Roger Federer, Jean-Frédéric Dufour, Abdul Seddiqi and representatives in 2018. (Photo credit: Jake’s Rolex World)
Dubai-based Ahmed Seddiqi & Sons, the largest authorized dealer of luxury watches in the Middle East, is taking the Rolex certified pre-owned program to the next level with highly collectible vintage pieces, some more than 50 years old, the latest sign of changing appetites in the Middle Eastern market, where consumers have historically favored new models.
Next week, Seddiqi will open its first Rolex CPO store specializing in vintage models, with around 120 vintage CPO pieces on display at the Dubai’s Wafi Mall and a growing inventory of 400 pieces.
Seddiqi said it has spent in excess of $10 million on stock, including on many 40 and 50-year-old Rolex watches in new-old-stock condition and a further $500,000 on servicing to meet Rolex’s CPO criteria. The retailer said it’s planning on low margins — maximum 20% — to gauge demand in the market.
Coronet last month reported on how the CPO program started two years ago by Rolex has continued to swell despite the 10-consecutive-quarter drop of the pre-owned watch market.