My own GSS

or the Gold Special Sale.

Today, I sold a gold bracelet that I’ve owned for a long, long time, a present from a colleague when I first started work.

Since we’ve stopped seeing each other also for the longest time, I’ve stopped wearing that bracelet for heavens’ know how long.

I had wanted to sell the bracelet when gold last crossed the USD1,000 but somehow the friends who accompanied me to Chinatown to make the transaction and I got cold feet back then. 

Selling a golden gift from a friend had seemed like lacking in sentimentality about a once good friendship, never mind that that friendship has faded to a blank, very much like images on thermal paper.

I sold the bracelet today, although it had started out as a trip to a second hand Rolex dealer at People’s Park to sell my Lady DateJust, another present from another friend. Like the bracelet, the watch had been sitting in my $428 per year safe deposit box at the bank for more than 15 years.

Again, while I’ve toyed with the idea of getting rid of it, I didn’t know where to sell it for a price that reflected its true value. In short, i didn’t want to be cheated. Unlike stocks and shares, there’s no transparent market for a second hand Rolex.

Then a friend casually told me the other month that “I sold mine 2 years ago, I think…it was in the safe box for more than 20 years…sigh…finally, I decided that I really will not wear it anymore as the face is too small for me..”

So naturally I found out from her who did the deal for her and so on, and this morning, she and I met Vincent the dealer, who incidentally didn’t look in the slighest bit shady or terrifying like one imagines dealers of second hand watches would be.

However, despite being affable and patient, the price of $3.5K he quoted for my Rolex was quite disappointing. Although I have no idea what the price was when the watch was new, I had always imagined that it would hold its store of value well.

no sale: going back to the bank

Still, we didn’t leave Vincent without me selling him something, although he assured me it was a straight throughput to the gold dealer “upstairs”, with him taking nary a cent.

He took the bracelet for $1,500! Which surprised me a little because the person who gifted me with it could not have spent much on it, as we had both just started working and neither of us earned a lot.

The moral of the story? Gold jewellery from no-name jewellers holds value a lot better than gold accessories even if they come with top brand names like Rolex!

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9 thoughts on “My own GSS

  1. Peter, dear one. If a watch dealer doesn’t want to overpay, then neither must u.

    The watch is in working condition but Vincent the 2nd hand watch dealer pointed out two drawbacks: the face is plastic and not crystal (tt’s news to me as I had never noticed) and the date can’t be fast 4warded; tt means if for wotever reason you need to change the dates, u’ve to wind thru all the 24 hrs for each day you wanted to change!

    If only I know wot’s the original price, then I wld have a better idea whether wot he offered me is decent. As it is, I just have a vague idea tt it isn’t.

    When I’m next in Lucky Plaza where the watch was bought n presented to me, I shall go in n check; provided they keep records tt are many, many years old!

  2. Dealers will only look at it’s ‘commercial’ re-sale value whereas ‘collectors’ go for the aesthetic. I am reliably informed that some of the older Rolex models can hold their value to an enthusiastic collector.
    The ‘plastic’ face can easily be replaced with a crystal face. The Rolex Centre in Orchard Road will happily do this for you at a price of course!!!
    The fact that you have to actually wind the watch forward to get to a new date in the calender month is the whole beauty of having an ‘original’ of this type and make.The latter ones have a modern device for fast forwarding the date and whilst it is convenient,it loses the beauty and the ‘feel’ of a manually fast forwarding model to an enthusiast? If you get what I mean.
    I will be interested to know if you are able to find out what the original price was from the shop in Lucky Plaza where the watch was purchased.Alternatively,go to another shop also at Lucky Plaza call Peng Kwee(they specialises in dealing with Second Hand Rolex watches) and ask them for a price for it.
    If all else fails, then maybe the Rolex Centre referred to above may be able to give you an indication or advice as to what the watch is worth now or ask them to go into their PC and extrapolate from their data,the model number of your watch and they should be able to tell you what their retail or catalogue price is for the watch at the time!!
    Hey ho!

  3. Thanks Peter for your advice n suggestions. Wah sounds like u r quite a connoisseur of Rolex watches… will take the steps u suggested by and by… there’s also a 2nd hand Rolex shop near the Waterloo St temple. I’ll pop by and ask the man when next on the way to the temple, probably next week…

  4. Auntie Lucia, it wld be advisable to get a few more quotes for the 2nd hand Rolex just to have a feel of the second-hand value. You can try Peng Kwee in addition to the one you intend to go at Waterloo Street..Good luck…..

  5. Thanks dear Linda. I’ll check around but if still arnd Vincent’s price, mayb I shld just wear it, hor?? 😀

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