Navigating the Tbilisi Watch Market with Roni Kosashvili

Join us for a riveting conversation with Roni, our good friend from Tbilisi, Georgia, who dives into the ticking world of luxury watches. Roni's chronicle of founding his own company, overcoming hurdles in the Georgian market, and shifting watch cultures is, without a doubt, a narrative you can't afford to miss. He illuminates the nuances of running an online watch business, the thrill of hunting down the perfect shop location, and the delicate art of customer service.

The conversation takes a turn around the Rolex of the watch market, and we navigate the recent shifts together. From the ripples caused by Rolex's acquisition of Bucherer to the pandemic's impact on luxury watch prices, Roni provides an insider's perspective. You'll get a glimpse into the unique market dynamics in the U.S. and Europe, as well as how consumer preferences are shaping these markets. Our candid discussion with Roni highlights the current shift from investing in watches to purchasing what you truly love.

The episode concludes with an intriguing journey into the world of pawn shop watch shopping in Vegas and the challenges of working online in the watch industry. We dissect how desperate times can lead to desperate deals, with luxury watches being sold for much less than retail price. As the hands of the clock wind down, we investigate the price drop in luxury watches caused by the pandemic and Roni's formula for building a successful online watch business. Prepare yourself for a tour of the evolving world of watches, the rise and fall of luxury watch prices, and the power of reputation and respect in the online market.

Be sure to check out Roni on Instagram:
https://www.instagram.com/timecenter_tbilisii

Transcript

Blake Rea: 0:00

Welcome to another edition of the Lonely Wrists podcast. Today we have my good brother, rony from Georgia, from Tbilisi, reporting in. You need no introduction here, but please tell everybody what you do, hi everybody, my name is Rony.

Roni Kosashvili: 0:21

I'm from Georgia Tbilisi, not the state of USA.

Justin Summers: 0:26

Georgia Go Georgia Tech. Hi, I'm from Georgia.

Roni Kosashvili: 0:31

And I am in the watch business a dealer from Tbilisi buying, selling watches and we are already operating here from 2016. At the end of 2016, we established as a company time center. As for now, we are working online because we are looking for a new location and hopefully soon we will find new one and we will start already with the shop again.

Blake Rea: 1:04

A little bit of context on how I met Roni. I was living in Georgia for I don't know like seven or eight months or something and of course, me being a watch guy, I went to like all the watch stores that I could and the first store the first day I met Roni. And then we've been like good friends ever since, like we would go to dinner, like we would like we didn't get a chance to like really drink too much, but yeah, I mean I would always come to his office and spend hours just hanging out with him, just shooting the shit, and yeah, we've been friends.

Roni Kosashvili: 1:47

I was just curious about operating about the prices of the watches. At times they were raising, raising and raising. So good times it was.

Blake Rea: 1:59

He helped me with a lot of my custom Panerai straps which I got from my Radimir and yeah, yeah, I mean he was just always there for me.

Justin Summers: 2:08

So appreciate it. That's pretty cool. Nice to have you on Roni, and Blake's told me a lot about you as well. Man, I've heard many stories. I'm sure he wore you out with the time that he spent with you talking about watches while he was spending his time there.

Roni Kosashvili: 2:24

Yes, he loves watches.

Blake Rea: 2:27

He has a good collection, by the way, and I know all about it, oh, yeah, I don't think I wore him out as much as anybody else there, because I would sit there and you know I spent a little bit of money, not a lot of money, but you know you have people sit there hanging out with them, that wouldn't spend any money. Yeah, I'll just sit there.

Roni Kosashvili: 2:47

Yes, in Georgia, to tell the truth, the culture of the watches. He's just getting started to tell the truth, because in Georgia it was like people used to wear fake Patek Philips rather than original Longin, for example, longinus Right. So now about like five, 10 years, five, seven years maybe, it all started to change. So people started to go into the mind that it's better to wear real one and original one rather the fake one. So now we are getting into more the watch industry.

Blake Rea: 3:26

let's say I think, yeah, I think it'd be. I was glad to have you on cause the watch market. You know we talked about this for a long time. The watch market's not very mature, so a lot of our listeners are from, like you know, us, canada. So you know we're used to a super mature watch market. You know, and yeah, I'm curious to know, like you never really told me the backstory on how you got into trading watches and then eventually opened your store. So give us some details here.

Roni Kosashvili: 4:01

The story is that my partner, who is in this business, he's in Europe now he's located in Vienna. He used to be in this business for a long time and first he started in Belgium and then he moved to Vienna. So his idea was to start the business in Tbilisi too, because it has an attraction, it's a business itself in this country. So we decided to start it. Then we started just buying the watches and our segment was outside Georgia, like we used to sell many watches in Europe, sending it and so on and so on. After that, after eight months, we decided to open a shop on Pekini Street and we started with the shop, with selling and buying the watches, changing servicing and we have the full complex of the service. It was going really good, everything, but then Corona made to know about itself. So everything changed in that moment because Corona changed many things in businesses and many businesses closed. It went very slow and so on and so on.

