WatchesApr 22, 2021
Check Out All Patek Philippe’s 2021 NewnessWatchesMay 03, 2021
How eBay Is Making Luxury Watch Purchases Safer
For watches selling for more than $10,000, the site has added an escrow option.
Rolex watches accounted for 41 percent of watch sales on eBay in 2020. The company recently added an escrow option to secure select luxury watch purchases.
San Jose, Calif.—EBay wants to make it more secure to buy and sell luxury watches on its platform.
The company is adding escrow to its payment options for high-end watches via a third party, Escrow.com, which holds funds securely until the transaction is complete.
"We are changing the way people buy and sell luxury items on eBay," said Tirath Kamdar, general manager of luxury at eBay.
"When it comes to high value watches and other significant purchases, consumers expect additional assurances. eBay is committed to providing the best experience, from start to finish, and our new offerings will continue to deliver on that promise."
The option is available to those buying or sell watches for more than $10,000.
When a buyer chooses the escrow option they are directed to the Escrow.com website to create an account. Both the buyer and seller will need to have one.
The buyer adds funds to an account via wire transfer or ACH electronic check.
Once the buyer receives the watch in the condition described in the listing and all other terms of the sale are meant, the funds are released to the seller.
To protect sellers against a fraudulent return, funds are held for five days to allow sellers to inspect the returned merchandise and make sure it matches the original item sold.
The buyer has up to seven days to inspect the watch before accepting it. Once accepted or once the seven days pass, the item can no longer be returned.
eBay has its own verification process in place for watches sold for more than $2,000, marking them with an “Authenticity Guarantee” badge after being inspected by third-party watch company Stoll & Co.
From Rolex to Patek Philippe, eBay sold more than 196,000 luxury watches in 2020. Pre-owned luxury watches accounted for 62 percent of its inventory and 77 percent of luxury watch sales last year.
On average, there were 165,000 daily live listings for luxury watches, a 4 percent increase from 2019.
Rolex accounted for 41 percent of watch sales on eBay, with sales up 4 percent from 2019.
"We've seen a tremendous uptick in interest for luxury watches this past year, with more than 22 million site searches for Cartier, and more than 15 million for Tag Heuer. Escrow joins Authenticity Guarantee as eBay's response to that growing appetite,” said Charis Márquez, vice president of fashion at eBay.
For more information about the escrow program, visit eBay’s website.
More on Watches
The Latest
CrimeOct 03, 2022
Delaware Jeweler Viciously Attacked During Robbery The jeweler was left in critical condition after a suspect pistol-whipped and beat him before stealing jewelry out of the display cases.
CollectionsOct 03, 2022
Vrai, Brides Magazine Partner on Lab-Grown Diamond CollectionReaders are taking a “strong interest” in lab-grown jewelry, said Brides’ editorial director.
IndependentsOct 03, 2022
Day’s Jewelers Names New VP of MarketingLong-time employee Nikia Levesque takes on the role as former owner Jeff Corey retires.
Brought to you by
Sarine’s Second Generation AI-Based Diamond GradingThe diamond industry is dramatically evolving from manual to AI-based 4Cs grading. Stay up-to-date and discover the new AI-powered advances.
AuctionsSep 30, 2022
Red Diamond Earns $1.8M at AuctionThe final hammer price blew the pre-sale estimate out of the water.
Weekly QuizSep 29, 2022
This Week’s QuizTest your knowledge of the latest jewelry news with this quick test.
EditorsSep 30, 2022
The Best of Betty White’s Jewelry Sold at AuctionMichelle Graff recaps the cats, fortune cookies, and charm bracelets that caught her eye while covering the late actress’ estate sale.
Policies & IssuesSep 30, 2022
Voting Is Open for the Fairmined 100 Challenge’s Best CollectionThe winners, picked by a group of judges and voted as the public’s favorite, will be announced in a webinar on Oct. 11.
Brought to you by
6 Steps to Start a Dynamic Company CultureLearn how to better serve your employees, customers and community by having a dynamic and supportive company culture.
CollectionsSep 30, 2022
Piece of the Week: Fewer Finer’s ‘Family Bracelet’The engravable piece is a perfect family heirloom.
GradingSep 30, 2022
GSI India Names Ramit Kapur Managing DirectorKapur has spent nearly two decades working in the gemological labs sector of the jewelry industry.
Supplier BulletinSep 29, 2022
How to Create an Engaging Experience and a Sparkling ReputationSponsored by Synchrony
SourcingSep 29, 2022
Q&A: Constantin Wild Celebrates 175 Years in the Colored Stone Business The family business’ fourth-generation eponymous owner reflects on the milestone and the market today.
AuctionsSep 29, 2022
See the Top Lots in Christie’s Upcoming Rare Watch SaleAccording to Christie’s, the auction is its most important single-owner watch collection ever.
CollectionsSep 29, 2022
Trove Has a New Proposal: Ring BoxesThe jewelry box brand is expanding with both single and double ring boxes in red, mint green, and white.
SourcingSep 29, 2022
AGTA Names Jennifer Heebner Editor-in-Chief of its PublicationsThe association has also hired a new marketing manager and announced two staff transitions.
Policies & IssuesSep 29, 2022
JA Members Return to Capitol Hill to Voice Jewelers’ ConcernsThe topics up for discussion with lawmakers included inflation, rising interest rates, hiring challenges, and crime.
AuctionsSep 28, 2022
The 18-Carat ‘Fortune Pink’ Diamond Could Sell for $35M The pear-shaped fancy vivid pink diamond will lead the Christie’s Geneva Magnificent Jewels auction on Nov. 8.
SurveysSep 28, 2022
Consumer Confidence Rises in SeptemberU.S. consumer confidence rose for the second consecutive month as gas prices fell.
MajorsSep 28, 2022
Artistry’s 2023 Catalog Is Out NowThe jewelry catalog features an updated layout and 160 pages of product.
MajorsSep 28, 2022
JFC’s 2022 ‘Hope for the Holidays’ Program Is an Adorable Menagerie There are three designs to choose from this year, all featuring animals drawn by kids who have had wishes granted through Make-A-Wish.
AuctionsSep 27, 2022
In Betty White’s Blockbuster Estate Sale, Jewelry Held Its Own Fine jewelry comprised three of the auction’s top 10 lots, though it could not top her director’s chair or scripts from “The Golden Girls.”
CrimeSep 27, 2022
3 Suspects in Beverly Hills Smash-and-Grab Robbery ArrestedA total of four suspects are now in custody with police still on the lookout for the remaining two.
ColumnistsSep 27, 2022
Creative Connecting: Fun Ideas for Holiday 2022 In-Store EventsFrom a “whodunnit” murder mystery to a permanent jewelry party, Duvall O’Steen and Jen Cullen Williams share a wealth of suggestions.
MajorsSep 27, 2022
Stuller Releases 2 Updated Catalogs Ahead of the Holiday Season “Mountings 2023-2024” and “Diamonds & Gemstones 2023-2024” offer a vast selection of options to create custom pieces.
Events & AwardsSep 27, 2022
ICA’s 2023 Congress Will Be Held in Dubai The event will be hosted by the Dubai Multi Commodities Centre from Feb. 15-17.
IndependentsSep 26, 2022
Roberson’s Fine Jewelry to Close After 42 YearsThe store’s liquidation sale will showcase the mix of classic and unique jewels it’s known for stocking.
CollectionsSep 26, 2022
Go ‘Inside the Dream’ of Bulgari Via a New Documentary on Amazon Prime It follows Creative Director Lucia Silvestri as she crafts the brand’s high jewelry collections.
