Price Increase in February and June
Luxury jewelry brand Tiffany & Co. has implemented its third price increase this year, following hikes in February and June.
According to industry sources on the 26th, Tiffany will sell its major products at prices increased by 5-10% starting from that day. Tiffany is a representative brand often chosen by newlyweds for wedding gifts, with key products such as wedding bands priced between 3 million and 6 million KRW. This price increase is expected to raise the prices of major products by approximately 300,000 to 600,000 KRW.
Related companies cite the rise in raw material costs, such as iron ore and gold, as the cause of the consecutive price increases. According to the Singapore Exchange, the price of October iron ore futures closed at $122.95 per ton as of the 15th. This is the highest level in five months since April this year. The price of iron ore futures has surged more than 24% in the past month.
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