Roni Kosashvili: 5:23

But the real reason of closing the shop on Pekini was the owner of the shop, which was very strange and let's say I don't talk about people bad, but he was really bad man who just didn't realize what's going on with Corona and he said, just went to make a pay raise. So I said, okay, no pay raise, we just split. And then we moved to Wacka, near the Hilton Hotel, and the same was there two years we were working there and when the two years passed, the owner just came and said that I want a pay raise in one, one like 100% pay raise. So I said, okay, we just split. That is the reason why now we don't have a shop and we operate just online. Now I'm just searching a shop to buy and to start again, without rent, without the owners who will come and pay raise every month or every year. So this is the point why I'm looking for a shop to buy on a good place and to have all the service there the watchmaker, changing the watches, trading, selling, buying and so on.

Blake Rea: 6:44

Yeah, for most people who don't know, it's very landlord friendly. All of the properties, the real estate, the landlord can pretty much do whatever they want and nobody has to answer. So one day your rent can be this or you're you know, and then the next day they can come and literally kick you out or, you know, ask for more money on a moment's notice.

Roni Kosashvili: 7:12

You were living in the rent here and so you know how it's. So it's very strange here, but you cannot do anything with it. Like the situation of the war when the war started and many Russians came, the price is raised. Everybody wanted more. They kicked out some people from their places in the thinking that they will rent in high prices, but now the guys left and now they are left without anything. So very strange situation, but it's how they are used to it, so you cannot do anything about it.

Justin Summers: 7:52

Yeah, it definitely affects your market as well. I mean, especially if you had a storefront. I mean you've got people that are essentially, you know, losing homes and things like that. They're they're not really looking to purchase watches and things. So I know that was very tough.

Roni Kosashvili: 8:06

There is a category always who loves watches and the most thing is the trading, I think, because many of the clients and many people, as I see, they love trading the watches, like they are not collectors. For example, like Blake, he always buys, saves, puts in the safe and so on. But some people here, my close to them, they are trading because, as I told you this watch lovers just starting to love their watches, like five, seven years, and they just getting to know it, and yet they don't know what is better, what is good. They just hear the. For example, I tell you, when we opened the shop, many people were coming in the shop asking for Patak Fili about the Marbella, but they didn't even know what the watch was about. Like they just asked because they wanted to see what it was.

Justin Summers: 9:05

That's right, yeah, A lot of people they. They become synonymous with names, brand names. I mean, you know how that?

Roni Kosashvili: 9:11

works. Yeah, yeah, it's, it's casual thing and many people were coming into the shop asking like what do you have, patak? And I see it and it was strange, you know. And about the movements, about, for example, some detailing. They don't know many brands. Maybe, for example, one brand is better in another to another one in the movement, but this one is more famous than this and other, so they know the famous one and so they just go with it. And especially there were brands like Hyped brands, which in prices they raised a lot and people went to that because they just looked not as like what I love or what I want to wear. They looked at it as an investment I put. One is there, I know that I don't lose and maybe in one year it will raise up and I will get more.

Blake Rea: 10:12

It's also a super challenge that I've noticed, because there's really only Maybe last time I checked like three places that you can get watches. One of them is Rooney, there's another trader and Then there is like a retail front and they sell like Panerai, like show part.

Roni Kosashvili: 10:35

There official dealers Delifts in Georgia.

Blake Rea: 10:41

And, and the prices are, like I'd say, like 30 or 40 percent higher there. Then they are here. You know, wow, it made it really impossible to buy them. You know, like, like I was looking at a zenith and the zenith was like, I think, like I don't know, like 15, 17, 18,000, and, and here in the, the US, it was like you know, nine, eleven, yeah.

Roni Kosashvili: 11:12

Because of the vats. They are adding what they are adding their profit, and it's the prices are raising up. Yes, they are getting some discounts, but even with discounts it's much more than on the retails outside Georgia.

Blake Rea: 11:28

Certain watch brands, from my understanding, like they'll, they'll set like a MSRP, like a retail recommended price, and They'll apply that to that market. So that way there's no price gouging, like. Like. Let's just say, all the boutiques in Switzerland have this price, all the boutiques in London have this price, all the boutiques in the US have this price, but Georgia's not included in that. You know like they just do whatever the fuck they want, you know, and I thought it would be a great place to buy watches, but you know I learned my lesson there and away, you know.

Roni Kosashvili: 12:06

So there was another one, except of that shop. They were the Official dealers of the market game who blow or they close. It's was on Rustav Ali Street and they like they just Get out from the market.

Blake Rea: 12:24

They were open one day and they were closed the next day and I was like communicating With somebody through WhatsApp and I was like, hey, I'm coming to see you, you know. And they're like, okay, okay, and I show up and that there's a lock on the door and I'm like, dude, why don't you tell me that you were closed, you know?

Roni Kosashvili: 12:45

Yes, I was working. Very strange I don't know. Because for example, there was an example One guy wanted the Audemars Big, as they had one, and that time it retailed like 29, 28 and they were asking 35 or 39, something like this, and it was strange. You know, he worked but for already one year they are out of the market.

