The pre-owned watch and jewellery market is experiencing explosive growth, capturing nearly half of all global luxury resale trade and expanding at a rate of 8% annually, outperforming the luxury industry as a whole. This trend is also evident in South Africa, with local pre-owned luxury reseller Luxity reporting an 32% increase in sales of watches and jewellery over the year alone. The company's co-founder, Michael Zahariev, says this is fuelled by a confluence of factors: affordability, investment potential, growing environmental consciousness, and demand for unique or vintage pieces.
He explains that pre-owned jewellery offers consumers access to luxury pieces from designer brands like Bulgari, Van Cleef & Arpels, and Tiffany & Co which do not have a physical presence in South Africa. "These items are also available for lower than the retail price of new pieces which are often inflated by the current market value of materials and brand markups." "That said, pieces from high-end designers tend to retain impressive resale value which bodes well for those considering pre-owned watches and jewellery as an investment," points out Zahariev.
The latest State of the Luxury Market in Africa report supports this, highlighting that Cartier collectibles boast an average resale value of 74.6%..
.. Staff Reporter.
