FinancialsAug 10, 2023
Brilliant Earth Sees Slight Increase in Q2 SalesFinancialsAug 15, 2023
Watches of Switzerland Rolls Out Rolex CPO Program in US
The retailer described early results as “encouraging” and said it will introduce the program in the U.K. in September.
Watches of Switzerland started rolling out the Rolex Certified Pre-Owned program at its U.S. stores in the middle of July and will take it to the U.K. this fall. Pictured is the retailer’s new store in the American Dream mall in New Jersey and the adjacent Rolex boutique.
Braunstone, England—Watches of Switzerland initiated its U.S. rollout of the Rolex Certified Pre-Owned program last month and said the reception so far has been “encouraging.”
The U.K.-based retailer announced the development last week alongside the release of its results for the first quarter of fiscal year 2024, ended July 30.
The quarter was marked by a strong performance in the United States, where revenue grew 10 percent at constant exchange rates to £163 million ($207 million). Watches of Switzerland said an increase in sales volume drove the growth.
The retailer launched the Rolex Certified Pre-Owned (CPO) program in the U.S. in mid-July.
Rolex SA announced plans to begin certifying pre-owned watches in late 2022, marking a major shift in policy for the luxury giant and making waves in the lucrative secondhand watch market.
The company certifies secondhand watches that are at least three years old, and they are available for sale only through official Rolex retailers.
The program launched at Bucherer boutiques in Europe and the United Kingdom before coming to Tourneau/Bucherer stores in the U.S. this spring.
Watches of Switzerland said its clients have “react[ed] positively to the authenticity and guarantee of quality that the Certified Pre-Owned seal represents.”
It is on track to launch the program at its U.K. stores in September.
Also during Q1 in the U.S, Watches of Switzerland opened a new multi-brand store at the American Dream mall in New Jersey while a renovated and expanded Mayors store reopened in Dadeland, Florida.
The company also opened TAG Heuer and Grand Seiko stores in Topanga, California.
Globally, Watches of Switzerland’s first-quarter sales were down 1 percent to £382 million ($484.7 million), which was in line with company expectations.
Luxury jewelry sales (down 15 percent) dropped more than luxury watch sales (down 2 percent), reflecting in part the overall slowdown in jewelry sales.
E-commerce sales slipped 2 percent.
Looking to the year ahead, Watches of Switzerland said it is not changing its guidance for the year; it still expects sales to reach £1.65 billion to £1.70 billion ($2.09 billion to $2.15 billion), with year-over-year growth of 8-11 percent at constant exchange rates.
Despite the bullish outlook, the retailer said it doesn’t expect consumer confidence to improve in the back half of the year. It bases its guidance on how much supply it anticipates getting from key brands, as well as store openings, closures and renovations.
In FY 2024, Watches of Switzerland plans to open 20 stores dedicated to single brands in the U.S., U.K., and Europe. It also plans to expand a number of mono-brand stores, including the Rolex boutique at The Mall at Millenia in Orlando, Florida, this fall.
In addition, the retailer expects to open a multi-brand showroom at One Vanderbilt in New York early next year.
Commenting on the quarterly results, CEO Brian Duffy said, “We expect to return to more normalized growth rates in the balance of the financial year.
“Our full year guidance for another year of strong growth remains unchanged, underpinned by our supply visibility, client Registration of Interest lists (for in-demand watches) and strong pipeline of showroom openings, refurbishment and investment, as luxury watch demand continues to outstrip supply.”
Editors' Picks
Sponsored by
More on Financials
The Latest
Policies & IssuesJul 24, 2026
New Trump Tariffs: What They Mean for Jewelry The new sweeping slate of tariffs impacts 60 countries, including India, China, Thailand, Hong Kong, and the United Arab Emirates.
TrendsJul 24, 2026
Amanda’s Style File: Ode to ‘The Odyssey’From coin pendants to diamond shields, these old world-inspired jewels are the perfect accessory for an epic journey.
TrendsJul 24, 2026
Courtney Leidy’s Silk Cord Pendants Center Unexpected Pairings Our Piece of the Week pairs a checkerboard-cut amethyst with an ivy green silk cord.
Brought to you by
Wedding Band Trends 2026: Personalization Takes Center StageColored gemstones, artisan finishes, mixed metals, and meaningful details are shaping demand in bridal jewelry.
PodcastsJul 23, 2026
Episode 7: Reinhold Jewelers on the Power of RelationshipsMildred Marcano Abrams and Yael Reinhold join the podcast to talk community connections, holiday plans, and preserving Reinhold’s legacy.