Blake Rea: 13:11

Yeah, I mean, I am, I'm not surprised, you know, I'm really not surprised. I mean it seems like it's a complicated market and that's one reason why I kind of again wanted to have you on, because I love to BLEE C, I love you, man, you're awesome. And yeah, I mean, if anybody can make it as a watch dealer, you come from a particularly challenging climate. So when you come out here and you say with me in Vegas and you open your watch shop in Vegas, I'll be here.

Roni Kosashvili: 13:40

Sure, sure, I need to come and visit you there. Yeah, I do a. I will apply soon on visa.

Justin Summers: 13:47

Yeah, I'm waiting. I'm waiting. I was gonna say so. While we're on that subject of you know, you owning the shop and kind of looking for location, I'm curious as to what watches you have in your collection that you keep.

Roni Kosashvili: 14:02

For my collection.

Blake Rea: 14:05

He's a humble collector.

Roni Kosashvili: 14:07

For my collection. To tell the truth, I have three Rolex in my collection. The most Watch. What I love is they. Just 41 millimeter black dial oyster bracelet. This is what I use. I had Omega See master 41, but I could not use it. To tell the truth, I could not get used to it, I don't know why. And then I changed to this one, to the older model, and it's really nice on the hand, and maybe I did too, and that's it.

Roni Kosashvili: 14:43

And I have, and I have one omega, with collaboration with swatch, which, by the way, was sent by plague to me. Yeah, we did a great job. It arrived to me and In one week they brought it in to be listed in the retail shop for.

Blake Rea: 15:04

Yeah, it was, it didn't. The timing wasn't so good because I Went in there and he wanted a different color. I think you wanted the light blue right. Was that right? Yeah?

Roni Kosashvili: 15:16

Yeah, light blue, the Tiffany color, and there was only the yellow one, so we just took it.

Blake Rea: 15:25

Looks good.

Roni Kosashvili: 15:26

Yeah, it's really nice and after one week I go to the retail and there is a panic that they brought omega collaboration with swatch and it's selling and I went there even today. You can go easily there by without any, but now there is other ones with black paint the collaboration interesting to check.

Blake Rea: 15:51

That's probably gonna be like eight months out or so. I Went to the opening it was Saturday, the launch and I waited in line. I was like I was like 30th in line. I went there like an hour early. I was like, okay, you know, I'm not gonna wait more than an hour to get one of these watches. I was like 30th in line, I was guaranteed to get one.

Blake Rea: 16:11

And I just said like you know, like I just don't feel like waiting, so I left, right, left, and then I was like I'll check back later. You know, check back tomorrow. You know where. Nobody's gonna be here. The swatch stores, like the moon swatches, they get shipments every day. So I was like I'll just come back tomorrow, there'll be no line. So I come back the next day, which was yesterday, no line, but no watches. So I was like, okay, this backfired. But as I was standing in line, there's maybe like five people, somebody's like Blake, blake, blake, turn around. And it was my Rolex dealer and yeah, he's such a good guy he left Rolex. But when I was in Georgia he was literally like waiting for me to come back to. I got more perpetual from him and yeah, he was wearing like one of the sickest, like AP Jumbos like you could get, and I was like dude when the when the hell did you get this? You know he's got like a gold Daytona, he's got the jumbo. I mean, he's got some sick ass watches.

Roni Kosashvili: 17:20

Oh Interesting. By the way, I heard that many retails Started to sell watches in retail shops.

Blake Rea: 17:32

Yeah, there's a lot kind of changing in the market. From Vegas, for example, Rollex bought a company called Bucherer. Yeah, Bucherer has one of their biggest locations here in Vegas and now Rolex is making profit on all the other brands and and I'm sure it's gonna be the end of the mom and pop Rolex dealers you know why are they gonna pay 40% To some mom and pop when they can take the whole, the whole cake? You know?

Justin Summers: 18:10

Yeah, sure that store is massive by the way, the one in Vegas. We went in there last time I was visiting Blake just a month or two ago and yeah, it's, it's insane the amount of stuff in there that they have and they also do so Especially a lot of pre-owned Rolexes, which is pretty surprising, but, yeah, pretty massive before that, bucherer started to buy the used ones, the second hand watches, and before that Equization, you could take, there's a watch, and they could just check the originality, what they were not making.

Roni Kosashvili: 18:50

So these two steps and then they bought the whole company.

Blake Rea: 18:54

Let's say, and now Bucherer is, is bigger, from my understanding, is bigger in jewelry than they are in watches. They got great watches, but they sell more jewelry like their jewelry is beautiful, so like, yeah, when you go upstairs at the Vegas boutique, it's just all jewelry you know. So now they're making, you know, not just selling watches, or Rolex is just not producing watches, but now they have a jewelry manufacturer. They're an authorized dealer for over 25 brands. Now, yeah, of course, they have their own store in multiple cities like New York and, and here in Vegas.

Roni Kosashvili: 19:41

All over in Europe, like in Vienna they have, like on the main street two or three shops, and In Munich and Budapest, everywhere. They are everywhere and it's interesting. But the most interesting thing in the watches is that the price which dropped comparing to the previous year and it's really strange, you know, the hyped prices of the Expensive watches fell so hard that people start to get afraid of buying these watches. Before that they didn't care, they were buying as an investment, but now they just get scared. You know, if I buy a watch worth 100,000 today and it's worth, for example, 40,000 tomorrow, it's a big loss. So they start to overthink about it. Even the mature countries populations start to think about it.

