Why Fake Rolexes Hurt Dealers In The $20 Billion Used Watch Industry | Insider Business

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Between 2011 and 2021, Rolexes outperformed gold, real estate, and stocks. Used watches are now a $20 billion industry, and demand is growing. But dealers need to be careful of counterfeit watches. US Customs seizes roughly 150,000 fake watches per year, and most of them come from China. We followed dealer John Buckley through New York City’s famous diamond district to learn how he spots fakes and makes money in this competitive industry. We also visited JFK International Airport to see how US Customs agents seize counterfeit watches. Vookum's Telegram group for watch enthusiasts: https://vookum.com/products/vookum-verified Special thanks to John Buckley, James Buckley, and Tyler Mikorski: https://www.tiktok.com/@tuscanyrose?lang=en https://www.instagram.com/tuscanyrose/?hl=en https://www.instagram.com/jamesbxckley/ 0:00 Intro 1:43 How to negotiate on pricey Rolexes 4:31 John's Rolex parts collection 5:36 The most expensive Rolex ever sold 6:05 Why demand for Rolex watches is so high 8:19 How US Customs seizes fake watches 9:39 How John spots fake watches 11:09 The explosion of watch videos on TikTok MORE BIG BUSINESS VIDEOS: How 23 Foods Get To The Grocery Store | Big Business | Insider Business https://youtu.be/4ArVvrhhnyI How Italian Craftsmen Make Hats That Sell For Up To $2,500 | Big Business | Insider Business https://youtu.be/GRP5-WXuFHw How 200,000 Luffas Become Kitchen Sponges | Big Business | Insider Business https://youtu.be/ktsQ0l5a7xg ------------------------------------------------------ #Rolex #BigBusiness #InsiderBusiness #watches #collection #collectibles #counterfeit #audemarspiguet #patekphilippe #newyork #nyc #diamonddistrict #luxurywatches #luxury #investing #stocks #uncutgems Business Insider tells you all you need to know about business, finance, tech, retail, and more. Visit our homepage for the top stories of the day: https://www.businessinsider.com Insider Business on Facebook: https://www.facebook.com/businessinsider Insider Business on Instagram: https://www.instagram.com/insiderbusiness Insider Business on Twitter: https://www.twitter.com/businessinsider Insider Business on Snapchat: https://www.snapchat.com/discover/Business_Insider/5319643143 Insider Business on TikTok: https://www.tiktok.com/@businessinsider How Fake Rolex Watches Are Seized By Experts | Big Business | Insider Business