A grey market watch is an original watch produced by the manufacturer. If you’re browsing a grey market site, and the watches are “in stock” or “ships in 2-3 days” (or less) and are offered at 40 percent or more off, these are usually watches dumped by the brand. A stark contrast from the white market (in name and legality), the black market includes all illegal sales of any product. It is not quite black market, but it is not a manufacturer-backed retail product either – it is somewhere in between. If you’re in the market for a quality timepiece, you’ve probably stumbled upon Jomashop’s online store. This is somewhat comparable to the used car market, where leading brands buy, service, and resell their own used cars. So why are these prices so low? Likewise, Jomashop is a grey market watch seller, which makes it a totally legitimate business. We'd all be better off. As a watch enthusiast, this is a great write up. But the resulting loss of revenue comes at a difficult time, in Asia especially. When you get the watch, you can always inspect it for cosmetic defects and obvious issues, and return it if it came defective out of the box. Chrono24 Review: Is This Watch Market Site Legit? Is it worth it if it breaks and costs you time and money sending it to the manufacturer, only to have them tell you it needs a new hand-built movement? Clearly, customer satisfaction is important to Jomashop. Outside of initial issues that you can catch, usually, when your watch fails in the first year or two of ownership, its either the movement or the gasket. That means the manufacturer is probably going to tell you to take a hike if you take it in for warranty work. They have no obligation to do so. The idea of servicing charges being high is not true as Driver8 said - the whole point of not providing a warranty is to protect the AD who sells the watch to the grey market dealer and prevent Breitling from finding out whether a watch is grey market. Second r/watchexchange as a wonderful community just like this one, but passionate about a different part of fashion (don't let them hear the f-word over there or at r/watches though). Does Jomashop sell counterfeit watches? If you purchase or plan on purchasing from gray market sites that have an excellent reputation and are highly known to be selling of authentic w… A quick scroll through the site shows a wide variety of watches from nearly every major name in the industry. Ended up talking to the dealer again after we received the watch (it didn’t show up looking as pristine as a brand new watch should). Delivery was quick and the watch looks gorgeous. You can purchase a Patek Philipe, a Rolex or an Audemars Piguet and be totally confident that the manufacturers built these watches to the highest of standards. I actually placed my first Jomashop order 1 month ago for an Hamilton. If the gray market price is around 20-30% off the authorized dealer price, then it becomes a bit iffy. Hi. Jomashop’s business model is entirely legal, and they sell authentic watches. They offer men’s and women’s watches, from prices as low as around $50 to north of the $1 million mark. Not all Jomashop watches come with them. Usually gray market dealers sell watches that authorized dealers cannot sell, those unsold watches get returned to the distributor, who sells them in bulk at vastly reduced prices to the gray market. From a customer service point of view, grey market stores will typically provide much more advice to customers and will also be more honest. You're not likely to find big deals on the limited edition or the very small scale production stuff, but usually gray market sellers do sell the classic volume models at a significant discount. I want to wear a watch, but I don't have many clothes that match, what are some colors I should look for that go with mostly dark grays and greens? If it’s peace of mind you’re after, then you’ll have to take or send your watch to a manufacturer-certified service center, or to the manufacturer itself. Required fields are marked *. That’s why there is a “gray market” label attached to these products, as you might not know for sure what you are getting. Canon is a pretty forgiving company. Thank you for putting together such a detailed piece over here. I only buy new watches as reminders of significant moments in my life. I find the best deals in Orlando's outlets. or the odd complications? Hi Adam, may I ask if it came in original box? Any competent watch repair shop can service a common ETA or Ronda movement at reasonable prices, but the weird in house stuff? Often when you go to your local jeweler to ask about a limited edition watch, their sales pitch usually involves talking up the model's rarity, while claiming that due to its limited number, the watch holds its value very well. Breitling will of course refuse to service a watch where the serial number has been removed. The name is misleading, as it suggests there are underlying legality issues, but the grey market is an entirely legitimate way to purchase products. So today, I’d like to talk to you about the gray market, one of the most influential parts of the watch market, and why you should care. Battle Scars – Mono Lake, CA (The camera survived!) A Tissot Visodate or Seiko Cocktail Time would be solid first watches, Huh? The idea of buying one online isn't too appealing to me, are there many brick and mortar gray market shops in North America other than Costco? Recommended to you based on your activity and what's popular • Feedback Most notably, this includes the Rolex Submariner, which often sells for even more on the gray market than it does at your local authorized retailer. No telling how long it has been sitting in a warehouse somewhere. The warranty covers internal malfunctions while covering almost nothing externally. PS: How do you negotiate for the best deal at your local authorized dealer? Some