Goldsmiths pre-owned Rolex

[Louis Balfour]

I bought second-hand watches from them years ago and their prices were not outrageous. I was just browsing today though and some of the prices appear to be absolutely mental. Way above new price. Do they sell any?

[Jamescrs]

Probably, it's likely part of the Rolex Used approved scheme which Rolex have launched.
I haven't looked but how do the prices compare to Watchfinder?

[Louis Balfour]

Jamescrs said:

Probably, it's likely part of the Rolex Used approved scheme which Rolex have launched.
I haven't looked but how do the prices compare to Watchfinder?

Watchfinder is more in line with market prices. Presumably because it aggregates watches from numerous dealers.

[worsy]

I sold a watch to them a little while back. The price i got was above rrp so it stands to reason they are retailing them way above.

[Louis Balfour]

worsy said:

I sold a watch to them a little while back. The price i got was above rrp so it stands to reason they are retailing them way above.

One would assume that they know what they are doing. But is the market paying massive overs now? I suspect not.

[worsy]

Louis Balfour said:

worsy said:

I sold a watch to them a little while back. The price i got was above rrp so it stands to reason they are retailing them way above.

One would assume that they know what they are doing. But is the market paying massive overs now? I suspect not.

I think it is beginning to soften looking at the Rolex bubble thread.

[55palfers]

Blimey!

https://www.goldsmiths.co.uk/Rolex-Certified-Pre+O...

£14350. No box or papers.

[Louis Balfour]

Yup. I was looking at a 2020 Day Date on there earlier. It was circa £37k. Unworn stickered ones have been changing hands for £27k on C24.

[worsy]

Mine was 2010 GMT2. They have 3 there, and I wouldn't be surprised if one was mine. 18 months on.

[paulw123]

Their prices are outrageous in my opinion

[Louis Balfour]

paulw123 said:

Their prices are outrageous in my opinion

And mine. Hence my question.

Who is buying them at the huge asking prices?

[paulw123]

Louis Balfour said:

paulw123 said:

Their prices are outrageous in my opinion

And mine. Hence my question.

Who is buying them at the huge asking prices?

No idea, when I went into one to 'register interest' the salesman complained about flippers/the grey market etc then tried to sell me a pre owned/approved one for about 3k over RRP. I politely declined...

[RowntreesCabana]

Louis Balfour said:

I bought second-hand watches from them years ago and their prices were not outrageous. I was just browsing today though and some of the prices appear to be absolutely mental. Way above new price. Do they sell any?

What better way is it to fool the average punter into thinking that buying the watch will be a great investment? Control the high street retailers by having Rolex "certified" used watches priced higher than the new ones. It doesn't matter if they don't sell, they're there for a reason.

[Jamescrs]

I wonder if the dealers are pushing them as "If you buy this it will put you in a better position to qualify for a new one next time"

[PRO5T]

The business model seems sound, control the market as the poster mentions above and supply genuine Rolex approved watches but the reality seems out of whack.

I could understand if they were pooling a steady supply of second hand watches, sending them to Rolex head office for service and refresh and then charging for the privilege, you'd imagine a ready made customer base for that (the same folk who would buy a second hand premium car from the original seller rather than off someone's drive).

But is this what is actually happening, or are they simply punting out second hand watches the same as grey market dealers at vastly inflated prices?

Last time I (very) briefly looked in Goldsmiths pre owned selection I think they had a Sub LV at something like £18k, £5k at least over market value?

I mean, if it came with all the gubbins that a refurbished watch comes with that has actually been back to Rolex in Switzerland (new box, printed booklet of all the service the watch and had with pictures etc) I could see the value in that-a Rolex version of Ferrari Classiche.

But an extra £5k just to polish the gold clock outside the shop? No thanks.

[Pupp]

worsy said:

I sold a watch to them a little while back. The price i got was above rrp so it stands to reason they are retailing them way above.

If you don’t mind me asking, how did you initiate the process of them buying? Can’t see a menu option on their site for acquiring stock (haven’t pored over it mind)

[Louis Balfour]

RowntreesCabana said:

Louis Balfour said:

I bought second-hand watches from them years ago and their prices were not outrageous. I was just browsing today though and some of the prices appear to be absolutely mental. Way above new price. Do they sell any?

What better way is it to fool the average punter into thinking that buying the watch will be a great investment? Control the high street retailers by having Rolex "certified" used watches priced higher than the new ones. It doesn't matter if they don't sell, they're there for a reason.

It's a theory!

However, I was in Selfridges before Christmas and they have a second-hand Rolex section. I don't remember their prices being so bonkers.

[worsy]

Pupp said:

worsy said:

I sold a watch to them a little while back. The price i got was above rrp so it stands to reason they are retailing them way above.

If you don’t mind me asking, how did you initiate the process of them buying? Can’t see a menu option on their site for acquiring stock (haven’t pored over it mind)

https://www.goldsmiths.co.uk/sell-my-watch

[Pupp]

worsy said:

Pupp said:

worsy said:

I sold a watch to them a little while back. The price i got was above rrp so it stands to reason they are retailing them way above.

If you don’t mind me asking, how did you initiate the process of them buying? Can’t see a menu option on their site for acquiring stock (haven’t pored over it mind)

https://www.goldsmiths.co.uk/sell-my-watch

[Dimebars]

PRO5T said:

The business model seems sound, control the market as the poster mentions above and supply genuine Rolex approved watches but the reality seems out of whack.

I could understand if they were pooling a steady supply of second hand watches, sending them to Rolex head office for service and refresh and then charging for the privilege, you'd imagine a ready made customer base for that (the same folk who would buy a second hand premium car from the original seller rather than off someone's drive).

But is this what is actually happening, or are they simply punting out second hand watches the same as grey market dealers at vastly inflated prices?

Last time I (very) briefly looked in Goldsmiths pre owned selection I think they had a Sub LV at something like £18k, £5k at least over market value?

I mean, if it came with all the gubbins that a refurbished watch comes with that has actually been back to Rolex in Switzerland (new box, printed booklet of all the service the watch and had with pictures etc) I could see the value in that-a Rolex version of Ferrari Classiche.

But an extra £5k just to polish the gold clock outside the shop? No thanks.

They're part of the Rolex Certified Pre-Owned scheme

all serviced by Rolex and sold on (at a huge premium) thus giving AD's a foothold in the grey market at a higher pricepoint