Rolex SA raised prices on a few of its precious metal watches within the UK by 4% after the worth of gold rose to a record high.
The retail price of the Rolex Daytona Chronograph in white gold rose 4% from £37,200 to £38,700 ($49,312) on June 1, in accordance with information on the Swiss watchmaker’s UK website tracked by Bloomberg News.
The price of a yellow gold GMT Master II rose from £34,000 to £35,400.
The country-specific prices for watches from the Geneva-based Rolex brand could be seen as an indicator of a rustic’s economic strength. The world’s leading luxury watch brand produces over one million watches annually, generating sales of over 10 billion Swiss francs (11.08 billion dollars).
Gold prices have risen 14% this yr, hitting an all-time high of $2,450 an oz in May on hopes that the U.S. Federal Reserve will begin cutting rates of interest. The British pound rose to its highest level against the euro since August 2022 last month.
A Rolex spokesman in Geneva declined to comment on the worth change.
Rolex typically increases the costs of its watches yearly, in January. At that point, the corporate raised prices within the UK by around 4% on some models, including some steel watches. Prices within the US, nevertheless, remained unchanged.
Large currency fluctuations prompted Rolex to lift prices within the UK twice in 2022, in January and September, when the pound fell to its lowest level against the dollar in many years. Rolex also raised prices in European countries twice in the identical yr.