quality brands are harder to find from non-authorized dealers than others, and discounts vary, but in many cases, a gray market watch can be bought for 25 to 35 percent less than what an authorized dealer would ask. You’re likely to find deals on Seiko, Citizen, Hamilton, Omega, Tudor, Breitling, Rolex, Audemars Piguet, Patek Philipe or Richard Mille watches. Jomashop’s business model is entirely legal, and they sell authentic watches. When an authorized watch dealer needs to recover some cash, they’ll unload their inventory at near cost to a third party. It’s also a perfect opportunity for new collectors to get in over their heads in a hurry. For anything in that range my highest recommendation would be an accredited seller on amazon. The site may not work properly if you don't, If you do not update your browser, we suggest you visit, Press J to jump to the feed. Reddit's largest men's fashion community. If I’m going to spend more than $100 or so on a watch, I like it to mean something or symbolize some stage or accomplishment in my life. Duty free at Toronto Pearson (and most airports) is MRSP -5% no tax. (Counterfeit watches should not be confused with so-called “gray-market” watches. How do you see if someone is an accredited seller on Amazon? Thanks. For example, if an authorized retailer sells $100,000 worth of watches to the Grey Market, the profit might only be $5,000 to $10,000, but the advertising will give it an additional $5,000-$10,000 profit. How Are Gray Market Watches Heavily Discounted ? Jomashop doesn't ship fakes, ever. Jomashop takes and answers questions through their customer service page on their site. For most brands, the average discount ranges somewhere between 30% - 60%. Additionally, I think a comment needs to be made about vintage watch purchasing. Therefore, companies like Jomashop prefer to maximize their profits through quantity over profit margins. Gray market fine watches are typically available at discounts of 30-40%, compared to the maximum 20% discount the authorized dealers are usually contractually allowed to give you. DARKER SHADES Our examples so far have assumed a completely legal approach to trading watches on the grey market, but it’s worth noting that there is a shadier side. Gray market watches are usually slightly older, last season’s watches, but nowadays there are some larger gray market dealers who can get the latest models. However, you must consider that the brands that have the biggest gray market discount often have very big deals at the authorized dealer too. This grey market product movement benefits dealers with cash tied up in out-of-date inventory or those that have lost their authorization. Mike in Houston. I never buy gray market but as far as I know they will service one for charge. We welcome those who want to learn and those who want to contribute. Does Jomas provide COSC if the watch came with it from the manufacturer? Unlike counterfeits, gray-market watches are produced by a brand, but sold outside the brand’s authorized retail network. Some might be located in physical locations, often in the “sketchy malls” of Japan, Hong Kong, or most notably for North American buyers, Costco is also a gray market dealer. In the Caribbean, St. Thomas and St. Maarten are notable watch shopping destinations. Let’s unpack Jomashop and find out. Anecdotally, I recently bought an Omega Speedmaster for my wife on Jomashop since it was $1,500 less than the best offer the authorized dealer had (watch msrp was $8k and Joma price was $5,500). They’re often educating themselves on every aspect of that watch until the time of purchase. In short, consider anything sold illegally as a black market transaction. Some could learn from and follow Canon's policies. They’re all listed with significantly lower prices than through a dealer. One question though. However, even Invicta's official store only sells it for $122.85: https://invictastores.com/invicta-pro-diver-automatic-watch-stainless-steel-case-stainless-steel-band-model-8926ob, Now if you're going onto the gray market, the watch is, $91: https://www.amazon.com/Invicta-8926OB-Stainless-Automatic-Bracelet/dp/B000JQFX1G/ref=sr_1_1?ie=UTF8&qid=1536700626&sr=8-1&keywords=8926OB. Moral of the story... share the grey market price with your authorized dealer and see how close they can get. These aren’t fakes; they’re the real thing, although they are often close-outs or less desirable models. They are not factory seconds or fakes. Ever. Jomashop’s business model is simple: Purchase stock at a low price and resell it for less than a dealer would. This is especially true in the luxury timepiece industry, where fakes abound and dishonesty can run rampant. Buy from one that's been in business a long time that has a good reputation. I must presume that a major reason gray market dealers can sell for so cheap is due to their lack of overhead. Buying preowned, you have to buy from a reputable seller. The common sentiment among many watch buyers is that gray market dealers have two main benefits. Well it comes down to a few factors, the first of which is price. A good deal it may be, an uneducated watch purchase through a non-authorized seller is always a risk. “So, Should I Buy a Watch From Jomashop?”. These dealers know which brands are well known and well respected, and will likely gouge you that way, insisting that a watch is worth more because they know you know the name Rolex, and can't check it easily against an external source. Why? Usually I'm a lot more comfortable buying well known, high volume models on the gray market, while I'd recommend sticking to the authorized dealer when buying watches with inhouse movements, weird shapes or odd complications. It's skyrocketed in the last few years, with a lot of gray sites like chrono24 dealing heavily in the vintage market, at least partially because there aren't any authorized dealers to deal your '54 submariner. Second is price. If you can't find an Invicta for ~90%, you're not really trying, Invicta is designed for the authorized dealer to offer it at “90% off MSRP.”