[Asia Economy Reporter Jeon Jinyoung] Luxury jewelry brands have been raising prices one after another ahead of the spring wedding season.
According to the industry on the 14th, Tiffany & Co. raised prices as of the 14th of last month. The price increase for major products ranges from a minimum of 5% to a maximum of 12%. The T1 ring, popular among women, rose 11% from 1,470,000 KRW to 1,630,000 KRW. The pendant rose gold 7mm necklace with a 빈 design increased about 9%, from 780,000 KRW to 850,000 KRW.
Chopard and Boucheron, famous for their wedding rings, also joined the price hike trend. Chopard implemented a price increase earlier this month. The increase was around 6-8%. For the representative Ice Cube series, the Mini Ice Cube Plain White Gold rose 8.8% from 1,130,000 KRW to 1,230,000 KRW. The Medium Ice Cube Plain, both in White Gold and Rose Gold, increased about 6%, from 1,980,000 KRW to 2,110,000 KRW.
Boucheron also raised prices as of the 8th. The increase was about 2-3%. The Quatre Radiant Edition Clou de Paris wedding band rose from 7,180,000 KRW to 7,210,000 KRW. For necklaces, the Serpent Boh?me Pendant S Motif increased about 3.6%, from 3,040,000 KRW to 3,150,000 KRW.
Additionally, Bulgari, famous for the "B.zero1" series, and Tasaki, known for the "Piano Ring," have rumors of price increases starting in March, leading to a surge in purchases before the hike. In online cafes preparing for weddings, inquiries such as "If I buy a wedding ring from Bulgari at the end of February, can I purchase it before the price increase?" are circulating.
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