Are local ADs safe?

[gallardofever]

Hey folks!

I came across a video on YouTube describing how fake gold bars were solw to reputable dealers without them knowing. These people purchased the real McCoy and hollowed out the core of the gold bars and infill them with metal of equivalent weight. They sell whatever is being hollowed out. Since these gold bars came with authentication papers and looked real on the outside, experienced and reputable dealers were fooled.

Now, if you relate this incident back to the world of watch collection, think this could happen? Anybody knows what kind of measures ADs take to ensure this will not happen? Are they vulnerable?

[skydweller_sg]

now you know why the US government refused germany's request to retrieve their gold bars stored in the fed reserve bank
is there even evidence that the gold actually exists, other than the word of the fed?

[lufu]

Hey folks!

I came across a video on YouTube describing how fake gold bars were solw to reputable dealers without them knowing. These people purchased the real McCoy and hollowed out the core of the gold bars and infill them with metal of equivalent weight. They sell whatever is being hollowed out. Since these gold bars came with authentication papers and looked real on the outside, experienced and reputable dealers were fooled.

Now, if you relate this incident back to the world of watch collection, think this could happen? Anybody knows what kind of measures ADs take to ensure this will not happen? Are they vulnerable?

SG ADs should be okay. Most of them are public listed and has some level of accountability.

Overseas dealer. One got to be very careful. Especially smaller ones. You only have to trust the brand to do the "police work" and revoke the AD rights if there were misbehaviour.

Some overseas AD looks really dodgy.

[shou.biao.kuang]

now you know why the US government refused germany's request to retrieve their gold bars stored in the fed reserve bank
is there even evidence that the gold actually exists, other than the word of the fed?

Right on! I saw a documentary some time back on the US Fed's gold reserve vaults. Many years ago, there was once they opened up one of the vaults for the public to examin the content and number of gold bars within the Fed Reserve Bank. The story had it that the number of gold bars countered by the visiting journalists and officials did not match up to what the US Government claimed they have in reserve. Although it was only one vault that was opened for "viewing", to have the amount the Fed claimed they have, they need to have many many times more vaults than what was shown to the public.. doddgy huh?

Anyone saw that documentary too? Did I mis-understood some of the contents presented?

[shou.biao.kuang]

Some overseas AD looks really dodgy.

Rolex ADs generally ok?

[gallardofever]

I called up ION to find out if they do authentication service. For a fee, they will help to send the watch back to Panerai for authentication. Should they were to receive a fake from an unknowing customer for repair or servicing, they will just inform the customer that "the watch is beyond repair or no spare parts available for the watch". They presume the customer will take the hint.

[azrielsc]

I called up ION to find out if they do authentication service. For a fee, they will help to send the watch back to Panerai for authentication. Should they were to receive a fake from an unknowing customer for repair or servicing, they will just inform the customer that "the watch is beyond repair or no spare parts available for the watch". They presume the customer will take the hint.

I wonder why would they beat around the bush and not go straight to the point??!! Unless Panerai does not want to cause any heart attack deaths!

It is better to tell the truth and then educate the poor person about the differences between an original and a fake. It can actually generate goodwill and entice the person to purchase an original Pam from Panerai!

[shou.biao.kuang]

...entice the person to purchase an original Pam from Panerai!

Maybe the buyer got conned? Otherwise, who in their right mind who buy a $100 fake and spend another $100 to authenticate? Tell him the truth and he may still have a chance to get his money back from the seller!

[gallardofever]

I wonder why would they beat around the bush and not go straight to the point??!! Unless Panerai does not want to cause any heart attack deaths!

It is better to tell the truth and then educate the poor person about the differences between an original and a fake. It can actually generate goodwill and entice the person to purchase an original Pam from Panerai!

I did asked him why can't they just tell the customer straight. He was saying something to the effect that that will create bad vibe / negative PR, etc and it is common practice to deal with this kind of issue.

[gallardofever]

Maybe the buyer got conned? Otherwise, who in their right mind who buy a $100 fake and spend another $100 to authenticate? Tell him the truth and he may still have a chance to get his money back from the seller!

If I've paid $100 for a Panerai, of course it doesn't make sense to have it authenticated. I was referring to those who have paid a premium for a fake watch. If fakes are that good then how safe is it to purchase from the dealers, especially 2nd hand dealers. They might have fallen victim as well.

[gallardofever]

If anyone is interested, Panerai charges $1200 for authentication. Takes about 4 weeks.

[gallardofever]

Servicing no need to fly back to Swiss right? Authentication have to.

[Jamesu]

If this is the case, then I would rather send it in for servicing at a cheaper cost and also will know the watch is authentic.

[gallardofever]

yeah, its seems to make more sense to just have the watch serviced.

[shou.biao.kuang]

If anyone is interested, Panerai charges $1200 for authentication. Takes about 4 weeks.

You serious? wow... than a PAM is not for me, not at the moment this is insane...