Diamonds and 5 Other Luxuries That Are Getting Cheaper – Money

Sales of luxury Swiss watches in Hong Kong and China took off in the past decade, growing from a $1.5 billion business in 2000, to a $5.6 billion dollar one by 2013, according to the Federation of the Swiss Watch Industry. The rocketing demand gave watch makers almost free hand to up prices. “They almost got a little bit greedy,” says Ariel Adams, editor of China’s recent anti-corruption drive is hitting watch makers hard. So far this year, Swiss watch exports are down 10% worldwide. In February, following a big jump in the value of the Swiss Franc, ultra-luxe brand Patek Philippe announced it was cutting its prices by 7% in the Americas. Tag Heuer also cut prices, while the CEO has said the company plans to focus more effort on its $1,000 to $5,000 watches, as opposed to the pricier $5,000 to $8,000 range. For its part Rolex has also been focusing on the lower end of its (pricey) line-up this year, says Adams, introducing a new iteration of its “entry-level” Oyster Perpetual line, which retails for $5,700, a bit less than other popular models like the Submariner, which typically runs $7,500 to $8,500.