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Actually I just purchased the same model from my local Costco this past weekend. My impression is that this is probably the best choice of the grey market dealers. Some are claiming that an authorized dealer may come down to a similar price, but I still don't think they would have Costco's generous return policies. The Costco flexibility and local convenience is invaluable.
Basically, if the cost of the watch is already a stretch then Costco should be fine. If you can afford to drop a couple hundred more into the purchase price then I would definitely go authorized from a trusted local source (who might have generous return policies).
The down side to Costco is that they don't have an in-house jeweler. For instance it was a serious pain to locate a jeweler who would resize the bracelet. Some wanted to see the warranty card, and others would charge a servicing fee. Finally I found a Jared's that did it for gratis. Granted they were nice and I will likely purchase my next Omega from that location. They seemed willing to drop 20% from retail.
Only other problem I've experienced is that the watch is so large that the crown is leaving a reddish bruise on the back of my hand. I may have to readjust the band (add a half link), or possibly return the watch and go back to Jared's and look at the mid-size.
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