【Miami, Flori】Dispatch: Behind the Scenes of a Massive Gray Market Show

The International Watch & Jewelry Guild, commonly known as “IWJG,” is a widely recognized organization among industry insiders, with over 8,400 members from 77 countries worldwide. According to its official website, the IWJG is “the world’s most active central marketplace for acquiring, buying, selling, and trading fine watches, vintage watches, collector’s pieces, estate jewelry, and rare diamonds.” In my view, IWJG shows are the epicenter of the watch industry’s “gray market,” where pre-owned Rolexes are lined up in abundance, and watches like the recently released Cvstos or Paul Newman Daytonas are crammed into the same venue. And if you hold a reseller certificate, you can negotiate and purchase these watches.

IWJG shows are held about ten times a year, almost monthly. Wholesalers from around the world gather to supply goods primarily to buyers based in the United States. From what I observed, exhibitors also came from Hong Kong and Japan. Among the buyers are dealers who sell directly to end-users via Instagram, TikTok, or online stores, but most are wholesalers supplying other wholesalers, forming a chain of ownership that leads to independent retailers—part of the gray market distribution network.
A significant portion of the pre-owned watches displayed in local jewelry store showcases likely passed through these booths. The fundamental purpose of this show is to liquidate unsold inventory from a region or country or to exchange it for more liquid goods.

I was in Miami to attend the Original Miami Beach Antique Show (a vintage-focused show I will discuss later). During that time, I received an invitation from Joe Nelson, the Executive Director of IWJG, which gave me the opportunity to attend this show. This is not typically a place where “press” or “media” set foot. While some sellers post YouTube videos of transactions at their booths, that is fundamentally different. To actually participate in the show, I had to become a member by paying the annual fee and covering the admission cost. After completing the registration, the badge I received was labeled “buyer.” It had been years since I last held such a title. After the paperwork was done, I was greeted at the entrance by two armed security guards. They informed me that photography inside the show was strictly prohibited. My pleas were in vain, so I had to leave my beloved Leica at the reception.

This show is not merely a “caveat emptor” market; IWJG members are required to operate based on a 28-point mutual contract. The most crucial clauses in this contract involve ensuring transparency about goods (non-original parts or diamonds must be disclosed), a $100 fee for bounced checks, and strict adherence to agreed-upon shipping dates. According to Joe Nelson, members must strictly follow these rules.

If this is not adhered to, a mediation committee elected from the members resolves disputes.

In addition to participating as media, I had to be cautious when approaching booths because I wore a badge labeled “buyer.” IWJG members were very friendly, but it was clear that this was a venue for buyers and sellers to transact. However, enjoying the same venue for socializing is entirely different from actually conducting business; ultimately, sellers need sales to recoup their travel expenses. At one booth, several watches were displayed, with Rolex-related accessories (old boxes, manuals, cleaning cloths, etc.) particularly catching my eye. A sign above the seller’s head indicated his “base,” which bore the name of a distant country in the Middle East. As the booth was temporarily empty, I approached, which seemed to quickly attract the seller’s attention. He swiftly read my badge and asked, “Rich, what are you here to buy today?” As I began to answer, “I’m not shopping today, actually I have a few questions for an article—” he had already shifted his gaze to the next visitor, asking, “Jeff, what are you here to buy today?”
But this is the reality of a trade show. The first few hours of the two-day show are particularly crucial for serious negotiations, and booth sellers have no time to spare for visitors without the intent to buy. That’s understandable.

While the show’s core is undoubtedly trading current models, vintage treasures can be found, or at least seen. On the opposite side of the ballroom at the Hilton Miami Airport Blue Lagoon, I found a slightly friendlier booth run by a couple from El Paso, Texas. Their store, El Paso Jewelry Exchange, leverages its location, boasting the unique advantage of being able to acquire “fresh” vintage watches brought in directly for sale. Their booth featured a Rolex Ref.1680 “Red Sub” with Cartier-signed dial and a Paul Newman Daytona, which were among the first to be showcased at this show. A vintage dealer from Barcelona picked up a loupe and meticulously inspected the Daytona, but ultimately passed on the $150,000 asking price, moving to the next booth without attempting to negotiate.
A few minutes later, I met Michael Weisberg, an old friend of HODINKEE and a past guest on HODINKEE Radio. He was carefully examining an early Milgauss. The term “dealer” is used very broadly in the watch industry, but Weisberg is a true expert who transcends that label. However, the Milgauss he was looking at had some slightly unnatural aspects, which even the seller hadn’t noticed. Weisberg passed on buying the watch and shared his opinion with the seller. Afterwards, the watch was returned to its case, noticeably turned dial-down, a more subdued position compared to its previous proud display. The fate of that watch will be decided after the seller reconsiders how to handle that “somewhat incorrect” vintage Rolex.

Contrary to such individual episodes, active buying and selling were indeed happening at the IWJG. When I approached a Hong Kong booth, two boxes filled with numerous watches were placed on the seller’s showcase, almost obscuring the view of the products. The seller told me, “Come back in about an hour.” He was in the middle of creating an invoice for a bulk sale of dozens of Rolex and Cartier watches to another buyer.
Seeing this, one might wonder which brands are popular at such a show. At least half of the traded watches are Rolex, with Cartier making up most of the remainder. But that’s not all; the charm of IWJG lies in the presence of niche and interesting watches. Ariel Shimunov of Midtown Watch Inc., operating on 47th Street in New York, is a regular who, along with his son Michael, travels from wintry New York to sunny Miami every January to set up a booth.
For him, setting up a booth isn’t just about selling; “searching for quirky and unique watches” is also a key objective. Shimunov is known on 47th Street for handling such watches, and in Miami, he actively seeks out niche pre-owned watches. He targets uniquely individual models like gem-set Franck Mullers, Harry Winston’s Première Bi-Rétrograde, and Girard-Perregaux’s Three Bridges Tourbillon.

Among the major players participating in the gray market, Roman Sharf of Luxury Bazaar stood out particularly. I have attended other trade shows where Luxury Bazaar exhibited and have even purchased watches from Sharf and his team. Even in a venue like the IWJG where various watches are gathered, the products he handles are exceptionally unique. His lineup is broad, ranging from diverse models of current sports Rolexes to David Candaux tourbillons. When asked what sells, Sharf immediately answered, “Rolex,” then paused briefly, pointed to several watches for which invoices were being created, and added,

In the end, every watch sells if the right price is offered.