Editor’s Note
As gold prices climb and the U.S. dollar remains strong, luxury brands like Bulgari and Tiffany have raised prices for the third time this year. This trend reflects broader market pressures and is likely to continue in the near term.
The wave of price increases by luxury jewelry and watch brands continues. Amid rising gold prices and a prolonged trend of a strong US dollar, this upward trend is expected to persist for the time being.
According to industry sources on the 13th, the Swiss haute horlogerie brand Vacheron Constantin will raise prices of its products sold in South Korea starting the 15th. The increase is expected to be around 5%. Swiss luxury watch brand Patek Philippe and Swiss watch and jewelry brand Chopard are also set to raise prices this month and next month, respectively. French luxury jewelry brand Fred has also decided to increase prices across all its products starting January next year.
Swiss watch brand Omega, popular for wedding watches, recently implemented price hikes. The price of the ‘Seamaster Aqua Terra’ model, famous as an entry-level luxury watch, rose from 9.9 million won to 10.4 million won, while the ‘Seamaster Diver’ increased from 9.7 million won to 10.2 million won.
Bulgari raised prices on some products by 3% on the 10th. The price of the popular ‘Divas’ Dream’ line necklace (mother-of-pearl setting) increased from 3.72 million won to 3.81 million won, and earrings rose from 5.05 million won to 5.2 million won.
Tiffany & Co. also implemented a price increase on the 12th. Prices for major product lines, including the popular ‘Tiffany T True’ wedding ring, ‘Tiffany Knot’, and ‘Tiffany T’, were adjusted upward by approximately 3%.
This marks the third price increase this year for both Bulgari and Tiffany. Bulgari raised prices in April and June, while Tiffany did so in February and June.
It is anticipated that more brands will join the price hike trend as the new year, a typical time for price adjustments, approaches. Van Cleef & Arpels recently raised product prices in Japan by about 3%. Cartier increased its domestic prices in February, May, and September of this year.