“Rolex SA, Switzerland’s largest luxury watch brand, has increased prices on some of its most popular models following a jump in gold prices in 2024.”, — write: epravda.com.ua
Rolex SA, Switzerland’s largest luxury watch brand, has increased prices on some of its most popular models following a jump in gold prices in 2024. This is reported by the Bloomberg agency. The Geneva-based company, which is owned by a Swiss fund, started the year by raising prices on precious metal models by up to 8%. Rolex usually raises prices once a year on January 1st. Price changes can indicate demand for premium goods, material and labor costs, and inflation. In 2024, gold posted its biggest annual gain in 14 years, up 27%.Advertisement: This year’s price increase is bigger than last year’s. In the UK, Rolex has increased the prices of some precious metal models by around 4% in early 2024. The prices of watches in different countries can also serve as an indicator of a nation’s economic strength. Analysts estimate that the leading luxury watch brand produces more than 1 million watches a year with total sales of more than 10 billion Swiss francs ($11 billion). While the latest price increase may be due to the rise in the value of gold, in the past changes have been influenced by currency fluctuations. Rolex has raised prices twice in the UK and Europe in 2022 due to the strengthening of the Swiss franc against the pound and the euro.Advertisement: Recall: Gold prices rose on Thursday 26 December amid increased demand for safe-haven assets and low trading volumes after the Christmas holidays.