 nick@clockmaker.com.au 
TEN THINGS TO LOOK FOR WHEN BUYING A ROLEX WATCH
A Rolex Wrist watch is a commodity like any other. A new Rolex can be purchased from an authhorised Rolex dealer or it can be obtained from an independent, unauthorized watch dealer selling new, near-new, pre-owned or vintage Rolex watches.
Even a pre-owned Rolex is an expensive item: think of it like buying a car or a new kitchen. It is absolutely essential to buy your Rolex from a knowledgeable dealer you can trust.
If your objective is to purchase a current model Rolex yet save on the new price or if you are looking for a specific model no longer available from an authorised dealer, then buying from an independent watch dealer is not only your best option, such a dealer could be your only option.
Even a pre-owned Rolex is an expensive item. Would you buy a car or install a new kitchen without consulting a specialist? It is absolutely essential that you buy your Rolex from a knowledgeable dealer, a dealer you know you can trust.
Millions of dollars are scammed from Australians every year by unscrupulous people promising overseas-sourced products - particularly so-called 'high end' watches - and services yet recovery of payments is virtually impossible if the product fails to materialise or is sub-standard.
So here is my first tip that would save you money, time and a headache:
Only buy a Rolex from an Australian-based dealer (a real bricks and mortar store) who has an Australian registered business name (ABN) and a valid Second Hand Dealer’s license. You can carry out an online business identity check through www.abr.business.gov.au/
Check list: call / email the dealer and ask following questions:
Not that many years ago fake Rolex watches were so poorly made that almost everyone could separate the copies from the genuine items. Nowadays it’s a different story with counterfeit Rolex watches almost impossible to distinguish from the world-renowned Swiss masterpiece. Internet online auction houses and individual cybersellers routinely offer very convincing copies in ever increasing numbers. In my opinion, however, the real threat to Australian consumers comes from semi-legitimate, online dealers selling Rolex watches which are a combination of real Rolex and non-Rolex or after-market parts. It is just not possible to make an accurate assessment of these online timepieces which, in the market place, have a very low resale value and deliver questionable performance parameters.
Furthermore, after sales service support by any reputable watchmaker may be very difficult to achieve while service support by an official Rolex Service Centre would be out of the question.
The most common and convincing Rolex ‘enhancement’ is the addition of a non-Rolex diamond bezel or dial or even dial and hands. The crystal glass and the bracelets can appear to be totally genuine too yet may not be. Suspicions should be aroused immediately if the watch is described as “Rolex style”, “Italian made”, “aftermarket”, “non-genuine” or “enhanced”. There are other descriptors too but these are dead giveaways and should ring alarm bells.
A reputable watch dealer would never offer for sale a fake or copy Rolex nor would a reputable dealer assemble a watch from genuine and after market parts, purporting it to be a bona fide Rolex. Well established and time-honoured rules of authenticity apply to all new, pre-owned or vintage Rolex watches.
Here is my Rolex buying tip number two:
Make it clear to dealer that you are not interested in buying anything else but a 100% genuine, unaltered Rolex watch.
Check list: call or email the dealer and ask following questions:
Fine Swiss watches and particularly Rolex watches are very precisely crafted mechanical instruments with a performance comparable to the best and most demanding machines – large and small - in regular use.
The insurance that underpins the performance of a Rolex watch lies in comprehensive, regular service maintenance and then, only by competent, Rolex-trained technicians who have, at their disposal, all of the genuine Rolex components that could be needed.
Just as you would be careful about the condition of a car you proposed buying, you need to be cautious about the inner and outer condition of the Rolex you plan to acquire. You do need to be sure that an overhaul is not in the offing; you need to be sure that major components are in superb working condition and not soon needing to be expensively replaced.
But, how can you know? What is your level of watchmaking expertise? If you only have a limited technical knowledge you will necessarily need to find a specialist in whom you can place your faith. Whatever your course of action, you must avoid risking your money by taking a chance with someone purported to be or advertising as an ‘expert’.
Buying tip number three:
Only buy a Rolex watch if it has been recently serviced by an authorised Rolex Service Centre or a reputable and experienced independent watchmaker known to special in watches of the highest grade and who guarantees his work and the watch’s performance, in writing, for a full calendar year.
Check list: call / email the dealer and ask following questions:
Rolex watches, because of their popular, high-end prestige, are, on a daily basis, bought and sold in significant numbers all around the globe. With the rise and expansion of the 21st Century’s internet phenomenon, the market for pre-owned Rolex and other fine watches has literally become world-wide. A consequence has been the international internet prices of these watches has reached a plateau because they skirt around the taxes and duties imposed on home-based retailers. A further consequence is the increased likelihood that, amid the myriad transactions that are conducted every day, some of the watches on offer and purported to be genuine, are anything but. If you think you have stumbled onto the ‘bargain of the century’ from a dealer based in, say, China or the Philippines or Indonesia or even Russia, you may need to apply some sage advice: If it seems to good to be true, it probably is.
The market for pre-owned watches follows the basic premise that the best, the most collectable watches, will be purchased by reputable dealers and moved on to discerning customers and serious collectors. Watches less desirable will thread their way into the retail jewellery market for on-selling to less particular customers and others, poorly informed. Watches in a warn or scarred condition usually languish in pawn brokers or turn up as sale item with online auction houses.
Serious buyers really do need to wary and not be seduced by predatory dealers and scammers whose specialty just happens to be copy, fake and ‘put together’ watches of downright dubious origin.
My fourth buying tip is:
Quality costs money. If the deal sounds too good to be true, then it will be.
