DJ down from offered amount due to a fair bit of bracelet stretch. This alone might knock £1,000 off their £2,600 offer.
No need spend four hours on round trip travel to London next week to sell at previous best, but lower than AD, offer on my old 36mm DJ.
Local AD so easy to get to if any issue/adjustment needed.
Gives future local AD relationship if we want another Rolex.
To me, all of the above is worth the £966.00 notional extra cost of buying from the AD.
Seems to me the secret to getting a "discount" from an AD is to have one of more Rolex p/ex's, allowing them to offer high on them whilst not attracting the wrath of Mr Rolex by discounting the new watch?
Collect tomorrow.
UnclePat said:
On balance, I think that's well-played, DJMC.
Make sure you & good lady wife enjoy the full AD coffee/biscuits/sparkling wine experience - that's always a nice part of it, and you can get the watch exactly sized at the same time.
Congrats!
Yes, will do!Make sure you & good lady wife enjoy the full AD coffee/biscuits/sparkling wine experience - that's always a nice part of it, and you can get the watch exactly sized at the same time.
Congrats!
And also, perhaps, "how's the wait for a new Daytona?"
I have to say I've enjoyed immensely dealing with this AD who we only went to a week ago for the first time. Family run, no poncy-ness, a good laugh and honest straight to the point dealing, apart from what turns out to be a good deal, in Rolex AD terms.
DJMC said:
I have to say I've enjoyed immensely dealing with this AD who we only went to a week ago for the first time. Family run, no poncy-ness, a good laugh and honest straight to the point dealing, apart from what turns out to be a good deal, in Rolex AD terms.
DJMC - may I ask who this great Rolex AD is (if it's who I think, I've already dealt with them), as I might be in the market for a pm Daytona?Great looking LadyDj bye the way!
Edited by Ballistic on Sunday 6th August 08:28
Ballistic said:
DJMC - may I ask who this great Rolex AD is (if it's who I think, I've already dealt with them), as I might be in the market for a pm Daytona?
Great looking LadyDj bye the way!
I've sent you a message.Great looking LadyDj bye the way!
Edited by Ballistic on Sunday 6th August 08:28
And Pat, yes, tea, biscuits, fizz, and a special Rolex gift too.
She's very happy!
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