Last month saw Rolex implement a 10% price increase across their range.
Why has this happened?
The UK’s decision to leave the EU has seen the pound fall against other currencies meaning goods sold in this country are a lot cheaper for tourists/visitors than in their home country. UK falling interest rates and the continuing increase in the price of gold have also contributed to Rolex’s decision to implement a price increase. Rolex aren’t the only luxury brand to make this decision Cartier have also applied a 10% price increase following Brexit.
What does this mean?
Unfortunately if you were about to go out and buy a Rolex for Christmas you will be paying more now than you would have in October.
However if you already own one, it does mean that it is likely to have gone up in value. Good news, although it is worth checking whether this increase means that your watch is still correctly covered. No one wants a claim to result in financial as well as emotional upset due to being under-insured.
We would always recommend obtaining regular valuations of your watches and jewellery but even more so in the current market. If it has been a while since your last valuation and you are concerned as to whether you could be under-insured you may benefit from talking to the Jelf private client team. They are experts in their field and work with the country’s leading specialist insurers to help their clients appropriately protect their valuables.