Today we spoke to Ivan Dimitrov of Buzzufy LLC. Ivan has a very interesting job, not a watch dealer or retailer as usual, but instead in the watch parts business. We spoke about the nature of the watch parts markets and some of its pitfalls, along with some background on how Ivan got into the business in the first place.
Ivan Dimitrov
Andres Ibarguen: Thanks for speaking with us today, Ivan. How did you decide to get into the watch parts business back in 2010?
Ivan Dimitrov: First of all, hello to you and your readers.
In 2010, we already had some experience with watches. Then we collected and repaired old vintage chronographs. As you know, most of them need service and quite often need replacement of parts because these are watches from the 1940s. One day I just thought, if I need spare parts for my watches, then other dealers and collectors have the same need for their watches. So, I decided to put on sale on eBay a few parts that I had already bought for our watches and they sold out pretty quickly. Then we created a department that deals only with the purchase or sale of spare parts of various brands, 11 years later our company has over 12,000 spare parts for vintage and modern watches.
AI: That’s quite the number. And the idea of becoming a dealer or trader is somewhat straight forward, how does that differ to selling parts?
ID: The sale of watches has nothing to do with the sale of spare parts. You as a collector would buy a watch only when you have the opportunity or think that this watch is suitable for your collection. While selling parts is a different matter, it all comes down to needs. If you have a $ 3,000 watch, and you accidentally dropped it and damaged one of the parts in the mechanism, of course you will want to repair it as soon as possible.
AI: What is it about the parts market that makes some things impossible to find?
ID: One of the things about vintage watches is that manufacturers have long gone bankrupt or no longer produce parts for certain mechanisms.
In the new watch models, the problem in the parts is the restriction by the brand manufacturer. For example, Rolex, from the end of 2020, strictly limited and increased the conditions for obtaining spare parts.
Rolex Submariner Date taken apart
AI: Was the parts market always like this?
ID: The parts market has always been what it is now and will always be as long as there are mechanical watches (and there will certainly be such for a very long time). There has been no change in circumstances since we started selling spare parts. The only difference between before and now is that there are now more dealers selling spare parts.
AI: Are there parts for any brands or models that are particularly hopeless to track down?
ID: Yes, both before and now and parts that are almost impossible to detect. I remember the model of Zenith Diver A3637 Big Lemon, this model of the brand uses a mechanism of Zenith 2542PC, for which parts can be found relatively easily, but when it comes to hands, dial, bezel, and glass...forget it, here things become impossible. Other hard-to-find parts are those of the Excelsior Park chronographs. In the last 2-3 years it has become extremely difficult to find parts for this brand.
AI: What do you think could be done to improve availability for different parts in the market?
ID: Personally, we plan to soon start production of parts for vintage watches and in particular watches with chronograph functions that are no longer available. We hope this will improve the parts market, as well as reassure collectors that they will be able to repair their watches.
AI: How do you see the future of the parts market unfolding?
ID: Many parts in the future will become more difficult to find as well as more expensive. As an example, I can show you the parts for Seiko watches. I can tell you that prices there in the last few years have jumped 3 times over those compared to 2010 and will continue to increase. The brand's watches have also jumped dramatically compared to previous years.
AI: How does the market for new parts compare to that for vintage ones?
ID: Finding parts for new watches is an easier idea than for vintage models. Despite all the restrictions imposed by manufacturers to restrict the black market, you have a much better chance of finding the parts you are looking for both on eBay and in other online stores. The demand for new parts is just as great as the demand for vintage models, the difference here is that you can find more dealers for new spare parts.
AI: What is competition like in the parts market? Is there a level of international cooperation or are your customers based mostly in the United States/North America?
ID: In recent years, competition has become greater for mass-produced watch spare parts.
Regarding cooperation, we do have colleagues with whom we help each other and support each other. And regarding our customers, I can say that we sell all over the world. We have a warehouse with parts available in the United States, as well as a large base with parts available in Europe. We are about to open a warehouse in Indonesia, so that we will be able to cover all customer orders there faster, both for watch parts and watch tools. As you know, we are also the official importer of Bergeon and Boley for the USA and Europe.
AI: What would you say to a collector who might be worried about purchasing a watch due to an inability to find parts?
ID: To choose carefully and always keep in mind that watches need service that will be needed over time. Choose your watches so that they can be maintained and remain working in your collection for many years to come.
For now, I can reassure them that we can make custom spare parts, especially for watches that are hard to find.
AI: How did you originally get into watches? Were you always a watch collector?
ID: The incident is interesting; in fact, I came across it quite by accident. 13 years ago, I worked in a company for agricultural machinery, selling tractors. I worked there for two years, I didn't particularly like my job, but it was good for the meantime. One day, my phone rang with an offer (from my current partner) to sell glasses on eBay. Haha to be honest, I hadn't heard of eBay until then and I didn't take the offer seriously, but after about a month he called me again and asked me what I had decided. So, without knowing anything about eBay, I decided to give it a try and we started selling glasses there. I did this for about 2-3 months, after which I decided to quit my job and indulge in online sales on eBay. And one day I thought, if glasses are sold, then something else can be sold. So, one day, quite by accident, a cousin of mine called me and said that he had a watch for sale and if I could sell it on the Internet. I remember it was Eberhard and Co., a chronograph that was damaged. So, I jokingly took pictures of the watch and uploaded it to eBay for sale, and after 15 minutes the watch was sold for $ 520, I was amazed that someone bought a watch for $ 520 that didn't even work. This same buyer, a few minutes later, asked me "are there any more such watches" and just at that moment, my curiosity about watches was unlocked. I started looking for information on the Internet and so I came across a few old vintage chronographs, which I bought and sold about a week later. So, my passion was born, I started collecting them, I sold some of them to take others and one day I decided that this could be a business. I called my partner, told him everything I had done and asked him if he wanted us to become partners. And so Buzzufy LLC was born.
AI: Great story. And apart from vintage watches and watch parts do you have any other hobbies or businesses?
ID: At the moment this is our main business, I think we still have a lot to develop in this area. When we achieve everything we have set as goals, then maybe we will think of something new.
Best of luck, Ivan, and thanks for speaking with us.
Bergeon