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Rolex watches up by 10%

Published: 16/12/2016

Pre Brexit warnings

In early June The Financial Times warned that the uncertainty of Brexit was threatening the UK watch sector and that industry executives were saying that it “may lead to a rise in prices, stores closing and difficulties in finding skilled workers” Fast forward a few months and these predictions have at least in part, started to come true.

Price hike

At the beginning of November and for the first time in three years, Rolex put their prices up by 10%. Rolex are apparently one of the last premium watch manufacturers to raise their prices, who have done so to compensate for the weak pound making it much cheaper for tourists to buy high quality watches over here. The price rise applies to all models. Furthermore these increases will affect the whole market, naturally having an impact on pre-owned luxury watches as well.

Insurance implications

Whilst this is not very good news if you were planning to buy a new watch, it also means that if you have not had your Rolex watch value upgraded within the last three years it will be at least 20% underinsured. In the event of loss, theft or damage you will not be able to replace your watch unless it is properly covered.

Quick, easy valuations

Our Flint our high value home team work with many specialist firms to support the insurance services that we offer to our private clients, one of which is Prestige Valuations based in London's jewellery quarter, Hatton Garden. Their online valuation service is quick, easy and at just £25, very cost effective. Prestige require a photograph of the watch, proof of ownership, such as invoice or guarantee and watch certificate. They will then send you an insurance-ready, written valuation within 48 hours.

Prestige can also provide other jewellery valuation services, see their website www.prestigevaluations.com or speak to a member of the Flint Private Client Team who will be able to help you.

Aviva Risk Management bulletin

Aviva, just one of our high value home insurers produce support information for clients. The following is their advice, with hints on tips on how to protect your jewellery and watches.

Beautiful gems to vintage watches, many of these items we know you treasure and passionately collect. What’s the best way to look after them?

  • Install a safe in all your homes, including weekend and holiday homes, for when items aren’t being worn. Safes are categorised by ‘cash ratings’ which indicate how burglar-resistant the safe is. It’s important that the strength of your safe is appropriate to the items being stored in there.
  • Keep the provenance, such as diamond grading reports, and valuations in a separate safe, deposit box or fire box.
  • Take photographs of all jewellery and watches, to support valuations and for reference, should creation of a replica be necessary.
  • For larger collections, consider using a strong room or bank vault.
  • When travelling, keep your jewellery on you and make use of the hotel’s main safe facilities.
  • Have jewellery clasps and settings inspected regularly to make sure they haven’t become worn or damaged.

For further risk management advice or help in selecting the best high value household policy please speak to a member of the Flint Private Client Team on 0345 371 0768.

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