UK and US buyers snap up used Rolex and Patek Philippe ahead of tariffs
Watch dealer and trading platform Subdial typically records a surge in activity after customers receive their end-of-month paychecks. In April, post-payday trading volume jumped 160% above normal levels—well beyond the 112% average increase seen on previous paydays over the past year.
The volume growth was particularly strong in the U.S. and UK, Christy Davis, founder of London-based Subdial, said in an interview. 'People heard about the tariffs and went, 'Oh shoot, let's buy now,'' Davis said. 'They waited for payday and then sales volumes just went through the roof.'
The phenomenon echoed another trend seen in Switzerland, where watch exports jumped by nearly a fifth in April — with shipments to the U.S. more than doubling ahead of expanded tariffs threatened by Trump. Watches made from precious metals, steel and bimetallic materials — products also targeted by Trump — saw the most growth, according to the Federation of the Swiss Watch Industry.
The U.S. jump was likely a one-off response by exporters seeking to avoid higher tariffs, rather than a structural increase in demand, Jean-Philippe Bertschy, an analyst at Vontobel, said in a note. Swiss watch exports fell 6.4% to the rest of the world in the month, continuing a weak start to the year.
The secondary watch market has rebounded gradually since February's post-pandemic lows. Since reaching that nadir, the Bloomberg Subdial Watch Index has risen about 5.3% through late May, returning to levels last seen in October. It remains far from the levels it reached three years ago, when prices of used luxury watches surged as Covid lockdowns ended.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
France 24
21 minutes ago
- France 24
Hong Kong builds artificial nests to save endangered cockatoos
01:56 19/08/2025 India's Modi meets China's foreign minister as Asian powers rebuild ties Asia / Pacific 19/08/2025 India's Modi to meet China's top diplomat as both powers rebuild ties Asia / Pacific 19/08/2025 Devastating floods in Pakistan kill at least 270 people Asia / Pacific 17/08/2025 Pakistan expands rescue and relief efforts after flash floods Asia / Pacific 12/08/2025 At least four dead, over a hundred missing in Indian Himalayas Asia / Pacific 12/08/2025 Trump extends tariff truce with China for 90 days Asia / Pacific 11/08/2025 India: opposition parties protest controversial electoral roll Asia / Pacific 11/08/2025 Archaeologists find possible artefacts of oldest known Wallacean hominids in Indonesia Asia / Pacific 10/08/2025 China aims to lead in AI and robotics at Beinjing World Robot Conference Asia / Pacific
Fashion Network
an hour ago
- Fashion Network
After Trump tariff hit, Lesotho turns to Asia and other markets for textiles
Lesotho is courting buyers in Asia and elsewhere for its textiles after producers were battered by the uncertainty surrounding US President Donald Trump 's new tariff regime and has already secured new business from neighbouring South Africa. 'We are pursuing alternative markets from all over,' Trade Minister Mokhethi Shelile said in an interview. 'That's in Southeast Asia, Asia, Africa and Europe.' The Southern African Customs Union, a free-trade bloc that comprises Lesotho, Botswana, Eswatini, Namibia and South Africa, is a priority market, and its members are 'positively responding to us,' he said. The US threatened to impose a 50% tariff on imports from the mountain kingdom in April — the highest in the world at the time — when Trump unveiled sweeping reciprocal levies on trading partners. Orders from the US, Lesotho's largest export market for textiles, dried up almost overnight, causing factories to halt operations and severe job losses. After a more than three month pause, the levy was lowered to 15%. While positive, the reduction 'is not good enough for our textile industry,' as buyers may switch to nations with even lower reciprocal tariffs, Shelile said. Goods from competitors Eswatini and Kenya are being subjected to 10% duties. The textile sector — Lesotho's biggest private employer — employs 12,000 people and supports 40,000 indirect jobs. US buyers include retailers such as Walmart Inc., JC Penney and Levi Strauss & Co. The tiny African nation, surrounded by South Africa, is angling for a tariff of 10% or less and sees room for further talks with the Office of the US Trade Representative as it looks to diversify sales beyond its biggest garment buyer. 'Already we're looking to pivot away from the US and some factories are exporting to South Africa,' Shelile said. The main issue which remains is how fast orders for the textile industry can pick up to avert disaster, he added. A two-year national state of disaster that Lesotho's government declared last month amid soaring unemployment will remain in place.
Fashion Network
an hour ago
- Fashion Network
Proxy advisor opposes re-election of Richemont chairman
Proxy advisor Institutional Shareholder Services counselled Richemont investors to reject several of the luxury goods company's proposals for its annual general meeting in September, according to a report seen by Reuters on Tuesday. ISS recommended voting against the re-election of Chairman Johann Rupert and board member Anton Rupert, citing concerns over the company's unequal voting rights structure, which it argued benefits both individuals. According to Richemont's website, the Rupert family holds 9.1% of the equity of the company, which translates to 50% of voting rights. ISS also opposed the proposed bonus payments to the executive committee, totalling 30.6 million Swiss francs ($38 million), criticising Richemont for not providing the targets and results that underpin the variable compensation.
