Is Rolex still boycotting Russia?

[WatchYoSelf]

I recall they halted watch shipments when the invasion of Ukraine began. Those shipments haven’t resumed, correct? And if so, have numerous Russian ADs gone out of business?

[0nly5iv3Digits]

Theres what, like 16 ADs in Russia? Yeah, I don't think they ever really "stopped" shipping watches. Rolex keeps everything so "hush-hush", you'd never even know for sure if they did. Talk about plausible deniability.

I doubt it tbh, but that's just my conjecture. Maybe for a few months there, but more or less business as usual, I'd think.

[0nly5iv3Digits]

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[omar-rye]

Originally Posted by 0nly5iv3Digits

Theres what, like 16 ADs in Russia? Yeah, I don't think they ever really "stopped" shipping watches. Rolex keeps everything so "hush-hush", you'd never even know for sure if they did. Talk about plausible deniability.

I doubt it tbh, but that's just my conjecture. Maybe for a few months there, but more or less business as usual, I'd think.

Makes me wonder if the collectors who stand with Ukraine will boycott Rolex if that is true

[Zach69SS]

Remember always, the Swiss are neutral and always will be, others go to war and the Swiss count the $$$. So I doubt that Rolex stopped doing business with Russia.

[notchview]

Was in Moscow in the spring, Rolex is not delivering to Russia at the moment.

[OG1982]

Like luxury vehicles, watches will still be getting sold in Russia by way of the back door.

[Cru Jones]

Most Swiss brands exited Russia, with only very limited sales left (like Nestle’s sales of “necessities” baby food). Between international sanctions and harm to reputation and limits on banking systems, there is simply no other way.

Of course, the grey market can bring products in.

Here is a quote from the article I linked below:

“The watch industry, which has experience in the fight against counterfeiting and the grey market, has developed methods against unofficial distribution channels.
“We regularly make test purchases worldwide to check the origin of the product by means of serial numbers or special markings,” writes Swatch. If a dealer is found to be involved in grey market activities, cooperation is terminated, it says.”

https://www.swissinfo.ch/eng/busines...ve%20increased.

[brandrea]

Originally Posted by Cru Jones

Most Swiss brands exited Russia, with only very limited sales left (like Nestle’s sales of “necessities” baby food). Between international sanctions and harm to reputation and limits on banking systems, there is simply no other way.

Of course, the grey market can bring products in.

Here is a quote from the article I linked below:

“The watch industry, which has experience in the fight against counterfeiting and the grey market, has developed methods against unofficial distribution channels.
“We regularly make test purchases worldwide to check the origin of the product by means of serial numbers or special markings,” writes Swatch. If a dealer is found to be involved in grey market activities, cooperation is terminated, it says.”

https://www.swissinfo.ch/eng/busines...ve%20increased.

Interesting read my friend, thank you

[Chefinspecteur]

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[Chefinspecteur]

The European Union imposed a fourth wave of sanctions in March 2022, which was fully adopted by Switzerland.

Switzerland is not part of the EU and has a long tradition of neutrality in wartime, yet it has nonetheless joined the EU's sanctions waves imposed after Russia's invasion of Ukraine.

The export of luxury goods, such as e.g. Rolex watches, are forbidden and fall under the 4th sanctions package.

Russia was the 17th largest export market for Swiss watchmakers, generating 260 million Swiss francs in the year 2021, according to statistics from the Swiss Watch Industry Association.
This accounts for about one percent of total Swiss watch exports.

[JRell]

I mean I would hope so. Who knows.

[EverCloserUnion]

Originally Posted by Zach69SS

Remember always, the Swiss are neutral and always will be, others go to war and the Swiss count the $$$. So I doubt that Rolex stopped doing business with Russia.

Three points:

1) Switzerland has broadly mirrored the EU's packages of sanctions against Russia (a major departure from Switzerland's prior approach of strict neutrality).

2) Regardless of whether shipments of luxury watches strictly meet sanction measures, I strongly suspect the financial transactions will at least touch the US banking system and therefore fall under the jurisdiction of the US.

3) If other areas of the Russian economy are a guide, Rolex may have recently seen unprecedented demand from certain Caucasus / Central Asian countries...

[EverCloserUnion]

Originally Posted by Chefinspecteur

The European Union imposed a fourth wave of sanctions in March 2022, which was fully adopted by Switzerland.

Switzerland is not part of the EU and has a long tradition of neutrality in wartime, yet it has nonetheless joined the EU's sanctions waves imposed after Russia's invasion of Ukraine.

The export of luxury goods, such as e.g. Rolex watches, are forbidden and fall under the 4th sanctions package.

Russia was the 17th largest export market for Swiss watchmakers, generating 260 million Swiss francs in the year 2021, according to statistics from the Swiss Watch Industry Association.
This accounts for about one percent of total Swiss watch exports.

You beat me to it and provided more detail than I did...

[minute_man]

Originally Posted by EverCloserUnion

Three points:

1) Switzerland has broadly mirrored the EU's packages of sanctions against Russia (a major departure from Switzerland's prior approach of strict neutrality).

2) Regardless of whether shipments of luxury watches strictly meet sanction measures, I strongly suspect the financial transactions will at least touch the US banking system and therefore fall under the jurisdiction of the US.

3) If other areas of the Russian economy are a guide, Rolex may have recently seen unprecedented demand from certain Caucasus / Central Asian countries...

This is spot on

[watchvert]

Even before this boycott, prices of Rolex at ADs in Russia were the same as the grey market prices, let’s say, in the UK. I questioned it once in Moscow and was told that this is how it is. And you still had to wait. I just said that in London for this price I get it immediately at reseller shops.
The only official AD in Russia is Mercury group.
At the moment there is no official supply from Rolex, but they are using what’s called parallel import and get most of their watches from Hong Kong and UAE.