As Gold Prices Soar... Luxury Watch Values Also 'Jump' Together

Gold Price Surpasses $2000 per Ounce Due to Ukraine Crisis
'Cha Eun-woo Watch' Rises to 5 Million Won
IWC Gold Line Up 6%

IWC's Ingenieur line watches.

[Asia Economy Reporter Jeon Jinyoung] As the price of gold soars due to the Russia-Ukraine war, the prices of high-end luxury watches have also started to rise. Brands such as IWC, Lange & S?hne, and Hublot have announced price increases due to the rise in raw material costs.

According to the industry on the 11th, Swiss luxury watch brand IWC will raise prices of major models by 2-17% starting next month on the 1st. In particular, models using gold are expected to see a price increase of about 6%.

The stainless steel Portugieser Chronograph will see its selling price rise from 10.5 million KRW to about 11 million KRW, an increase of approximately 2%. Additionally, the Portugieser Automatic with an 18-carat gold case will jump from 21 million KRW to 22.26 million KRW.

An industry insider said, "The model with a 17% increase is from the Pilot line, but since the watches have not yet arrived in Korea, it is difficult to predict the exact price," adding, "Currently, inquiries are pouring in ahead of the price hike."

Swiss brand Hublot will also raise prices of major products starting next month on the 1st. This comes four months after a price increase in December last year. The Big Bang Unico 42mm, known as the ‘Cha Eun-woo watch,’ will see its selling price rise from 27 million KRW to 32 million KRW.

A Hublot representative stated, "Prices change according to the Swiss franc exchange rate," and added, "Due to the rise in raw material costs, prices will be increased uniformly across stores worldwide."

White gold line watch by Lange und S?hne.

German brand Lange & S?hne will also raise prices next month. The extent of the increase is yet to be determined. An industry official said, "With factors such as the sharp rise in raw material prices and inflation overlapping, the series of price increases for ultra-luxury watches and related products is expected to continue for the time being."

As of today, the international gold price has surpassed $2,000 per ounce, approximately 320,000 KRW per don. Silver, used in watch components, also rose 1.70% to $26.26 per troy ounce, and the international copper price increased 1.56% to $464.40 per pound.

This content was produced with the assistance of AI translation services.