Weekly QuizJul 23, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SourcingJul 23, 2026
De Beers’ Production Jumps 88 Percent in Q2 Production also was up in the first half of 2026 but is expected to “substantially” decrease in H2 as two key mines undergo maintenance.
CollectionsJul 23, 2026
Silvia Furmanovich’s New Collection Travels Back to the 1920s“Art Deco” fuses ancestral techniques, rare materials, and modern perspectives as a tribute to the optimism and curiosity of the movement.
Brought to you by
Building the Future of Jewelry Retail: DCA Expands Education, Leadership Development, and Workforce SolutionsDCA is preparing the next generation of professionals by supporting workforce development, leadership growth, and career advancement.
IndependentsJul 23, 2026
Sissy's Log Cabin Opens Casino StoreThe jeweler’s newest store is inside Arkansas’ Saracen Casino Resort.
WatchesJul 23, 2026
Movado Inks Licensing Deal With Kate Spade New YorkThe watch company will design, manufacture, and distribute Kate Spade New York watches.
Policies & IssuesJul 22, 2026
Trump to Put 50% Tariff on Canadian Goods The higher tax is set to go into effect in August and will apply to loose polished diamonds as well as precious and base metals jewelry.
CollectionsJul 22, 2026
Monica Rich Kosann’s High Jewelry Is FruitfulThe “Enchanted Garden” series features a cherry, lemon, and pear that each hold a little secret inside.
IndependentsJul 22, 2026
Liljenquist Beckstead Opens Rolex New BoutiqueIt’s located in Tysons Galleria, an upscale shopping center in the Washington, D.C., metro area.
Events & AwardsJul 22, 2026
NY Now Returns in August Under New OwnershipThe show, recently acquired by Rockview Management Group, will be held at New York City’s Javits Center from Aug. 2-4.
ColumnistsJul 21, 2026
Sherry Smith: Shattering the Illusion of the ‘Either/Or’ Diamond MarketSmith offers retailers guidance on creating an environment where natural and lab-grown diamonds can both thrive.
Events & AwardsJul 21, 2026
Apollo Funds Completes Emerald AcquisitionFormer Emerald President and CEO Hervé Sedky has transitioned to the role of senior advisor.
CollectionsJul 21, 2026
Graff’s New Butterfly High Jewelry Brooches MetamorphosizeThe 12-piece capsule collection transforms from brooches to pendants.
SourcingJul 21, 2026
Anglo Reportedly Selects Gareth Penny’s Consortium as Top Bidder for De BeersA Botswana government official told lawmakers Anglo has selected The Global Diamond Consortium, an entity chaired by Penny, to buy De Beers.
Policies & IssuesJul 20, 2026
Tariffs on Brazil to Increase But Rough Gemstones ExemptThe new tariff, imposed after a Trump administration study, is 25 percent and will stack on top of existing tariffs.
CollectionsJul 20, 2026
Vhernier Transforms ‘Freccia’ Collection Into High JewelryThe collection from 2014 has been reinterpreted into high jewelry with its signature triangular-shaped elements.
MajorsJul 20, 2026
Krista Collins Walters Promoted to Publisher of InstoreShe will also take on the role of vice president of jewelry for SmartWork Media, a newly created position.
Events & AwardsJul 20, 2026
TJS Accepting Speaker Proposals for 2027 EventOrganizers are looking for presentations on topics like manufacturing, technology and research, bench work, gemstones, and sustainability.
CollectionsJul 17, 2026
HOWL Taps Shailene Woodley for ‘Home Sweet Home’ CampaignWoodley is seen in the campaign wearing our Piece of the Week, the “Frida” collar featuring 13 pieces of hand-carved Venetian glass.
SourcingJul 17, 2026
U.K. Woman Pays £5 for £15K Diamond Ring at Car Boot SaleA WeBuyVintage jewelry expert uncovered how much the flea market find was actually worth.
SourcingJul 17, 2026
Diamond Dealer Jeff Pancis Pens MemoirThe founder of natural colored diamond wholesaler Pancis Gems shares stories from his five decades in the industry.
Events & AwardsJul 17, 2026
Gem Awards Opens 2027 Nomination PeriodSubmissions for the milestone 25th annual Gem Awards will be accepted across three categories from now through July 31.
EditorsJul 16, 2026
Q&A: Guzema’s Co-Owners On Its US Expansion, 10-Year AnniversaryValeriya Guzema and Mariana Lenha look back on the last decade and discuss the Ukrainian brand’s first U.S. store.
