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@designers*n*more wrote:

 

If the buyer has opened a dispute, do not refund the buyer until you receive the item back. If it’s not in the condition you sent it you can claim a portion of the sale fee back from eBay.

 

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In addition to that, the listing clearly shows the serial number of the watch if that doesn't match the returned one then the OP should win the dispute, unless the buyer has had a jeweller swap out the faces for one they already have.