The Covid-19 pandemic caused widespread disruptions across the globe and one of the industries that was severely affected was high-end watch manufacturing. The severe shortage of inventory caused by lockdowns meant it became near impossible to obtain a popular luxury watch model through authorized dealers; especially in the case of Rolex. The waitlist for some of the highly desirable Rolex timepieces became so long that they were deemed unobtanium for most buyers. However, the craze and hype that were created after the pandemic have begun to fade, which is now slowly bringing down the waiting period for popular timepieces. In a forum discussion at Dubai Watch Week, the shortening of Rolex’s waiting list was confirmed by Mohammed Seddiqi, chief commercial officer at Seddiqi Holding – a company that owns and runs the world’s largest Rolex showroom.
While the waiting lists are getting shorter thanks to the recent cooling of demand, Seddiqi said the “wish lists” are shrinking but they are still very long the hottest Rolex watches. “For certain references that might have had 10,000 people waiting, we now have 8,000,” he claimed. Waiting list as a concept has always been a preferred marketing tool for luxury watch brands as it often signals exclusivity to prospective buyers. Watchmakers control the production of some of its most popular models to artificially create scarcity in the market. Yet, it might be difficult for brands like Rolex to maintain the same level of hype around its unicorn watches that was witnessed two years ago.
The drop in demand is also clearly indicated by the plummeting prices of pre-owned pieces. Rolex Daytonas, favorites amongst watch collectors, now are among the worst affected by the global recession in luxury watches, according to the Bloomberg Subdial Watch Index. The most adversely hit in the month of October was the Rolex Daytona reference 116519, which saw its average price fall by 6.1%. The very popular Rolex model’s price has plummeted by over 17% in the past year, dropping down to an average price of $28,703 in the secondary market. While it may be terrible for those who invested in Rolex timepieces after the pandemic in hopes of making a quick buck, it’s good news for those who have been unable to buy their favorite watch because of the crazy demand.
World’s largest Rolex showroom
Dubai is home to the world’s largest Rolex Boutique which was launched in 2018. Located in the Fashion Avenue at The Dubai Mall, the showroom is owned and run by Ahmed Seddiqi & Sons – the Middle East’s leading retailer of luxury watches and jewelry. The company has been the official Rolex retailer in Dubai for six decades. Spread across 850 sq. m., the ultra-luxurious outlet boats a custom design by the Rolex Interior Design department in Geneva, Switzerland. It not only reflects Rolex’s signature colors, materials, and architectural features but is also inspired by the brand’s iconic collections, from the legendary Submariner to the exquisite Day-Date, each displayed with meticulous attention to detail.
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