Due to the declining value of the US dollar relative to the Swiss franc, the cost of importing Rolex watches has increased, but American prices have not increased.
One dollar was only worth CHF 0.85 in September of last year, when it was worth CHF 0.9.
Traveling Americans find Britain less appealing than other major European markets because of the 20% VAT (sales tax), which is still not refundable at the airport until 2021 unless there is a change in the budget. However, it is refundable on the Continent.
WatchPro data indicates that Rolex's new year price increases have totaled about 4% in the UK.
Because of the weak pound and pressure from global inflation, the brand had to pass on higher production costs to customers, which is why the increase is much smaller than the 8.5% in Britain from 2022 to 2023.
In 2022, Rolex increased its prices twice in an attempt to close the gap between markets brought about by fluctuations in currency values and to preserve margins as inflation began to bite.
The average price increase in the UK has been 12.5% since the end of 2022 and the new prices that went into effect on January 1st of this year.
WatchPro tracks annual prices, and the new style 41mm no date Submariner in steel has seen the biggest increase, rising 4.5% to £8,050.
A bankable 41mm DateJust in steel saw a more moderate 2.2% increase in price, coming in at £7,100.
WatchPro contacted Rolex to confirm the price increases and request a statement, but Rolex did not reply.
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