Rolex has introduced a global price increase that came into effect on Monday.
Rolex has at last adjusted the price of luxury watches in UK with a 10% increase across all models. Rolex was the last luxury watchmaker brand to raise prices to keep balance in the market. The decision was made by the Swiss brand due to the weakened pound following the “Brexit” vote in June, which allowed visitors to the UK to buy Rolex watches at prices often 25% lower than in their home countries. There was a big increase in luxury watch sales in UK. Due to this retailers trading in countries with comparatively stronger currencies than the pound, such as the USA, China, the Middle East and the Eurozone, began to suffer.
Other watchmakers raised prices in September 2016 but Rolex held out for two months more. This caused massive spike in sales for British retailers as the brand’s luxury timepieces happen to be a smart proposition when compared to the prices of same models in other countries, as well as the increased prices of their rival brands.
Other factors such as the steady rise of Gold over the past year and falling interest rates in the UK have also played a big part to this Rolex price increase. The price increase was necessary to balance the ever tipping relationship with supply and demand.
So what does this imply for the purchaser? Undoubtedly, Rolex watches have been increasing in cost for decades and are now more costly than ever. Your luxury watch model will increase in value as the years pass and this makes it an item of high resale value. Rolex watch remains the watch of choice for anyone who wants to remain high on style.
If you own a Rolex watch you need to consider if you will be insured for the right value and the best thing we recommend is having a professional valuation carried out so that you can know the accurate value of your luxury watch.
Old valuations may be useful in terms of what you have, but you will not receive settlement on a current replacement value if you lose your item. So relaying on the old valuations can leave you underinsured.
An insurance valuation will be a representation of the highest value of your items. You should consider updating valuation of jewellery and watches every 3 to 5 years to ensure the best protection.