Retailers turn to pre-owned watches as alternative revenue stream.
Retail sales of second-hand Rolex watches are on the rise, according to watch dealer BQWatches.
The second-hand Rolex specialist has registered a 40 percent year-on-year rise in turnover in the past six months as more retailers turn to pre-owned watches as an alternative revenue stream.
BQWatches director Ian Shaffer said that retailer jewellers struggling with declining gold jewellery sales are supplementing business with second-hand Rolex watches.
He said: “Every one of our customers has had some degree of success. I know this because we offer to buy back anything we sell to jewellers and out of the last 100 transactions we’ve has one sold back.”
BQWatches sources second-hand Rolex watches in Europe by setting up road shows in hotels and buying direct from consumers. The company has two road show teams that travel the continent hosting two buying events each week.
In the past month BQWatches has visited Antwerp, Brussels, Liege, Ostende, Luxemburg and Helsinki in search of second-hand Rolex watches. The company has also doubled its European advertising and marketing budget to ensure that it is sourcing enough watches to match demand from UK retailers.
Shaffer puts the popularity of second-hand Rolexes down to savvy shoppers. “There is a massive saving to be had on the new price and people want a bargain and they want value,” he said.
Shaffer added that steel models with diamond bezels for men were proving particularly popular in the market.