[Asia Economy Reporter Jeon Jinyoung] Tiffany & Co., a luxury jewelry brand popular among newlyweds for wedding rings, has implemented a price increase at the beginning of the year.
According to industry sources on the 14th, Tiffany & Co. raised prices starting from the 14th of last month. The increase ranged from 5% to 12%. Following four price hikes last year, the brand has again raised prices early this year.
The T1 ring, popular among women, increased by 11%, from 1,470,000 KRW to 1,630,000 KRW. Not only rings but also necklaces saw price increases. The Crown Key pendant adorned with pav? diamonds rose about 6%, from 8,330,000 KRW to 8,820,000 KRW. The Rose Gold 7mm pendant necklace with a 빈 design increased approximately 9%, from 780,000 KRW to 850,000 KRW.
As the wedding season approaches, major luxury brands are competing to raise prices. Chopard and Boucheron, also popular for wedding rings, raised their prices in February.
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