Is Flipping Watches In NYC Diamond District Profitable?

Quick Overview

Flipping a Rolex Sky-Dweller in NYC's Diamond District proved profitable for the host, who successfully sold the watch for $29,500 after an initial break-even cost of $29,000, resulting in a $500 profit, despite facing counter-offers as low as $28,500 from one dealer.

Key Points: The host attempted to flip a gold Rolex Sky-Dweller in NYC's Diamond District, which had a break-even cost of $29,000 (00:50). The first dealer offered $27,000, which was below the break-even cost (02:33). The second dealer offered $25,000, which the host also declined (04:05). The third attempt resulted in an offer of $28,500, which the host rejected, noting his cost was $29,000 (06:23). The host successfully sold the watch in the final attempt for $29,500, achieving a $500 profit over the break-even cost (11:09). During negotiations, one dealer mentioned that the watch's bezel was beat up, and another dealer (Benny) suggested the host should have gotten $30,000 for it (02:33, 09:06). The host used the online marketplace Chrono24 to check prices, noting that listings ranged from $29,875 to $41,000 (03:44).

Context: The video follows a 'Fast Flips' format where the host interviews various dealers in New York City's 47th Street Diamond District, attempting to sell a specific gold Rolex Sky-Dweller for a profit. The host aims to sell the watch for more than his break-even cost of $29,000, navigating multiple offers and negotiations with different jewelers throughout the district.

Detailed Analysis

The video documents the host's attempts to flip a gold Rolex Sky-Dweller in the NYC Diamond District, aiming to sell it for more than his break-even cost of $29,000. The host first interacts with a dealer who offers $27,000 (02:33), which is too low. He then approaches another dealer who offers $25,000 (04:05). During this negotiation, the host checks Chrono24 listings, seeing prices around $30,000 to $41,000 (03:44). He then negotiates with a dealer named Benny (08:22) at 'The Watch King NYC' (06:09), who initially offers $28,500, claiming his cost was $29,000, but he was willing to take a $500 loss to help the host (09:17). The host jokes about trading the watch for a Toyota Corolla's worth of rings or the watch plus a $500 credit for earrings, but Benny ultimately counters with $28,500, stating his cost was $28,500. In the final attempt at a different store (Central P. Inc.), the host meets a dealer who offers $29,000, matching the break-even cost (10:52). The host then pushes for $29,500, and the dealer agrees, leading to a successful sale at $29,500 (11:09), resulting in a $500 profit for the host.