Aaquil

I was wondering whether this would be worth considering with all this economic meltdown going on...I was aondering whether buying a Rolex watch for each of my two sons and keeping it all packaged up so if they needed the capital later they could sell it 20 -30 years down the line.

My father-in-law was given a Rolex as a gift from his father when he was 20 years old. He wore it (so was worn and slightly scratched). He recently gave it to his son (my brother in law). He got it valued and it was undervalued (according to my father in law) but was at least quote a few thousand pounds!!! (£3500 - 4500?).

Is it worth considering?


Thanks

Aaquil.

GC8

Youd be a damned sight better off putting the money in a savings account for them. Rolex watches lose money on the whole and its only inflation that gives the appearance of a 'return'. £6,000 in a high interest savings account with the interest re-invested will grow in real terms. £6,000 frittered away on a pair of Datejusts wont be worth the then equivalent or what they cost in twenty years.

fivetide

iTrader: (1)

spot on. bang it in a savings account with a guaranteed 6% and leave it there.

5t.

Aaquil

Thanks for the replies guys I appreciate the advice.

Aaquil

By the way as a Muslim I cannot take or give interest...so high interest accounts are not really an option. I have invested in a very small amount of gold from 'Bullion vault' but I need other ways to invest.

Any help you are a resourceful lot...I am sure I will get some good help.

marky1

Pretty sure some of the high street banks cater to your religious requirements these days.

paulr

Stick to the basics, a watch is for telling the time. I'd never buy a watch as an investment.

stilover

If it was a limited edition, when maybe, but a Rolex limited Edition watch will be slightly more than £3/4k.

petey

so just to be clear you can't invest in a bank why?

don't mean to offend just curious?

is it purely that you can't make interest on the money?

BIG FUD

iTrader: (84)

Im guessig the bank uses his money as a loan or credit ect ect and pays him interest he cant accept interest .....

Luan Pra bang

You can buy the watch as a gift that they could turn into cash one day if an emergency happend but ultimately if there was no pleasure to be had in owning the watch then it is a waste of money. If you do buy some buy a second hand one cheap from a well known watch dealer and minimise the risk of losses. Ask Yoza for advice on what kind of rolex will lose the least amount of cash in the first few years. Also there might be some bargains to be had during the credit crunch. A man I know is seling a diamond valued for insurance at 50k (real value probably 20k) and he cannot get bids of more than 5k from any jeweler at the moment.

JPL

Yes.. but why? Why as a muslim can you invest in gold, but not accept interest off your own money from a bank

Not offending either, just curious.

speedking

Sharia law HTH

RRH

As previously mentioned, they're good as 'currency'- they can always be converted to cash pretty quickly.

What model to buy would be the question; a friend of mine has three milsub's in his safe which are now worth a fortune. Current issue subs will drop a bit once the new model comes out. Stainless Daytonas seem to do well, but aren't everyone's cup of tea, and thats no guarantee that they'll continue to do well.

Aaquil

Well I am no scholar just a simple practising Muslim kind of guy...the principle is that we cannot take interest without having involved some kind of effort in gaining the money or risk.

Gold can increase and decrease in value...I could easily make or lose money it ensure that I also rely upon my Lord for success in my transactions knowing that at the end of the day aid and assistance only comes from my Creator.

The other issue is that in so many cases Interest is a way in which so many people are trapped and oppressed (Third world debt etc.) so that is really it.

I have my money in 'Interest free' accounts (clearly if i go overdrawn I pay a charge). At the end of the day I choose to live my life as a practising Mulsim and I have to live with the lifestyle I choose. I do not want or request any special dispensation due to that.

However, I would like to find ways or means to invest my money for the future...and no...no offence taken whatsoever...

Anyone of you guys are welcome to ask any questions you like no matter how strange or 'offensive' it may seem...if I can answer I will.

Thank you again for all the helpful replies.

Regards to all

Aaquil.

GC8

£6,000 worth of gold (real gold, in your hand, not in bullionvault.com) would be a better investment over the long term than £6,000 worth of Rolex watches too. Dont be tempted by Gold Rolexes either: Rolex are notorious for inflating the prices of their precious metal watches and their residuals are weak.

Aaquil

Thanks for that...were would you buy the real gold from?

RRH

An associate of mine has just bought a BNWT Ceramic GMTII in yellow with green face. Sounds horrible but its real nice.

I think the list was circa £11k- he paid just over £7k.

As GC8 suggests, gold Rolex aren't a real good investment opportunity.

marky1

BBC NEWS | Business | Islamic banking 'goes mainstream'

yoza

Here is how it is....

If you were lucky enough to be a prefered customer to a large jewellery chain and you managed to procure x5 MILGAUSS GREEN of list price @£3380.00.
Then EASILY moved them on at the going rate for a new unworn piece with all plastics still in place at £4600.00 then you make a nice return £6100.00.

Check for recently sold Milgauss Green on E-bay for a price idea....

Now then, this doesnt mean that in 5/6/7 years time you will make this return, as the piece may have gone out of favour, or the market flooded with the particular piece, and therefore ruined.

You need to have a feel for what is the latest quest, the next 'I want watch'.

As for making money against your Gods wishes, thats simple....dont tell him.

Later Yoza

yoza

Discount watches - Breitling, Cartier, Ebel, Omega, Rolex by Delicious Watches

Unbelievable.......£6500.00

r32

What about stainless Daytona's ? They make an instant profit, if you can wait the 4 or 5 years. Order them, pay the deposit and sit back and wait. Yozza what do you think?

But best by actual bullion.....

yoza

Just a note on re-selling en-vogue Rolex's, buyers are extremely picky at what they buy, for good money they want:-

An unworn watch, and they mean unworn!

With everything that came with it, reciept, box, tags, papers, card, wallet, outer box, no links extracted, and all plastics attached not just the plastic bezel protector ring, but all stick on plastics around the strap, case and rear.

Daytona's are a profit making model, always have been....but profits are not as massive as they once were.

Not obligatory to wait 4-5 years for one at RRP though.

Andy (the one I sold an Omega GMT to) if you are reading this....are you still waiting for your Daytona?

Or did you spew it?

Rolex marketing is very clever, you have to hand it to them.

PS. Am I alone in thinking the Milgauss looks and feels like an entry level AirKing ?

Later Yoza

Aaquil

Thanks for all the numerous replies...listen where do I buy real gold from without being ripped off and how much do the Daytona watches usually go for and where is it 'safe' to buy them from?

scoobynutta555

I have a couple of Rolex watches which are worn constantly ( I've given one to my dad to wear) and I certainly didn't buy them as an investment.

IIRC there are some sharia compliant banks that you'd be better off investing in.

Deep Singh

Don't buy gold on ebay!!

www.coininvestdirect.com

They seem to be very competitive on price compared to others and I have heard good things about them.

Go for Kruggerands to keep things simple

www.goldline.co.uk are very reputable but more expensive, compare the prices yourself.

Happy investing and happy eid