Roni Kosashvili: 20:43

And now I always say I always say that now people started to buy what they like. For example, I go to Omega, I like Omega, I want it on my hand, I buy it, buy it. Buy it Because before you had the choice, for example, you buy Omega or you buy Rolex. Rolex, which was an investment and the prices went high, and Omega, which you liked, but as a personality you just went to the Rolex style because it was an investment. But now they started to buy what they like. Like it's all got corrected. Let's say it's like when I started in 2016,. It came almost to the prices plus minus.

Blake Rea: 21:29

Yeah, I mean I agree with, agree 100%. The market is changing and a lot of people aren't buying and so within six months or a year, especially here in the States, with the possible recession or some people say it's here whatever there's a lot of uncertainty and yeah, so people are scared for sure, and I've noticed all the Rolex boutiques that I've been like. I was at Rolex Saturday and there was like a Drar Parago event and I got to see all these crazy Drar Parago pieces.

Justin Summers: 22:05

I saw the stories you were posting about those. They're pretty sweet Dude. They were crazy.

Roni Kosashvili: 22:11

On the story yes, the bridge one and the crazy pieces.

Blake Rea: 22:16

The Esmeralda, the Sapphire, l'oriato, I mean, dude, there were some crazy stuff. One of the executives of Drar Parago was there as well. They brought all these pieces in. They had the Austin Martin Formula One watch, which immediately sold. They were like hey, some of these are for sale, sold immediately when I was there, and yeah. So a lot of people are scared. A lot of people aren't buying watches because of that fear. Right, people are scared. I was curious to ask you your favorite watch of all time? Hard?

Roni Kosashvili: 22:58

one, my favorite, very hard one, but I love my 41. They just my favorite one, because I don't look at the watch. I don't like when the watch is screaming on your hand. Let's say rose gold, two tone, like I don't like it as a personally For me still or white gold I prefer more than the rose gold and yellow gold. So this one is for everyday use. Like I always say, whatever you have you need to use. You need to use the things. If you don't use, why you should have it? So that's right. From my personal view, the watch is perfect for everyday use. So I love it. I think this is my favorite one. Even I have Daytona. To tell the truth, it's much more high price, much more complicated, but I prefer, for example, they just, in this case, simple.

Blake Rea: 24:01

I thought you were going to say Daytona. To be honest, that's all you were wearing every day.

Roni Kosashvili: 24:06

Yeah, I'm wearing it too, but I prefer to tell the truth that they just 41. Don't know, it's simple one. I had many watches through my career, let's say I bought, sold many watches and complicated ones with moon face and sun face and everything, everything complicated, but when I wear it I never look at it like, I never use it. So my perception is to be as simple as it is.

Justin Summers: 24:40

What color is your Daytona? I'm curious.

Roni Kosashvili: 24:43

Black one from 2011.

Blake Rea: 24:47

Okay, the black one is steel bezel Steel bezel yes, oh nice.

Justin Summers: 24:51

Yeah, that's a beautiful watch, it's beautiful watch?

Roni Kosashvili: 24:55

Yes, beautiful, but like I told honestly my opinion, yeah, no, that's a super humble answer too.

Justin Summers: 25:03

I'm kind of the same way. I don't really see the point in buying an extravagant amount of watches. Not poking at you or anything, blake, but I am a you know. There comes a time where I feel like there is a watch that is suited for every situation, not to necessarily be within those confines of, like I need a sport watch, I need a dress watch, I need a diver. But like I'm very particular about if I'm going to purchase a watch, I want to make sure that it has a specific rhyme or reason. I love it through and through and I said this countless times on this show. I'm just I'm not the type of guy to go out and spend money on a watch just for the hell of it. I'm like it's going to be there for a reason. But I'm curious, roni. So what is it to you that makes a watch unique?

Roni Kosashvili: 25:50

And what's unique, I think, movement.

Justin Summers: 25:55

So, like, so, like the complications inside. How about like the design or like the materials and things like that?

Roni Kosashvili: 26:02

Look about, about the watches. There are many people who there are many people who would like, for example, jacob and Co, which is very complicated for me, which has another style, like Godfather's, their singing music.

Roni Kosashvili: 26:24

And there are people who like, for example, like me, that they just casual one, like about taste. We cannot fight that's the one thing. But in overall, I understand that this Jacob and Co is much more in high price because of the style, of the movement, of the work we have done and so on. Like, movement is the most important thing in the watch. That's why, for example, some brands as Richard Mill, patek Philippe, they are much more, let's say, high priced Because still is still, let's say like there may be some changes in, still some differences, but still is still yes. So it's a moment, I think I suppose it's a moment, and complicated moments, sure. That's why it's worth to build on, for example, much higher price rather than the casual one.

Justin Summers: 27:24

That's a great answer.

Blake Rea: 27:26

I wasn't expecting you just to say just Datejust.