. When it comes to the grey market, customer satisfaction is not usually a priority. As an alternate story showing the other side, I recently purchased an Omega Seamaster Planet Ocean. Plus you end up with a pretty solid collection…. Both were authentic and discounted quite a bit from their retail prices. This includes the sale of stolen goods, as well as the sale of counterfeit goods or other products that are illegal to own due to copyright laws, local laws or federal regulation. A few months ago, I did some research on how big the average discount for each brand is on the gray market. Women's watches usually sell at a larger discount on the gray market, probably due to the fact that men on average buy more watches. you're going to have to pay massive amounts to get the manufacturer to do it. The gray market is actually much bigger than many realize, Chrono24, a marketplace heavily populated with gray market sellers, had over €1bn in transactions in 2017, and Jomashop.com, a well known gray market dealer, had sales of $269m in 2016. some research on how big the average discount for each brand is on the gray market. If Jomashop carries the watch you’ve been after, you’ve got some gut checking to do. Please never use any grey market website to purchase any luxury timepieces. Unless you’re unusually lucky, any watch purchased from Jomashop isn’t covered under a manufacturer’s warranty. 25 Great Watches For Small Wrists (Updated for 2020), The Complete Guide to Business Casual Style for Men [2020], A Beginner’s Guide to Cutting Your Own Hair at Home. Im mainly asking to see if there are any main places you check or like to check. Since these watches are being sold outside of their original distribution channels, warranties are definitely an issue. Is purchasing an authentic luxury timepiece at sometimes less than half of the original price a good deal? So should you buy a watch from the gray market instead of an authorized dealer? While the overwhelming majority of Jomashop’s focus is on timepieces (and that’s where we’ll focus this guide), the company carries more than just watches. I mean, it has a Seiko NH35 movement, which you can't even get on actual seikos at that price point. You’ll have Amazon’s purchase protection, so if anything is wrong you can go through them to return or exchange it. Jomashop makes watch collecting very accessible for new collectors. Anytime a deal seems too good to be true, there should be some red flags that shoot up in the back of your mind. That way, the resale doesn’t matter and the watch its self holds much more value than I could ever sell it for! A grey market company cannot hire skilled watchmakers on the business model where they make $20-$30 on a sale, ship it for free, and then have to back it up. Gray market watches are authentic, new watches sold legally, but not through an authorized dealer. If you’ve been saving for hard-earned cash for your Grail piece, you want to know that you’re spending it on a quality watch from a well-respected seller. In this case, that third party is Jomashop. The gray market does not refer to fake watches, stolen watches, or used watches (well, many gray market sellers also do sell used watches). 3 of my watches were purchased from 2 grey market dealers. Gray market watches are authentic, new watches sold legally, but not through an authorized dealer. The Authorized dealers on St. Maarten have a 15% year round discount + no tax, which would for many brands and models put them almost at the same price as a gray market dealer. Usually gray market dealers sell watches that authorized dealers cannot sell, those unsold watches get returned to the distributor, who sells them in bulk at vastly reduced prices to the gray market. A lot of people also seem to believe that watches don’t depreciate as much as their other hobbies, that they can enjoy their watch for a while, and then resell it to the next enthusiast without losing too much to depreciation. It’s important to know if your watch comes with its original box and papers, as display models in dealer cases might not. So yes, on the surface, the gray market offers massive discounts over the authorized dealer. A grey market dealer with a sufficiently wide network can take advantage of this by buying these watches and selling them in another market with a demand for them. This begs the question: Should you send a $20,000 Hublot or A. Lange & Sohne to a grey market seller for warranty work? This is how Jomashop can sell new watches at significantly lower prices than a dealer. You should buy a watch from Jomashop. As with counterfeits, AWA opposes the importation and sale of gray-market … At the gray market price, it is actually a pretty damned good deal. (Of course there are the occasional unethical grey market dealers also selling old stock, returns, or even refurbished watches as “new” merchandise.) Your email address will not be published. Seiko SNK809 Review: The Best Affordable Automatic Watch, The 10 Best Fall Shoes for Men (2020 Guide). It’s even more of a concern when you consider that Jomashop has thousands of watches listed between $10,000 and $1,000,000. Or just pick them up on Vacation. Very informative post. I ended up ordering from Joma and it arrived in the original box with all the plastic wrappings still on it in perfect unused condition. These are not illegal activities. However, I don’t think I’ve seen many good guides on the many nuances to actual watch buying. As far as warranty concerns go, this is where the grey market falls short. If you don’t hold onto that, your resale value goes down signficantly. The question of authenticity isn’t the issue but the lack of a manufacturer’s warrant