Did anyone see this article today?

https://www.bloomberg.com/opinion/a...gray-market-omega-watch-just-got-a-lot-harder

I wonder to what length Omega is willing to go, and what the implications are for our watches? I hope at some point the values are more stable, but certainly don't want to get into the supply shortages you see with Rolex. Do you think they may shift to an entirely OB based sales channel at some point? I know many other brands have not wanted to get into both manufacturing and distribution/sales.

 

I say.....finally!

 

It wouldn't surprise me to see Omega try to shift more sales towards their Omega Boutiques and online sales. The success of the two Speedy Tuesday releases has shown that online sales can work, while for the most part, cutting out the authorized dealers. It is also a good way to keep boost profits.

Dropping AD's who were notorious for supplying the grey market, like Rob Engstrom, can potentially help boost average sale prices, increase brand prestige and maintain resale values for current owners.

On the downside, those buying new from grey market dealers are going to see higher purchase prices and less inventory available. A quick look at prices for Seamaster Diver 300Ms & Speedy Pros at both Jomashop & Chitown Watch show much smaller discounts than they have historically offered.

 

Just saw.this. going to stock up while I can! A bunch are still 35% off...

Swatch sales are getting crushed though so is it really worth it? Even if discount is only 20% I'm still going grey. Why pay full price plus tax at boutique for no benefit?

 

This has always been the argument. It's a tough sell to go to an AD other then convenience or at least for me being in North Jersey.
Omega is everywhere up here and in NYC.
This is the right step and should help change the value in the market.

 

First off, I do not believe that a store labeled Omega Boutique is necessarily Omega owned. Maybe the ones that are dedicated to Omega (I'm thinking of the very nice store on 5th (or 6th?) in NYC) but my local Reed's Jewelers (or one of those chain mall stores) is identified by Google as an OB.

Anyway... I bought my recent SMP from the aforementioned OB at retail less 10% plus sales tax because I wanted to beat the price increase in May and none of the greys (Chitown, etc.) had the blue on bracelet in stock. Joma did, but I don't trust those folks, and for a few hundred extra I got a real warranty and no doubts about the watch.

Plus - I didn't try it out, but - the OB had a 30 day return policy. The watch had to be returned "unworn" and I'm not sure exactly how I can try and use the watch without actually wearing it. I presume that it means "shows no signs of being worn" i.e. scratches. But I kept it, so it was moot.

 

Joma is great why don't you trust? I've spent tons there btw. am I missing something about them?

 

This quote really raised my eyebrows. Taking a multi-hundred-million dollar loss means they are obviously quite serious about combating it. I wonder if they will succeed in the long-run or if the pressures of being a public company will force them to relent at some point.

 

There have been some horror stories (well, not so much "horror" as "it could have been better") about warranty repairs with them, since they do the repairs at some local hack, not sending watches back to the manufacturer. Probably because at that point the whole gray market thing might bite them.

And as I am a notorious (?) flipper (I blame my A.D.D.) resale does mean a little something, and having the official warranty cards does often help.

 

Their customer service is not the greatest. I dealt with them some years ago and felt that after they get your money they don’t care about you any more. I would not risk dealing with them with watches over $500.

 

I'm glad theyre cracking down, I just hope they dont end up like Rolex where no AD has any sports watch in stock and greymarket actually shoots up in price.

Buying from an Omega Boutique is just a nice experience. I was at the NYC 5th Ave. location just a few weeks ago. Got my GSotM and had a good time with the sales rep. Had a few glasses of champagne, some Casamigos tequila, and left with a free bottle of champagne as well haha.

If you've never actually purchased a watch from an Omega Boutique, I definitely recommend trying it at least once.

 

When I was there in April, he said nothing about Tequila!

Also, they were not willing to discount my watch at all, as it was the new model, recently released.

 

Haha, the tequila is a recent thing I believe. They probably only have it in stores because of the Casamigos edition Planet Ocean that was released in May.

I may or may not have received a discount, but the GSotM is a relatively older model (and probably harder to move?).

 

I agree. I’ve purchased five watches from them and have never had a problem. They’ve been around for a long time, have a good reputation, and offer a 30 day return policy. As far as their in-house warranty goes, I would never have a high end watch serviced through them or any other grey market dealer for that matter. That being said, if I’m saving 30+% off retail on a new Omega, in the unlikely event that I need to have the watch serviced within the warranty period, I’ll have Omega do it and still come out well ahead as opposed to paying retail and getting the Omega warranty.

 

Does Joma remove the serial number from the case? That has always been one of my biggest concerns with the grey market.

 

No, they do not. And Omega will service the watch regardless of whether it’s purchased from an AD.

 

Yea I'm aware of that, but I have heard they will refuse to service a watch if there is no serial number (fear of the watch being stolen maybe?).

 

That may be the case, but the watches that I have purchased from Joma, including Omega, come just as they would from an AD with the exception of the manufacturer’s warranty card.

 

Good to know. In the past I've bought gray market Omegas that had no serial.

 

The serial on the movement is more important than on the case.