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
CrimeJan 15, 2026
D.C. Rapper ‘Taliban Glizzy’ Sentenced to 18+ Years for Jewelry Store RobberiesTrevor Jonathan Wright led a crew in a string of armed robberies targeting South Asian-owned jewelry stores on the East Coast.
Events & AwardsJan 15, 2026
Jewelers of Americas’ ‘20 Under 40’ Nominations Now OpenThe program recognizes rising professionals in the jewelry industry.
Events & AwardsJan 15, 2026
Registration for JCK Las Vegas 2026 Is Now OpenA new lifestyle section and a watch showcase have been added to this year’s event.
Brought to you by
How Jewelers Can Fight Back Against Cell JammersCriminals are using cell jammers to disable alarms, but new technology like JamAlert™ can stop them.
TrendsJan 15, 2026
Don’t Double-Dip With This Golden ChipAvocados From Mexico is celebrating those who love to double-dip in game day guacamole with a 14-karat yellow gold tortilla chip necklace.
Weekly QuizJan 15, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SourcingJan 15, 2026
Nearly 42-Carat Blue Diamond Discovered in South AfricaPetra Diamonds unearthed the 41.82-carat, Type IIb blue diamond at the Cullinan Mine.
CollectionsJan 14, 2026
Marie Lichtenberg Lassos Leather for New BraceletsThe brand is trading its colorful fabric cords for Italian leather in its “Lasso” baby locket bracelets.
Brought to you by
Impacting Tomorrow TodayHow Jewelers of America’s 20 Under 40 are leading to ensure a brighter future for the jewelry industry.
TechnologyJan 14, 2026
“My Next Question” Enters Its Podcast Era National Jeweler and Jewelers of America’s popular webinar series is evolving in 2026.
MajorsJan 14, 2026
Saks Files for Bankruptcy, Names New CEOThe department store chain owes millions to creditors like David Yurman, Roberto Coin, Kering, and LVMH.
CollectionsJan 14, 2026
Boucheron Names Colman Domingo as Brand AmbassadorThe award-winning actor’s visionary approach and creativity echo the spirit of Boucheron, the brand said.
IndependentsJan 14, 2026
Kansas Jeweler Wins 2025 ‘Wag’ AwardEdge Retail Academy honored Burnell’s Fine Jewelry in Wichita, Kansas, with its annual award for business excellence.
ColumnistsJan 13, 2026
2025 Was a ‘Price Up, Units Down’ Year, Here’s What That Signals for 2026 In a market defined by more selective consumers, Sherry Smith shares why execution will be independent jewelers’ key to growth this year.
IndependentsJan 13, 2026
Orr’s Jewelers Opens New Location in Pittsburgh’s Strip DistrictThe family-owned jeweler’s new space is in a former wholesale produce market.
CrimeJan 13, 2026
Alleged Getaway Driver Charged in Florida Jewelry Store RobberyIvel Sanchez Rivera, 52, has been arrested and charged in connection with the armed robbery of Tio Jewelers in Cape Coral, Florida.
SourcingJan 13, 2026
Rio Grande To Offer Calibrated Diamond MeleeThe supplier’s online program allows customers to search and buy calibrated natural and lab-grown diamond melee, including in fancy shapes.
Events & AwardsJan 13, 2026
NYC Jewelry, Antique, & Object Show Announces Winter EventThe new show will take place Jan. 23-25, 2026.
PodcastsJan 12, 2026
Introducing My Next Question, the PodcastA monthly podcast series for jewelry professionals
EditorsJan 12, 2026
Platinum, White Gold Rule the 2026 Golden GlobesAssociate Editor Natalie Francisco highlights her favorite jewelry moments from the Golden Globes, and they are (mostly) white hot.
GradingJan 12, 2026
Peter Yantzer, Former Executive Director of AGS Labs, Dies at 77 Yantzer is remembered for the profound influence he had on diamond cut grading as well as his contagious smile and quick wit.
MajorsJan 12, 2026
These 14 Macy’s Locations Will Close This YearThe store closures are part of the retailer’s “Bold New Chapter” turnaround plan.
MajorsJan 12, 2026
Jewelers Mutual Acquires AI-Powered Event Insurance ProgramThrough EventGuard, the company will offer event liability and cancellation insurance, including wedding coverage.
MajorsJan 09, 2026
Kendra Scott Taps Activewear Exec as CEO Chris Blakeslee has experience at Athleta and Alo Yoga. Kendra Scott will remain on board as executive chair and chief visionary officer.
SurveysJan 09, 2026
U.S. Holiday Retail Sales Up 4%, Visa, Mastercard SayThe credit card companies’ surveys examined where consumers shopped, what they bought, and what they valued this holiday season.
AuctionsJan 09, 2026
Christie’s Names New Global Managing Director for LuxuryKimberly Miller has been promoted to the role.
CollectionsJan 09, 2026
Piece of the Week: Lionheart’s ‘Serenity’ Opal CharmThe “Serenity” charm set with 13 opals is a modern amulet offering protection, guidance, and intention, the brand said.
CollectionsJan 08, 2026
Pandora’s New ‘Bridgerton’ Jewels Celebrate Bees, Bows, and Blooms“Bridgerton” actresses Hannah Dodd and Claudia Jessie star in the brand’s “Rules to Love By” campaign.