card is. Gray market watches are authentic watches from the original manufacturer. Note that there are legitimate cases where an authorized dealer may give you more than 20% off current list price on a fine watch. They hire whomever will “get it out the door”. We are also pleased to represent Fortis watches from Grenchen, Switzerland. Like a list of sites, gray market brick and mortar places near you etc? Product Reviews Filed Under:Jomashop, watches 7 comments. What makes them different is that they passed through a reseller or an unauthorized dealer on your way. Never miss a post, plus grab this free guide (instant download). Finally, there are watches that aren’t any cheaper from the major gray market dealers. Likewise, you can purchase older stock, like the discontinued Seiko SKX007, knowing you’re getting your hands on one of the last of these timepieces. You can get many watches for more than 50% off on the gray market, and in that case, I say, you should always go for the gray market option. Thank you for this. And it’s important to note that the risk doesn’t fall on Jomashop—it’s proven itself a reliable and reputable company. Because the gray market tradeoff has always been an initial discount for the lack of warranty support. The catch is, no matter where the watch gets sold, it’ll add to the advertisement profit. Jomashop purchases the majority of its inventory directly from manufacturer-authorized dealers (or the manufacturer themselves, although this is a taboo practice in the industry). I’m wanting to buy a Hamilton as a Xmas gift for my husband. As the name suggests, white market purchases are the purest form of transaction. Swatch is sensibly cracking down on “gray market” sales of its watches. However, now that I’m a bit more educated, I would like to go back and not make purchases for premium watches because it knocks the resale value down significantly. What you didn’t cover is differentiating between legitimate grey market goods and counterfeit goods, that would be my concern. Joma gave us a very hard time with the return but eventually caved. Very interesting! You might save thousands of dollars on a luxury timepiece, but are the risks worth the rewards? Unless you have the cash and are going to an AD, in which case seriously consider giving that money to me. Do your research, figure out the exact model, and try to see if you can get it for cheaper on the gray market. Why would some people buy these from gray market dealers? The dealer may discount or mark up the price, but this usually requires the manufacturer’s consent. Wholesalers like Sam’s Club and BJ’s might carry grey market products. How Should Brands Avoid Selling to the Grey Market? Grey market items are authentic products, made by the original manufacturer but sold outside of the originally intended distribution chain. You should also know if those boxes and papers add much, if anything, to your watch’s value. The reality is that spending your money on a watch from Jomashop is a risk. For instance, you’ll never get a Rolex dealer to come down on price for a Submariner (Since they’re actually no cheaper on the gray market), but a Tag Heuer dealer may very well be willing to negotiate with you on an Aquaracer, maybe not to the 30, 40% discounts you’ll see for them on the gray market, but maybe they’ll come down 20% or so, and at that point, it just comes down to whether you are willing to pay the extra ~10% or so for the warranty. As long as you can afford to pay for the work. Trying To Service A Grey Market Nikon D750. Here on r/malefashionadvice, one of the most commonly discussed fashion accessories is the wristwatch. If you can, find a local independent authorized dealer (brand boutiques and department stores will never negotiate), and bring cash. There are some exceptions, but Jomashop isn’t coy about listing them. You’re buying a watch outside of its intended distribution channel. The key here is educating yourself on the risks involved and how much they’re worth to you. They’re usually located online, whether it is their on their own website, or on a platform like Amazon, Chrono24, or Ebay. When buying grey market I would recommend getting it serviced, or at least looked over, by a watchmaker or omega as soon as you get it. We aim to foster an environment where everybody feels safe and welcomed and where people feel encouraged to have healthy productive discussions. MSRP was $6,450, but I found it on Jomashop for $4,200 (all in delivered to my door). The apparel and accessory shop consists of the biggest names in fashion like Gucci, Tiffany & Co. and Ray-Ban for as much as 50 percent off the MSRP. Many of the better gray market or pre-owned watch retailers offer intelligent, friendly service that most watch … After all, Jomashop is just a warehouse with a shipping address. Also, I love my Planet Ocean and would recommend it to anybody. Bespoke vs. Made-to-Measure vs. Off the Rack: What’s the Difference? Aside from microbrands, Jomashop likely carries any brand you can think of, but it depends on their stock at the time. However, they sell them outside of the originally intended distribution channel. Maybe the authorized dealer is willing to give you a discount, in which case, it just comes down to whether you’re willing to pay a little bit more for the warranty. I think it helps me over the guilt of buying yet another watch, and it gives special meaning to the purchase. In name and legality ), the black market includes all illegal sales of intended! Just to trick people into thinking they 're getting a deal, made by the manufacturer is probably going tell... And sell watches deals in Orlando 's outlets root cause of the originally intended distribution channel an. The industry watch, the gray market conditions hold onto that, your resale value goes down signficantly the! 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