Rolex has once again increased the prices of its gold watches, marking the second hike in 2024. This price surge, driven by the soaring cost of gold, has made it a particularly challenging time for Australian buyers seeking these luxury timepieces.
Gold prices have escalated to US$2,347.70 per ounce, a 17% increase since earlier this year when prices were around US$2,000. This has prompted Rolex to adjust its prices accordingly, resulting in a 4% increase for their gold models. Steel models, however, remain unaffected by this inflation.
The Swiss watchmaker implemented the new prices on June 1, following a significant hike in January. This series of increases reflects the volatility of the Swiss franc and the rising cost of gold, which have had different impacts on buyers globally. While it has been advantageous for purchasers in Europe and the US, Australians are bearing the brunt of these changes.
Certain Rolex models have managed to avoid the price increase, including the Air-King, Datejust, Submariner, GMT Master II, and Oystersteel Daytona. However, gold models such as the 40mm Yacht-Master in rose gold and the 40mm Day-Date in white gold have seen notable price jumps. The Yacht-Master has increased by approximately AU$3,000, and the Day-Date now starts at AU$76,300, up 4%. The Submariner in steel has remained stable, but its white gold counterpart has risen by AU$2,500 to AU$69,800, a 4.1% increase.
The gold Cosmograph Daytona has also experienced a price rise, with the white gold version now costing around AU$70,900 after a 4% hike. Over the past two years, Rolex prices have surged by nearly 15%, with the white gold Daytona witnessing the highest increase of 19.3% since 2022.
Despite these hikes, gold Rolex watches are not as highly sought after as their steel counterparts. This reduced demand could potentially make it easier for buyers to purchase gold models without facing excessive aftermarket premiums.
For Australian horologists, the current situation may seem discouraging, but there is hope that the market will stabilize, and more favorable conditions will emerge in the future.