Roni Kosashvili: 27:31

Yeah, I got used to that watch so hard that like it's simple ones.

Blake Rea: 27:36

That's why it's nice, I do love my Datejust and I wear it a lot. So obviously, as a trader, you know you. You get watches in and you move them out. What's what's? One of the craziest watches that's ever came into your possession?

Roni Kosashvili: 27:57

In my position. There were many watches, but to tell the truth, there was Rolex Rose Gold 41 millimeter with baguette, dial, diamond and ruby. Wow, it was crazy watch, crazy watch, very nice one. I am not a lover, as I said, of the gold one. I had it on my hand one two days but it was perfect match, perfect watch. But there were like there were one cleave. There was Jack Draw Bowet. Like many watches I can specify the most, the most specific one.

Justin Summers: 28:44

Did that watch come into your boutique whenever you were working there? Is that how you saw it?

Roni Kosashvili: 28:48

Yeah, yeah yeah, from the private client. That's why the thing is. The thing is here, the priced watches. I tell you one thing let's say difference in, for example, real estate and watches. For example, you have 100,000 in USA. In Europe, with 100,000, you cannot do anything. You cannot buy apartment, you cannot buy, as far as I know, because the prices of the real estate is much higher. Yes, with 100,000 here you can buy a flat, you can go and you can buy two, three bedroom flat. So here, nowadays, if you have only, for example, 100,000 for a watch, you don't buy a watch Like it's different.

Roni Kosashvili: 29:40

You know, there, if you have 1,000, you can say that, okay, I have 1,000, I cannot do anything with it. I go there, buy a watch, put on my hand and it's what I love, what I like. So here are many reasons, many small reasons, why it's a new market, why it's a new. Let's say it's not a mature market in this, right. So here the population buys like watches 10, 15,000, more popular, rather than, for example, 50 or 100 or 200,000. I this Blake said the Aston Martin, gerard Peregao was sold immediately. So here I suppose it would not be sold so immediately, so fast. It's a different market, yeah, different market, different thoughts, different thinking and it's everything different. I started in 2016, and nowadays I see a big difference in this case too.

Justin Summers: 30:40

Yeah, even such a short amount of time. I mean, that's only been, you know, seven, eight years and it changes drastically. I'm curious, you know, did for the Rolex that had came into your boutique. I'm assuming you didn't purchase it from this private seller. Was there any deal that was done? How? I don't understand. So the Rolex that we were speaking of before, that you mentioned the gold with the rubies and things was that someone that had came in to sell that watch or was it just somebody wearing one?

Roni Kosashvili: 31:09

No, no, it's who came to sell it, who wanted to sell it, because he got it and he needed money, so he wanted to sell it.

Justin Summers: 31:20

So what makes you decide to purchase those watches? To make that deal with people that are trying to sell their watches whenever you own your boutique store.

Roni Kosashvili: 31:29

It's business. You know we have many connections, we know where to sell it, how to sell it, what is demanded and it's already. The business is telling you how to work. I tell you directly there were some cases where, for example, like I, a client brought very high priced Hublot watch but I did not have an interest in it because I don't know where to sell it. I don't have a client for it and I don't want to put so much money in it and wait until I can sell it. It may take six months, one year, two years, so I just don't want to wait so long. So maybe commission is more better in this situation, rather just to pay cash.

Justin Summers: 32:16

It's interesting that you say that too, because I've always kind of felt that way, not to say that Rolex are overrated or say anything like that, but I generally feel like people deal with Rolex because they're more commonly seen, a lot of people are more comfortable with them, they're easier to move the inventory and, of course, find other authorized dealers and people that can service them and things like that.

Roni Kosashvili: 32:42

Sure, because Rolex it's a good brand. We cannot say that it's not a good brand or it's bad watches or it's really good. It's really good brand, it's working very good, it has a good movement, it has a good stylish watches and the watches, what they have. It became very popular in all segment boys, girls, men, nature, people. Everybody likes it, everybody wants to wear it. They just say have, for example, 31 millimeter, 26, 41, so everybody wants to wear the watch. And it became very popular Hublot watches in that size, for example, taking I'm not saying anything bad about Hulu, but they have very good pieces, high priced pieces, which was 200, 300, they have very good ones. But the price range of what you can buy in Rolex and what you can buy in Hublot, I think like 90% prefer Rolex because they are more usable, not in the I would agree yeah not in the.

Roni Kosashvili: 33:57

I would agree. I'm not talking about the investment. I'm talking about the usable of a person who is looking at them and who likes more this steel, for example, rather than the rubber strap. So it's like a taste. But there are some people who just likes this brand and who just wants to buy it and they don't care how it will be in the future. There are brands, for example, which you buy in 100,000 US dollar in retail price and if you want to sell it after one year, you get like 5000 dollar and it's really hard, you know. But this kind of brands people buy because they love it, they want it and it's their dream just to wear it and that's it.

Blake Rea: 34:47

I'm curious because when I was there and I was hanging out with you at your shop, you probably had at the time maybe 70, 80 pieces in your inventory, with the fragility you know, with how sensitive the market is and to fleece. Like, how do you decide which pieces to buy from the market or a retail customer? Like how, what was your thought process like when coming into your inventory and building your inventory?

