For people with modest incomes who nevertheless want to indulge in the world of luxury accessories, owning a Rolex used to seem like an unrealistically lofty aim.
Local rapper Nadia Nakai posted her new Rolex on Instagram in December 2022, sparking social media chatter that her boyfriend, rapper AKA, had bought it at a price of well over R 90 000. “Her Santa” as she called him in the caption under her post, paid tons of money for the gift, leaving fans wondering where and how they can purchase their own luxury timepieces.
With the way the fashion world is evolving in the digital age, the average person now has the chance to join some of the most successful people in the world, such as musician Jay-Z, U.S President Barack Obama, rapper Drake, and one of the wealthiest men in the world Warren Buffet, by purchasing a pre-owned timepiece.
Resellers like Sandton-based Luxity, are making it easier for you to afford a Rolex and join the world of the elite.
An authentic Rolex might cost you a cool R9 300 for the Oyster Perpetual model or you can get it at a lesser price pre-owned.
Luxity offers high-end goods on the market at a competitive price and sells pre-owned Rolex timepieces in addition to a host of other luxury items.
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If you have bespoke preferences similar to some of the wealthiest men in the world, such as player David Beckham, who dropped around R3 million on a brand new Rolex Pearlmaster, then be prepared to fork out anything in the region of that amount.
What makes a Rolex so special?
Rolex’s are handcrafted in Switzerland with small parts that are delicately assembled so the labour involved in their creation doesn’t come cheap. It is also a premium quality product that is known for being dependable and consistent.
A bespoke timepiece is typically crafted of enduring, pricey, and special materials and is not simply a regular “watch” and you should never call it that.
Characterized by the use of 904L steel, which only the manufacturer uses, it has exceptional waterproof capabilities, which are unmatched by many other watches.
It is also offered in steel, gold, and platinum variations.
A coveted timepiece
Sadly, there is a dark side to owning this timepiece as it can be slightly hazardous.
According to a report by EWN in 2020 a band of criminals named the ‘Rolex Gang’ – which specialises in stealing expensive timepieces – was nabbed carrying out a high-end heist. The gang has been in existence for years and continued to terrorize South Africans owning Rolex timepieces.
The notorious gang has a history that dates back to 2014. In 2019 CCTV cameras caught their cruel tactics, attacking a driver wearing one such timepiece in a Mercedes-Benz.
In a similar incident, a 23-year-old man was shot for his Rolex at a mall in Sandton in October 2022.
IOL reported that he was accosted as he entered a mall.
The pros of owning a pre-owned Rolex
The advantage of turning to distributors like Luxity is that the price is lower than a brand-new timepiece.
According to Luxity co-founder Michael Zahariev, everyone who owns one can use it as an investment piece in addition to a watch.
It can be passed down through the generations, retain its value, and be sold to shops like his in the future.
“This move is a no-brainer for the company as its watches continue to offer the highest resell value when compared to new purchases, achieving an average of 82.65% of the current retail price”.
This would explain why it is such a highly desired commodity. The secondary Rolex owner market is expected to triple in size in the next ten years.
Possibly reaching $79 billion in value according to Swiss watch consultant LuxeConsult, owned by Oliver Muller.
With the economy battering more and more pockets, many high-end businesses and people are realizing the importance of reselling expensive items.
The high-income generation associated with the resale market also gives South Africa and the rest of the world access to a completely new market.
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