Research · Edition 2026-11

Used Rolex prices: Singapore vs Hong Kong vs Japan

On 10 November 2026, dealers in Singapore asked 16.9% less than the worldwide median for the same used Rolex references, dealers in Hong Kong 9.8% less and dealers in Japan 0.3% less. Singapore and Hong Kong were reliably below the worldwide median; Japan was in line with it.

Data snapshot: 10 November 2026
Published: 11 November 2026
Singapore: references: 27
Hong Kong: references: 46
Japan: references: 134
In all three: 6 references

Three markets against the worldwide median

For each reference with at least 5 listings in a market and priced in at least 3 countries, the study set the market's median asking price against that reference's worldwide median. A market's gap is the middle of those comparisons, so a market that stocks more gold watches does not look dearer for that reason.

Under the study's five robustness checks, Singapore's figure stayed between −20.8% and −15.6%, Hong Kong's figure between −10.7% and −7.8% and Japan's figure between −0.9% and +0.1%. Singapore's and Hong Kong's 95% ranges do not overlap. Japan is one of 11 of the 16 ranked countries within 5% of the worldwide median either way.

Market	Gap vs worldwide median	95% range	References	Listings	Dealers	Largest dealer's share
Singapore	−16.9%	−19.0% to −13.8%	27	266	6	52%
Hong Kong	−9.8%	−12.1% to −7.1%	46	322	5	30%
Japan	−0.3%	−1.3% to +0.5%	134	2,559	8	48%

References, listings and dealers are those compared in the market. Each market's references are those its own dealers stock, so Singapore's 27, Hong Kong's 46 and Japan's 134 are different sets.

The same six references in all three

These are all the references with at least 5 listings in each of the three markets, not a selection. Singapore's median was below the worldwide median for all six, Hong Kong's for all six and Japan's for two of the six. Each figure rests on few listings (the count is under each price), so read single rows with care.

Reference	Worldwide median	Singapore	Hong Kong	Japan
116523Cosmograph Daytona	$20,824	$18,167−12.8% · 6 listings	$16,336−21.6% · 6 listings	$20,729−0.5% · 7 listings
126234Datejust	$14,520	$13,230−8.9% · 7 listings	$13,095−9.8% · 11 listings	$15,514+6.8% · 30 listings
16570Explorer II	$9,148	$7,489−18.1% · 5 listings	$7,385−19.3% · 9 listings	$9,190+0.5% · 52 listings
116660Sea-Dweller	$10,950	$8,906−18.7% · 7 listings	$8,572−21.7% · 10 listings	$10,551−3.6% · 13 listings
116610LNSubmariner	$12,599	$10,783−14.4% · 5 listings	$10,804−14.2% · 9 listings	$13,248+5.2% · 25 listings
116610LVSubmariner	$21,508	$19,542−9.1% · 5 listings	$19,463−9.5% · 5 listings	$22,208+3.3% · 14 listings

Median asking prices in US dollars at the exchange rates of 10 November 2026, with the gap against the worldwide median and the number of listings in that market.

Tax notes for visitors

The study did not record whether dealers' prices in Singapore and Hong Kong include tax, and Japanese dealers' prices mostly include Japan's consumption tax. The figures above compare listed prices as they stand, not what a visitor pays after any refund.

Singapore

Singapore's GST rate is 9%.¹ Under the Tourist Refund Scheme, eligible visitors can claim GST back on purchases of at least SGD 100, including GST, from retailers that operate the scheme; not all retailers do. The goods must leave Singapore with the visitor through Changi or Seletar Airport within 2 months of the purchase, and Singapore citizens and permanent residents cannot claim.² Ask the dealer whether it operates the scheme and whether that watch qualifies.

Hong Kong

Hong Kong has no VAT or sales tax.³

Japan

Japan's standard consumption tax rate is 10%.⁴ For purchases on or after 1 November 2026, visitors buying at a tax-free shop pay the tax-inclusive price, and an amount equal to the tax is refunded once customs confirms on departure that the goods are leaving Japan,⁵ which must happen within 90 days of the purchase.⁶ More on the Japan page.

Bringing a watch home may make it liable to import duty and VAT or sales tax in your own country, and duty-free allowances differ. Check with your own customs authority before you travel. These notes describe official rules; they are not tax or legal advice, and the dealer should confirm what applies to a given watch.

Sources

IRAS: prevailing GST rate, read on 11 November 2026
IRAS: Tourist Refund Scheme, read on 11 November 2026
Hong Kong government (HKengage): shopping in Hong Kong, read on 11 November 2026
National Tax Agency of Japan: consumption tax rates, read on 11 November 2026
Japan Tourism Agency: what is the refund method?, read on 11 November 2026
Japan Tourism Agency: questions from travellers (refund method), read on 11 November 2026

What this does and does not mean

Asking prices, not sale prices. Dealers may sell below them.
One day, one set of exchange rates. The figures are for 10 November 2026, converted from Singapore dollars, Hong Kong dollars and yen to US dollars at that day's rates. A currency move shifts a market's figure by about the same amount.
Few dealers. Singapore's figure rests on 6 dealers, the largest holding 52% of its compared listings; Hong Kong's on 5 (30%); Japan's on 8 (48%). One dealer changing its prices can move a market.
Box and papers are not controlled. Dealers in Hong Kong and Japan do not state whether a watch comes with its box and papers, so complete and incomplete sets are mixed.
Frozen, not live. These are the study's figures for 10 November 2026 and will not change. Rolex prices by country is recomputed every day with looser thresholds, so its figures on any later day differ from these.