Roni Kosashvili: 35:23

Because the case is simple when you are in this business, you study what is demanded, what is not demanded. You have clients, not only private clients. You are working with dealers too. So you can just trade the watch with dealers, you can sell to dealers, as you can buy from dealers too. So you are always in Tonus, let's say, you are always here there working on this. So that's why that's what I am saying, what I said before, that when you are in this business, it doesn't mean that you need to buy everything and it's not, for example, a rule that this is my price and that's it. Everything is on negotiation. Like maybe you can buy a watch and cannot sell it on private client, but you can sell it to other dealer or you can trade it to other dealer.

Roni Kosashvili: 36:18

But the business itself, the industry, shows you what is more demanded. So you just work on it. It's like a practice. You know it's after time you realize you studied and you need to always read. You need to always read the articles what changed, how changed, and so on and so on. So this is how we worked and when you have a shop, it's more easy to buy a piece and like not expensive, I mean like in a little cheaper pieces. It's much easier to buy and wait until they are sold.

Blake Rea: 36:57

Yeah, I mean, when I was there you had a solid selection. You had, I remember you had that Ferrari Panerai.

Roni Kosashvili: 37:07

Yeah, I had it. It was sold, by the way, on Chrono to USA. Yeah and then I remember that Navitimer?

Blake Rea: 37:19

you had that sick Navitimer.

Roni Kosashvili: 37:25

Yeah, yeah, yeah. Many watches went through me and it's always like this you know it's always going coming. When you are in this business, you don't look at what you like, you just look at it like where you can learn and you just start to think otherwise For me sorry once again for me. For example, when somebody here you know many clients, many people know they were entering the shop and asking what you have a good piece? A good piece for me is everything where I can learn because I am in this business. It will be longin, it will be Omega, rolex, it does. I don't care If I earn, it's a good piece for me. So I always say to them that what do you mean in good piece? What you are looking Tell concrete, like sporty, classic, what brand and so on and so on.

Blake Rea: 38:24

Is there ever been a piece that you took in for the store and then you just fell in love with it and you just never sold it? I think it's what happened with your Daytona right.

Roni Kosashvili: 38:34

Yeah, daytona, daytona was the case. I took the piece and it was the times of Corona. I was wearing it and then I got used to it and just left it, but in price ranges, to tell the truth, that time Daytona was very high, then the prices were very high. But today the prices fell really hard, really hard, daytona especially. But one thing what I always say is that a watch which retails 15,000 and 20,000, it must not cost on the gray market 100,000 and 200,000. Like, let's take into examples the new Patek Philippe Nautilus with Green Dial. It was last year like 900,000. Today you can easily find it like 300,000 to 180,000, something like, I think, in this range, and imagine how, what a drop it is.

Blake Rea: 39:41

People lost their ass off during this market height. Some people may have never recovered. I mean, I guess if you're buying watches at that price, you should understand what you're getting yourself into, which a lot of people really don't. Surprisingly, they're just like oh, this is a hype watch, it's just going to climb and climb and climb and climb and climb, for reality it crashes. It crashes, yeah, and yeah, it's very hard.

Roni Kosashvili: 40:22

That's why I'm saying that you always need to read and study what is demanded, what's not, what's going to happen. You cannot make a problem on it, but you can just you know the feeling. Sometimes I bought a watch on a feeling and not on a business style. Maybe I don't know the watch, I don't know the model, but I had the feeling that I could earn on it and I made it. Sometimes it was okay, sometimes not, but this is a business as you win, you can lose. So this is very easy, especially in this business, and watching the street is very easy.

Blake Rea: 41:06

What do you see the market heading? You know, and to be sear in Georgia, you know like, within the next 10 years, do you see the market maturing? Do you see it slowing down? I mean, it sounds like it slowed down.

Roni Kosashvili: 41:19

No, I don't think it will slow down. I think it will probably go to the mature and people will get used to this watch industries and watches because, as I told before, people start to realize the reality of the watches that they need to wear, that the watch is the one thing what men can wear. Let's say, like it shows your personality what you are wearing. Let's say, like I maybe I enter cannot interpret from Georgia, but like I think you understand what I mean, that this is the only jewelry what men has to wear. A girl can wear these bracelets, neckles, rings, these, everything but like watch, it shows that you have a personality. Let's say so. It's getting more common that people start buying the watches.

Blake Rea: 42:22

When you get your Speedmaster.

Roni Kosashvili: 42:25

Yeah, yeah, I want, I like the watch, speedmaster, the Moon watch. But to tell the truth, I feel sorry about that because I don't want to sell any of my Rolex and to buy this watch, and as a dealer I don't want to pay as much in the retail because one day it can come in much less price. So I just keep it with it and that's it. So I'm not into Speedmaster for now, but I will.

Blake Rea: 43:01

Lovely. The Speedmaster has never really like been through this huge flight price fluctuations like the Daytona or some of the Rolex models. Like it's been pretty pretty.

