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That's not a very safe assumption to make. Many gray market dealers remove the serial numbers off watches, but there are also many that don't. From what I've seen it seems to be about 50/50. People around here tend to sometimes go a bit far in generalizing about gray market dealers. In this case you're right though; I've read on overstock's website before that they remove the serial numbers.
Regardless of all that, it's always best to buy from an AD since there is much less risk involved as far as getting what you pay for and also the fact that you get the manufacturer warranty.
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