The history of the Rolex watch

Rolex was founded by Alfred Davis and his brother-in-law Hans Wilsdorf in London England in 1905. In 1919 the pair moved Rolex to its base where it stands today in Geneva, Switzerland. They relocated to Switzerland due to the wartime taxes levied on luxury imports as well as to export duties on the silver and gold used in the watchcases, which was driving costs too high. The brand name Rolex was said to be Wilsdorf idea, as he wanted an easy to pronounce name and he believed that Rolex was onomatopoeic, sounding like a watch being wound. With it being easily pronounceable in many languages and short enough to fit on the face of a watch, and so the brand name was born.

Rolex’s first award was in 1914 when the Kew Observatory awarded Rolex a Class A precision certificate which is normally granted exclusively to marine chronometers. This of course is the first of many awards given to Rolex over its time.

The company is currently owned by the Wilsdorf Foundation, which was established upon his wife’s death in 1944. He left all of his Rolex shares to the foundation, making sure that some of the company’s income would always go to charity. The foundation is a registered charity so does not pay corporation tax, which has been heavily scrutinised by the outside world. As of 2006 a private trust took ownership of the company and no shares are traded on any stock exchange.  

In 2014 Forbes magazine ranked Rolex No.72 on its list of the world’s most powerful global brands. Within the watch manufacturing industry, Rolex is the largest single luxury watch brand, which produces 2,000 watches per day with an estimated US$7.7 billion in revenues.

Rolex’s revenues have grown with each notable new model they have introduced. Rolex has three watch lines, which are Cellini (the dressy watches), Oyster Perpetual and Professional. The oyster line bracelets are the most famous consisting of the Jubilee, Oyster and the President. The most notable models include the following:

• Datejust
• Daytona
• Day-Date
• GMT Master II
• Milgauss
• Oysterquartz
• Sea Dweller
• Submariner
• Yacht Master
• Yacht Master II

Rolex’s revenues also come from another brand, Tudor. Rolex has manufactured these watches since 1946 when Hans Wildorf came up with the idea that Tudor represented Rolex with its reliability and dependability but at a lower price than a Rolex. The watches are sold all over the world and have quite a big pull in the southern hemisphere countries.

The price of a Rolex can vary but the standard Rolex in the UK such as the GMT Master II will set you back £5,600 and obviously they get more expensive with the add ons that are on offer. The most expensive Rolex ever produced was he GMT Ice (reference 116769TBR which had a retail price above £290,000.

The price of a Rolex has never put people of and thought history famous people have completed historic feets while wearing a Rolex. Sir Edmund Hillary climbed Mount Everest in 1953 while sporting a Rolex. The first woman to swim the channel also wore a Rolex. The brand sponsors many different sporting events such as Wimbledon and the Australian Open as well as the golf Open Championship and the US Open. Ex-Formula One driver Sir Jackie Stewart has worn a Rolex since 1968 and in such Rolex sponsor the FIA Formula One and the Le Mans 24 Hours, since 2013 and 2001 respectively.     

Rolex has some very deep history and one of its biggest feets was its involvement in the Great Escape. Corporal Clive Nutting used his Rolex watch to time the movement of the guards and aided in the escape and this amazing story become worldwide known when Steve McQueen starred in the film The Great Escape.

Every Rolex is still made by hand and even though machines may build part of the watch, Swiss fingers make and build all the important stuff. Once the Rolex watch is made it is pressure tested to determine if there are any air leaks. The Rolex diving watches are also water tested to the equivalent of 300 meters, which is about 1,000 feet deep. And Rolex put their watch out there for real in 1960 when the attached it to the outside of a US Navy research submarine which went 35,798 feet below sea level. And yes it still ran without loosing a second despite it enduring extreme pressures.

With the expensive price tag that comes with buying a Rolex, of course there are some people who have tried to make a fake. But a little tip for spotting the difference between a genuine and a fake is to look at the second hand. If it gracefully sweeps the dial its real, were as on a fake watch the second hand ticks.

Rolex is a fabulous brand and its products are at the highest level of quality. When you have a Rolex watch on your wrist you know that you have a reliable timepiece and something you can treasure for life.

We’ll leave you with a gem to end the piece; a Rolex watch built in 1942 set a record for being the most expensive Rolex watch in the world. The stainless chronograph Rolex sold for an eye watering $1.176 million at Christie’s Important Watches sale in Geneva. So hold on to yours and maybe one day it could be worth this much.  

Written by Benjamin Dyson