Roni Kosashvili: 43:14

Yeah, yeah, it's stable and like, except of, I think how the Marp take Rolex, none of the brands like WC, brightling, omega, they were not hyped, they were like maybe 10%, 15% up down, but the amount of retail and from that amount of 10% it's not that money. What's, for example, change your weather? It's like from 5,000, 10%, 500, like okay, it's not a big deal, but in 50,000, 10%, 20%, it's already a lot.

Justin Summers: 43:55

Yeah, I was going to say. Blake, I know that you had mentioned the Navitimer earlier. Did you tell him about your new piece?

Blake Rea: 44:03

No, yeah, I got a Navit, so Justin was here in Vegas like a couple like five weeks ago.

Justin Summers: 44:13

Yeah, five weeks ago.

Blake Rea: 44:16

Yeah, and so we were. I was taking him around all the boutiques, you know. I was just showing him all the boutiques, you know, introducing him to some of my contacts, and I thought Justin was interested in purchasing a watch. I guess not, maybe not, I don't know.

Blake Rea: 44:33

He's a slow burn, you know I kind of yeah, he's very particular on the same way. But like when you, when you see a certain watch and you know right, you know, you know, you're just like all right, I have to buy this. So I took Justin to like a pawn shop where, like we're lucky in Vegas, because you know, people unfortunately will go to the casino and they'll lose their ass off, they'll lose all their money and what's the first thing that they pawn their watch? Yeah, so, and they'll pretty much take whatever, whatever these, these, these pawn shops will give them, you know like. So we walked in and I immediately saw a Navitimer one which was I thought it was a 41 millimeter, but it was a 38 millimeter on the bracelet stickered up. It wasn't the nav, the chronograph, Navitimer was just the three-hander and it was a blue dial with a white slide ruler. I tried it on and just immediately, like, I need to buy it yeah.

Justin Summers: 45:47

Take his eyes off of it, bro. He just he was like just twiddling with it for like 30 minutes. I was like, bro, you might as well just buy it you need to buy it.

Blake Rea: 45:57

So, so, so, ironically, that was like our first stop in the watch tour, right? So we went there and then I went to a. I was like I had a Breitling boutique after and I was like I want to see this watch again, you know, because it's still current. It's in their current collection, sold for $5,800 at retail. They didn't have it, so I just went back and I just picked it up $2,500 for the Navitimer.

Roni Kosashvili: 46:28

Nice.

Blake Rea: 46:29

Yeah.

Roni Kosashvili: 46:32

And so there, when people lose all their money, they put their watches in low prices, as I see, yeah.

Blake Rea: 46:40

Well, they need money, right, and so, like they're desperate, like they're sad, sadly, but they're desperate, and so they'll take whatever, whatever these pawn shops will give them. You know, and those like look I just, I just you know, I just lost $5,000. My watch is worth $6,000. Like, just give me $2,000 for it, so that way I can take this $2,000 and go earn the money back that I lost.

Roni Kosashvili: 47:10

And that's it.

Blake Rea: 47:12

The watch is gone. The watch is gone, yeah, I mean, the watch was entirely, entirely stickered too, like nobody noticed that except for me, but it had stickers on the case, sticker on the case back. Unfortunately, it was just watch only. You know, unfortunately, and that happens a lot here in Vegas, you know, because of that reason, right, they'll leave the watch, they'll leave the box, they'll leave the warranties at home. Think in there just going to wear the watch here, and you know they don't sell it anyway.

Roni Kosashvili: 47:49

Yep, the same was here, for example, like many many years ago, the same was here in Casino's, when people were losing their money. They were coming out and selling their cars in pennies, like I don't know, when the car was worth 10,000, 15,000, they were selling it for 1000 to 2000. And it was like that. But that time, like maybe, I think who played in Casino was maybe 1%, who had watches, and for sure there was not any pound shop who will pound a show, a watch, or the industry was not so popular and known that time, so they were selling cars, houses, I don't know. I always thought that in Vegas, when people are coming, they are ready that they, for example, put money, for example $10,000, they put in pocket, they go. If they win, it's okay, if they lose, they lose and that's it. But here here, they always try to win, to win and they always lose.

Blake Rea: 49:02

That's the same here. I mean, this whole city was built on losers. It wasn't built on winners, right?

Justin Summers: 49:10

Only people that are winning are the people that run the casinos.

Roni Kosashvili: 49:14

That's what I wanted to say.

Blake Rea: 49:17

Yeah, I remember when I moved to Vegas and when I came to Tbilisi I went to that casino, like by where we used to live, like there in Sabartalo like on the corner. Yeah, just like a total shitty casino. I was just like expecting it to be.

Roni Kosashvili: 49:39

Yeah, here was many casinos before because there were no regulations, nothing. And here were many casinos, not just in Las Vegas. I don't know how it's there, but as I saw in movies, it's very high, high, thousands. Here luxury ones, but here they were shitty ones, but people were going there and losing, Like nobody cared if it was shitty one or not. Because they were losing, yeah, and they just try to go there and to get back what they lost, and this time they lost everything.

Blake Rea: 50:24

They had some games there like I had never, I had never seen before like in my life, like some of the blackjack games, like they were like super, super odd.

