Verado is an up-and-coming online marketplace for pre-owned high-quality premium and luxury watches. Founded in 2016, the London-based digital platform (formerly known as Watchr) allows buyers and sellers to trade second-hand luxury timepieces in a safe space.
Claudio de Giovanni, Verado founder
The idea for Verado (from the Italian word ‘vero’ for authentic or ‘ver’ as in verify) came from the site owner, Claudio de Giovanni. His own experiences in trying to buy jewelry and a watch proved frustrating. He was trying to buy a Chopard necklace for his girlfriend on the second-hand market but he couldn’t find consistency in pricing or receive transparency about the quality. Similarly, there was no indication of how an item’s authenticity was being verified. The same was true when buying a Rolex watch for himself. Coming from a background in tech and online marketplaces, the answer was very clear to Claudio.
Buying and Selling the Verado way
Verado uses technology to remove any doubt of authenticity by completing fraud checks on its sellers and providing the best product valuation. All timepieces go through a verification process by certified watch specialists to ensure their validity. Verado aims to build trust in the pre-owned market, using processes which guarantee buyers are getting the real deal at the right price.
The Verado team
The site works by processing every seller and timepiece which must comply with strict entry requirements.
Sellers and their item(s) go through Verado’s digital verification process, which confirms the seller’s identity and provides watch authentication. First, watches are checked digitally via photographs, the product reference number is then cross-referenced and the serial number is verified. Next, a physical inspection takes places, this time by Verado’s watch manufacturer-certified partners. The watch is collected from the seller and is sent out for evaluation. This way, watch enthusiasts and collectors can buy in confidence knowing only authenticated watches will be sold via the platform.
The product verification procedures carried out by some of the UK’s leading watch service centers are extremely stringent. Verado’s trusted watch partners include AMJ Watch Services, WTC Watch Repairers and Prestige Time Services. Between them, they have years of experience in the field and are certified by such watchmakers as Rolex and Omega, amongst others.
An overall check of the watch condition is undertaken to ensure there are no discrepancies with the original listing. The watch box and documentation are then double-checked for authenticity. The watch mechanism is also reviewed, where inspectors look for any key indicators of inauthenticity, for example, incorrect movement calibre. All parts from the hands to the crown to the case-back are inspected to make sure they are authentic and have not been replaced. Only after successful completion is a watch sale processed.
When it comes to valuation, Verado removes any pricing bias. Their proprietary technology tracks hundreds of data points on past and current market trends. The data obtained is used to establish an accurate listing price, satisfying both buyer and seller expectations.
There are no mark-ups or mark-downs. Additionally, buyers are able to inquire about a particular watch of interest and sellers are able to offer discounts on the listed price, if they wish to do so.
Transparency and convenience in the user experience are at the heart of what Verado offers. Their mission is to connect watch enthusiasts and collectors in a trusting environment where they can confidently trade with peace of mind. Verado centralizes all transactions into its easy-to-use platform. Transparency is key, even when it comes to their fee. Verado only takes up to 10% of the final selling price (as charged to the buyer) to cover the authentication process.
To learn more or to review Verado’s thousands of listings, browse their timepieces here