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Jerry,
Even though Costco is not an authorized dealer they do leave the serial number on the watches. Their return policy is better than any I've seen anywhere. If you are unsatisfied with your purchase at anytime...even over a year...you can return the watch for a full refund! They also have a repair facility (near Seattle?) that you can send your watch in for repair....this is also covered under the original cost.
The only downside I can think of is you may not get original Omega parts if you send your watch for a free repair. I'm not certain if this last item is true, and you can always opt to pay Omega for authorized work.
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