Famous luxury watch company Rolex has increased the prices of some of its gold watches in the UK following growing investor interest in the precious metal.
The luxury brand added up to 1,700 euros at the price of some of its watcheslike the “Daytona Chronograph” in white rose gold, which now costs 45,424 euros compared to its previous price of 43,663 euros.
This occurs after gold prices hit record high this year, after increasing 14% so far this year. Investors are buying the precious metal in anticipation of expected interest rate cuts in the United States.
Prices that continue to soar and waiting lists that grow longer
Typically, Rolex, which produces more than a million watches per year, raises its prices once a year. However, currency fluctuations have caused it to raise prices more frequently in recent years.
Meanwhile, Watches of Switzerland, one of the UK’s largest luxury watch retailers, said last summer that waiting lists for watches were growing despite rising sale prices.
A tendency to theft is increasing
Rising prices have led to an increase in luxury watch thefts, particularly in London. The number of watches stolen or lost tripled last year, according to a recent report from The Watch Register. It adds that almost half of the thefts recorded during this period took place in London. According to a Financial Times report earlier this year, Indian CEOs and businesspeople are increasingly concerned about theft when visiting London.
Sales of luxury goods surged during and immediately after the pandemic. However, recently, luxury goods companies have suffered from a drop in their sales due to the economic slowdown in China and the removal of VAT-free shopping for foreign tourists in Britain. Watches of Switzerland said last month that its UK sales had fallen by 5% in 2024.
