Inside the pre-owned watch boom with Elizabeth Oliver of Oliver Smith Jeweler

Oliver Smith Jeweler has spent more than four decades serving luxury clients across Arizona and Colorado. Today, it’s not just known for its jewelry. Over the past several years, the business has become a major force in the pre-owned watch world, thanks in part to the leadership of Managing Director Elizabeth Oliver, daughter of company founder, Oliver Smith. 

‍

As a longtime Clientbook customer, Oliver Smith Jeweler is known for blending tradition with innovation, and that approach was on full display during Elizabeth’s session at this year’s JCK Talks. She shared how their team navigated the shift from jewelry to watches, what it takes to succeed in pre-owned, and why it’s not enough to just stock great inventory anymore.

Pre-owned started as a side experiment but became the main event

“Our journey into pre-owned watches really started by accident,” Elizabeth said. “We had clients come in and say, ‘You’re asking $100,000 for a watch? That’s crazy.’ Then a few weeks later, they’d come back and say, ‘I can’t stop thinking about that watch. I have three others—would you take them in trade?’”

‍

That kind of customer behavior opened the door to a new business model. Since then, Oliver Smith has leaned hard into the watch world, catching the right wave at the right time. “We really got pretty heavy into it from 2015 to 2018 and kind of caught the right ride of COVID.”

‍

Pricing pre-owned is harder, and more critical, than it looks

Elizabeth was candid about the challenges of pricing in today’s market. “That’s probably the hardest thing about pre-owned—figuring out the pricing,” she said. “The margin is really strong, but you’ve got to supply the product at the right value.”

‍

She mentioned that while they once relied on resources like Chrono24 to benchmark pricing, the landscape has changed. “Sometimes those prices are a little skewed and not accurate to what we see going on in the market,” she explained. “So we’ve adjusted.”

‍

Not every client is worth chasing

“One thing I’ve been thinking about a lot is, what client do you want to go after—and who’s worth fighting for?” Elizabeth asked the crowd.

‍

She outlined three types of watch customers:

• The one who only buys new
• The one who wants brand-certified pre-owned
• The one crawling the internet for the best deal

“You don’t have to win all of them,” she said. “You just have to know who your client is and serve them well.”

If you’re going to do pre-owned, you need a watch person

“The one thing, if you’re thinking about getting in the pre-owned world, is you need a watch person on your staff,” Elizabeth said. “You need an expert watch nerd who’s obsessed with watches and can talk to clients. That was really key to our success.”

‍

That culture of watch enthusiasm has shaped their team. “Now, most of our staff are watch nerds. A few years ago, they were jewelry nerds.”

‍

Authentication is no joke

“With Rolex, AP, and Patek we’re seeing more and more super fakes,” Elizabeth warned. “We can’t always tell from the outside. Sometimes you have to open it up and look at the movement.”

‍

She shared a story of turning away a Royal Oak with one misaligned screw. “We knew AP wouldn’t let a watch out like that. Someone had gotten into it and didn’t know what they were doing. So we sent it back.”

‍

Her advice: “You have to have someone who can open them up—especially Rolex—and really know what they’re looking at.”

‍

‍

The demand for transparency is creating new opportunities

Elizabeth noted that their clients are tired of “playing the game” when it comes to high-demand brands like Rolex and AP. “They don’t understand why they can’t walk into a store and purchase what’s on display.”

‍

That frustration has fueled demand for newer, under-the-radar brands. “We love Parmigiani Fleurier. We’ve also been working with Marie Von—they’re doing some really amazing things right now,” she said. “Clients are looking for something different.”

‍

Community is a competitive advantage

In 2023, Elizabeth and her team launched Watch Week Aspen, a citywide celebration of watch culture that brought together competitors and partners alike.

‍

“It’s a great little mountain town with a strong sense of community,” she said. “So we partnered with the Chamber of Commerce and got all the watch boutiques to put on unique events. This year will be our second—we have 15 brands participating, watchmakers flying out, cocktail hours, the works.”

‍

‍

What jewelers can take away

Elizabeth Oliver’s session offered more than just insight into the watch market. It was a clear reminder that long-term success in luxury retail requires adaptability, focus, and a deep understanding of your customers. From building a team of true watch experts to navigating the delicate balance between new and pre-owned inventory, she showed what it takes to lead with intention.

‍

Pre-owned isn’t a passing trend. For retailers willing to invest in trust, transparency, and specialization, it’s a growth opportunity with staying power.

‍

As a Clientbook customer, Oliver Smith Jeweler stands out as a business that honors its legacy while continuing to evolve. Their approach is a model for how jewelers can thrive by combining experience, expertise, and a willingness to do things differently.

‍