Rolex Closes Factory For At Least 10 Days For Corona Virus Saftey
Rolex has said that it will close their factory for at least 10 days for Corona Virus safety concerns. This news comes from a letter that was sent to Rolex employees from CEO Jean-Frederique Dufour.
In the letter he says the reason for the closer is to prevent the spread of COVID-19 to employees and their families.
Rolex makes anywhere between 800,000 and 1,000,000 watcher per year and a minimum closer of 10 days counts for about 22,000 watches. Many expect this to be closed for at least 30 days, this would account for about 66,000 watches not hitting the market this year.
If it wasn’t for the slow down of the secondary watch market, this would have caused a spike in prices in the grey market. But luckily for resellers, the closer of the Rolex factory has helped the secondary market somewhat stabilize. Even though the record high prices for GMT, Submariners and Daytonas are long gone. The shutting down of Rolex’s factory help stop the bleeding for some looking to off load their watch for extra cash during this hard time.