Prestons has become the first family-owned independent in the UK to join the Rolex Certified Pre-Owned programme.
It will initially be offered in Prestons’ showrooms in Guildford, Surrey, and Wilmslow, Cheshire.
The business also owns a Rolex boutique in Leeds and Winsor Bishop in Norwich, which offers the brand.
Rolex first unveiled its official Certified Pre-Owned programme in December 2022, with Bucherer its first partner in Europe and the United States.
Watches of Switzerland joined the programme with select stores in America in July this year and its UK network of Rolex doors will start CPO in the autumn, Brian Duffy, the company’s chief executive revealed in conference call with financial analysts this morning.
Prestons is the first indie to be accepted into the scheme.
“As an Authorised Rolex retailer, we are delighted to offer the new Rolex Certified Pre-Owned programme through our stores and via our website at prestonsdiamonds.co.uk. Our buying team, headed by Chris Haynes, has been carefully selecting Rolex watches from our customers who have looked to sell or part exchange their watch at Prestons. Now we are ready to offer this collection with all the benefits you would expect and complete assurance as to provenance and condition,” says Prestons’ managing director Karl Massey.
Watches feeding into the Rolex CPO system can be serviced and refurbished by the retailer or by Rolex, but are always physically inspected by the brand before being issued with a two-year international guarantee.
Rolex does not allow its partners to sell new watches online, but it is allowed with certified pre-owned watches.
Rolex prices
Prices on the Prestons website for Rolex watches that have been through the CPO process and been issued with the guarantee appear to be around 33% more expensive that current market values.
A 2013 Rolex Daytona ref.116520 (white dial, steel tachymeter bezel), is advertised for £23,950.
Two versions of the same watch have been sold by online auction site Watchcollecting.com in the past three months.
One was made in 2007, the other in 2015, and went for £17,500 and £18,444 respectively earlier this year. Both had boxes and papers.
Interestingly, Bucherer has a 2005 black dialed Rolex Daytona Ref. 116520 on sale for £28,000, a whopping £10,000 more than the same watch sold via Watchcollecting.com and £4,000 higher than Prestons.
This indicates that authorised dealers will set their own prices, with competition over time likely to drive them down.
Early indications are that profit margins for Rolex CPO watches are similar to those for new watches for authorised dealers.
Watches of Switzerland’s Mr Duffy told analysts this morning that it was early days to do a detailed assessment, but that CPO margins are expected to be “in line with the rest of the business”.
