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Rolex announced Thursday that it would start a pre-owned program for retailers by issuing certificates of authenticity.
The move to certify retailers will give Rolex more authority over the $20 billion pre-owned market for second-hand luxury watches. Rolex watches account for the largest share of pre-owned watches sold, so the market potential for a pre-owned program is extraordinary, Bloomberg News noted.
Swiss dealer Bucherer is the first retailer to begin selling pre-owned Rolex watches certified authentic by the company at stores across Europe, including Switzerland, Austria, Germany, France, Denmark, and the U.K., Rolex said on its website.
Rolex also said the certified watches must be displayed under a designated “Rolex Certified Pre-Owned” plaque that will guarantee the watches “benefit from the quality criteria inherent to all Rolex products and the full know-how and professionalism of the brand’s worldwide network of experts.”
The certification will also ensure that they will function for at least two years by including a card that “officially confirms the watch is genuine on the date of purchase and guarantees its proper functioning for two years from this date, following the guarantee manual.”
Other authorized Rolex dealers, including ones in the U.S., can begin participating in the program in spring 2023. Rolex said it would only certify watches at least three years old to dissuade so-called “flippers,” who sell new watches at prices above retail.
Rolex is the largest-selling Swiss watch brand. It produces about 1 million watches a year, with annual sales of about $8.5 billion and a market share close to 29%, according to Morgan Stanley estimates.
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