Check list: ask yourself these following questions:
Let me tell you a small secret: a litmus test of credibility of any Rolex watch dealer is his willingness to publicly disclose watch serial numbers.
If your seller is secretive about such vital information then run away from the deal as fast as you can! The serial numbers are important for two reasons: firstly, knowing the serial number would allow you to find out the age of the Rolex watch. The list of serial numbers and details on how to translate the serial numbers into production or manufacturing years are located here: http://www.clockmaker.com.au/rolex_serial_numbers.html. Think of it as of the mileage of your car – where less is usually better (except of course in the case of old and unique watches in the Rolex Professional range).
Secondly, every Australian pre-owned watch dealer is required to record watch serial and model numbers and to submit those numbers electronically to the Australian Police within 24 hours from the date of purchase (Which is a great way to prevent dealers in off selling watches of dubious origin).
The fifth buying tip is:
a Rolex watch serial number is vital information which must be disclosed to the buyer. If the seller is secretive or unwilling to disclose it publically then you should not deal with him.
Check list: call / email the dealer and ask following questions:
According to Australian Tax Office, Tax evasion involves unlawfully escaping liability for, or payment of, tax. It is when someone has deliberately and dishonestly evaded tax. Tax evasion has an impact on our tax system – it causes a significant loss of revenue to the community that could be used for funding improvements in health, education, and other government programs.
Tax evasion also allows some businesses to gain an unfair advantage in a competitive market. As a result, the burden of tax not paid by those who choose to evade tax falls on other taxpayers. The following are some signs that a person or business may be evading tax: not being registered for GST despite clearly exceeding the threshold; not charging GST at the correct rate; not wanting to issue a receipt; providing false invoices and using false business name, address, Australian business number (ABN) or tax file number (TFN).
The sixth Rolex buying tip is:
Getting paid in cash is not illegal but failing to declare income or account for GST is ! Always request a Tax Invoice; don’t deal with businesses that don't provide valid tax invoices or offer “better deals” by selling goods “GST FREE”.
Check list: call / email the dealer and ask following questions:
Some dealers may try to make you feel that if you don't buy a particular watch now you will lose out; or to offer you a massive “discount” on an original high price. Unscrupulous sellers try to build up your commitment to the watch so that you can't say no later on. On the other hand, a reputable dealer will respect your business and will do whatever possible to make you fully satisfied with your choice.
Take your time and choose carefully! According to NSW Office of Fair Trading, consumers are not entitled to a refund when they change their mind about a product, when a consumer has found a cheaper product elsewhere, has bought a gift that is unsuitable or their circumstances have changed and they no longer require the goods. For more information see http://www.fairtrading.nsw.gov.au/Consumers/Refunds_and_warranties.html
In case you really like the watch and don’t want to miss out, request to have it put ‘on hold’ for day or two. A good dealer would be happy to do so, without even asking for holding deposit.
The seventh Rolex buying tip is:
Whether you buying a brand new or pre-owned Rolex, choose carefully! Don’t rush and don’t let the salesman to rush you into the deal.
Check list: call / email the dealer and ask following questions:
Before you go ahead and purchase that brand new, fancy Rolex watch, you've got to ask yourself: can I afford it? Some new-watch dealers jokingly say that if you're asking for the price of a luxury watch prior to buying it, chances are, you can't afford it. So if you can't afford a brand new Rolex, you may consider a lovely pre-owned piece- However, if you have to borrow money even to buy a second hand watch, than my advice is clear: wait a bit longer and save a bit harder. Buying a luxury watch should be a pleasant experience, not a burden to your budget.
It is no secret – the best suppliers of Rolex watches to second hand market
are buyers who either made a wrong choice or have overcommitted themselves in the first place.
Rolex buying tip number eight:
Dealers make money buying Rolex watches from those who cannot afford luxury and selling to those who can. Assess you financial situation carefully and honestly.
Check list: ask yourself following question:
The final selection of a Rolex watch, in terms of style, design and functionality, should be purely based on your individual taste. Be open to suggestions, but the watch of your final choice must ultimately be the one that you like – not your partner, mother or work colleague!
Buying tip number nine:
Buy the model you like and one that suits your needs, taste, wearing environment; a watch that will enhance or reinforce your image, look or lifestyle.
Check list: ask the dealer to
Now that you are the proud owner of a Rolex watch, it may be wise to insure it. Like any other item within your household, it is important that your watch is covered in the case of theft, loss or damage. Although no amount of money can replace it’s sentimental value, the money will help you to buy another watch.
Statistics show that in Australia someone is burgled just about every minute. According to the NSW Bureau of Crime Statistics ( see http://www.bocsar.nsw.gov.au/ ) only 5 per cent of break and enter crimes are solved by the police, so the chance of recovering your stolen possessions is very low. Don’t risk it – insure it!
For a relatively small amount of money a watch or jewellery can be insured under your general household insurance policy. Notify the insurer immediately after you make a purchase by faxing them Insurance Valuation certificate. To find more about general home and content insurance go to insurer’s website. Most Australian insurers now have an online premium estimator, so do your research and get the best cover possible. NRMA website: http://www.nrma.com.au/home-insurance/get-a-quote.shtml
Any reputable watch dealer would provide a valid and professional Insurance valuation certificate upon request at that time of purchase, either free of charge or at his cost.
My last Rolex buying tip is this one:
Your Rolex watch is worth insuring. Insure it!
Check list: ask your dealer to
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Customer testimonials
Date your Rolex : serial numbers and production data
Rolex case sizes
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