Roni Kosashvili: 50:35

you know I'm not an hour of the casino, so I can't tell about it. I was there on three times. Two times I was kicked out because I went there to take out my relative and once I was with my relatives and I just sat on blackjack. As I remember, I lost their $50. I was very upset, stood up and went out from there.

Blake Rea: 51:04

That's the way it happens. You know that's right. Tell us what watch is. So I'm assuming you still have a bunch of inventory, because you probably have a bunch of stuff on Krono24.

Roni Kosashvili: 51:15

Yeah, tell us, yeah, yeah, for now I have inventory and, as I said, we work online. Working online it's not so easy, let's say, because you are always on the phone and not on live with people. But the thing is that in every business, you need to have your reputation, you need to have your respect, and what I just wanted when we started this business was not just the financial things that I want to earn, and that's it. It was to build something to build and to get known to people who you are. So it took a bit of time and we have a big connections here. Everybody, like it's really small and everybody knows everybody. So I built everything on this respect and trust. So, even working online, I don't have any problem with somebody because everybody trusts you, everybody believes, and I always say that I'm working directly with people. I always say to them the pros and cons, what can happen, so they can be ready with this.

Roni Kosashvili: 52:39

I never promised what I cannot make and I don't play. There were some guys who play pyramids that they bought, watched and took money and they put this money somewhere. Like I just make one business, one business from another. One is finished, I make another. This is my style of working and, to tell the truth, it pays off Because here are many people who work in, for example, diamonds. There is a diamond market, like gold market, for example. You go there and everybody are like, talking, talking, talking. Nobody does business. Yes, you were there, as I know.

Blake Rea: 53:26

Oh my God crazy.

Roni Kosashvili: 53:30

So I just built everything on this and this is how it's going better and better. I prefer to work slow but make business, rather to make some bad decisions which will harm our reputation or the respect for people. I just prefer to work easy and directly.

Blake Rea: 53:51

We have listeners, obviously, and I'm not sure where the listeners are out in the buying process, but tell us about some of the pieces because we're going to link you in the description of this podcast. So tell us about what you have in and tell us what's available so hopefully some of the listeners will scoop some of them.

Roni Kosashvili: 54:11

There are available. To tell the truth, I have some few Rolexes left. I sold all out of stock when the price started to fall down. There are some bright links IWC, like I cannot name, but I always keep in stock 50, 60 watches which I always have. So, as I told you, I'm rebranding now the company and I will have a new website which I will send you and you can later check and the people who are watching us can check there. And also we will be on Chrono again and also on Instagram too, with new rebranded names.

Blake Rea: 55:04

Yeah, there's a lot of gyms that come through Georgia. I'm glad that you're able to come on.

Roni Kosashvili: 55:12

Yeah, we'll help you. If somebody is coming from USA to Georgia, we'll be happy to host. If somebody will be able to meet and to talk about watches and see no problem, you can arrange it.

Blake Rea: 55:29

Yeah, I trust Roni with all my money that goes on the record.

Roni Kosashvili: 55:34

Thank you, my friend.

Blake Rea: 55:37

Well, let's wrap it up. We're coming up here in an hour, so I didn't want to take up too much of your time. So, Tristan, is there any final questions you had?

Justin Summers: 55:46

I'm good man, roni. It was nice to meet you, man. I've heard a lot about you, man. I'm going to have to head out there and see you sometime.

Roni Kosashvili: 55:53

Thank you. Thank you very much. For me too, it was a pleasure to talk with you and to get to know the Audition, so we'll be in touch in the future too, definitely so.

Blake Rea: 56:07

All right, everybody. Thanks for listening, thank you very much, roni's links are going to be in the description. This was, like I said, going to be a low-key talk. This is a friend here that we have family member. All of his links will be in the description. Like I said, I'm sure you can pick some watches up from him. He always does his due diligence. Obviously, especially in Georgia, there's a lot of fakes that come through.

Roni Kosashvili: 56:32

Yeah, but we didn't talk. But there are a lot which people don't understand and it's read to be rechecked.

Blake Rea: 56:46

Some of the stuff that you had almost fooled me. That's feedmaster. I was like I don't know. Yeah, the Daytona you had too, that came through. Yeah, it's just. But anyways, the whole point I was trying to make is that Roni does his homework and, yeah, he'll only take good watches on and he throws his reputation on the line with every transaction and this is one of the best guys.

Justin Summers: 57:14

I watch this from.

Roni Kosashvili: 57:16

Honesty is the best courtesy. Yeah, and we have here that a man always needs to pay for his words. So when you say something, it needs to be done. I even tell you at the beginning, even now, there are sometimes when I, for example, tell high price or I may be mistaken, but this is what it is. When I say a word, it needs to be done, that's it.

Blake Rea: 57:45

One of the best guys to buy watches from in the world right here, roni. So I mean thank you.

Roni Kosashvili: 57:52

It was a pleasure.

Blake Rea: 57:54

Yeah, we'll see you on the next one. So everybody links are in the description for Roni. Thanks for tuning in and we'll see you on the next one.

Roni Kosashvili: 58:01

It's a pleasure. Bye, goodbye, have a good day. Thank you, you're welcome.