Rolex's Second Price Hike Of The Year

(IDEX Online) - The price gap between new and used Rolex watches is widening.

The company has just announced a second increase this year, of about five per cent, for outlets across Europe.

But the most popular used models have seen prices plunge by 21 per cent since peaking in April, according to WatchCharts, which tracks the luxury watch market.

Geneva-based Rolex, which produces around a million watches a year, hiked prices by an average of 3.5 per cent in January. It is blaming currency fluctuations for the increases.

Meanwhile the second-hand market has become flooded as investors and collectors rush to realize their assets.